At My Lending Hub, we’re here to make the process smoother for you. As experts in assisting first-time home buyers, we can guide you through every step of the journey.
How Much Can I Borrow?
- Your borrowing capacity, also known as financial capacity, is determined by your individual circumstances. This includes an assessment of your assets, liabilities, income, and overall ability to repay the loan. Our brokers will help you understand your borrowing limits so you can make informed decisions.
- Typically, a deposit of 5-10% of the purchase price is needed to buy your first home. However, this amount can vary depending on your personal situation. With various government incentives and the possibility of using a guarantor, the required deposit may be lower than you think. We’ll help you explore all available options.
What Other Fees Should I Budget For?
Many first-time buyers focus on the purchase price and deposit, but there are other important costs to consider. These include fees for solicitors or conveyancers who handle the legal aspects of your purchase, as well as pre-purchase inspections like building and pest inspections. We’ll help you budget for these often-overlooked expenses.
Speak With Us.
Before you dive into house hunting, it’s beneficial to understand your financial position. Completing the pre-approval process is essential, as it allows you to confidently participate in auctions and make offers.
Even if your goal of homeownership feels out of reach right now, we’re here to assist. We’ll work with you to develop effective planning strategies to ensure you’re on the right path to purchasing your first home.
Ready to take the next step? Contact us at info@mylendinghub.com.au and let us help you make your dream of homeownership a reality.
