5) Talk to us about pre-approval
Organising pre-approval before you begin looking for a property will make the process a whole lot easier, as it will give you a realistic idea of how much you can afford to borrow, so that you can put a budget on your search and find the home you want sooner. We can help you establish your borrowing power and determine your eligibility for finance. We’ll explain the merits of each lender and which loans could work for you.
As part of the pre-approval process, we will approach your lender of choice, who will check your credit history and verify your income. Pre-approval gives you an assurance from the lender that you can take out a loan up to a certain amount – handy ammunition when trying to convince real estate agents and vendors you’re serious about buying.
6) Find your property
Once you’ve organised pre-approval, it’s time to find the right property. Remember, this is one of the biggest decisions of your life, so it pays to do plenty of research before choosing ‘the one’. Make sure you get a building inspection done to check for issues such as structural movement or plumbing problems, as well as pest inspections for termites and other unwanted guests. A solicitor or conveyancer will be able to take care of the legalities involved in buying the property.
Helen Coggins
Tel: (02) 9629 3529
Email: [email protected]
7) Apply for your home loan
As your mortgage broker, we will find the right home loan to suit your financial situation and future objectives. As a self-employed borrower, we can help you find ways to make your cash flow work harder. If you are a contractor or sub-contractor, you may be considered ‘an employee’ rather than self-employed by some lenders, so it’s worth asking us to check.
If you’re self-employed and looking to buy a home, it’s a good idea to consult a mortgage broker like us to discuss your options. Lenders’ policies vary widely when it comes to self-employed applicants, but we know which ones will view your application most favourably. We’ll explain your buying capacity, provide advice about which application method would work best (given your income and documentation), and help maximise your chances of approval. Best of all, you’ll feel confident in the knowledge your home loan is structured correctly from day one, so that it works for you.
Australian Credit License 382636
Disclaimer statement: General information only and has been prepared without taking into your account your objectives and financial situation. Recommend you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.