Buying or constructing your first home?
Let the Ensure experts assist you in making the right decision
8 Steps To - Your Dream Home
Determine Borrowing Capacity
Understand exactly how much you can afford to repay each week, whilst maintaining your quality of life. Our brokers will help you understand your borrowing capacity and understand how the repayments work.
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Determine Deposit Required
Different lenders have different deposit requirements. As a rule of thumb, a 20% deposit of the value of the property is required to avoid lenders mortgage insurance (LMI.) If a 20% deposit is not held, the good news is that the banks can still assist you in purchasing your first home with a deposit as little as 2-5%, however they will add the lenders mortgage insurance premiums to your loan.
Decide On The Type Of Property
Location and budget is the deciding factor on whether you wish to purchase an established house or build a home. First home owner grants are accessible when purchasing/ building a new house.
Apply For A Pre-approval
Applying for a pre-approval will allow you to start looking for properties actively. Our team will make this a hassle free process and also provide you with free property reports that will assist you in making an informed decision.
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Bank Valuation
Once you successfully negotiate a price on your dream home, we will then forward the bank a copy of your contract to determine if a valuation is required.
Formal Approval
Once the property is valued and the approval conditions are satisfied, the bank will issue an unconditional approval which we will forward to the property agent on your behalf.
Contracts
We will assist you in understanding the loan contracts and applying for the first home-owners grant (if applicable).
Settlement
We will liaise with your settlement agent to ensure a smooth and timely settlement.
Congratulations! It's time for you to collect the keys and move into your new home.
Get the right loan
With hundreds of loans in the market, it can be overwhelming to understand which loan suits you and whether your finance will be approved.
As mortgage experts, we will assist you to get the right loan for your circumstances, as well as negotiate a better deal for you.
Low Deposit Home Loans
Generally, most lenders require a 20% deposit of the purchase price, however there are quite a few lenders that will only require a 2-5% deposit upfront and the rest can be borrowed.
Lenders are able to offer low deposit loans by adding lenders mortgage insurance to your loan.
This insurance protects the lender if they are unable to recoup their money in the event of a default.
