We recommend your first action should be to speak with a Mortgage Broker who can guide you through then entire process form the very beginning. They can determine your borrowing capacity and the deposit required, which ultimately determines how much you can spend on a new home.
Most lenders require a minimum of 5% deposit plus fees – these can include government fees, settlement fees and their own fees (note that we don’t charge you a fee). This usually needs to meet ‘genuine savings policy” which differs between lenders – we will assist you in understanding that. Low-deposit and no-deposit options may be an option as well which we will explain to you.
Obviously you need to be earning an income in order to qualify for a loan. Most lenders prefer 6 months as a minimum employment period, or 2 years if self-employed.
It is generally a good idea to obtain a ‘Pre-Approval’ (which we will organize for you) so that you can shop for your home with some degree of confidence – it also shows the real estate agent or builder that you have been pre-qualified and thus serious about a purchase.
Contact us and we’ll be more than happy to answer all of your questions!