Congratulations! You’re ready to start looking for your first home. It’s an exciting time, but there’s a lot to consider.
Buying a home can be a stressful process. You not only need to invest money, but you need to invest your time and be prepared. Here are some useful steps to help you find your first home.
A Buyer’s Advocate (also called a Buyer’s Agent) represents the buyer and is a licensed professional who specialises in searching, assessing and negotiating the purchase of property. As real estate agents represent the seller, you may wish to take up the service of a Buyer’s Advocate when you are looking to purchase a property.
There are two different types of interest rates to choose from when selecting your home loan. Some loans will incorporate both types throughout the term of your loan, so it is important for you to understand which rates you have selected.
When comparing interest rates on home loans, it is important to also look at the comparison rate. A comparison rate takes into account the interest rates and known fees and charges for the loan, to give you a more accurate indication of the cost of the loan.
For more information visit: MoneySmart – How do interest rates work?
A Home Loan Key Fact Sheet provides you with loan information in a standardised format which allows you to compare different Home Loans. To ensure your comparison is accurate, ensure all details entered are the same in each Home Loan Key Fact Sheet.
Four important loan features to look out for in a Home Loan Key Fact Sheet:
We have a free Home Loan Key Fact Sheet that generates based on your home loan needs (desired amount, term and interest rate).
Tools to help you compare loans:
While applying for a home loan will be slightly different depending on the lender you choose and whether you go through a mortgage broker, below is an overview of the usual process from submitting a home loan application and receiving approval:
Note: settlement timeframes vary typically from 30 - 90 days, and therefore so does the timeframe for the loan contract and mortgage documents. We work closely with our customers to ensure that everything is signed and ready prior to settlement date.
Victoria Teachers Mutual Bank offers a range of simple ways to apply for your Home Loan, based on the level of assistance you need:
To complete an application form, you need to provide personal information including, proof of income, assets, liabilities, employments details and more. To guide you through the documentation process, we have created a Home Loan Documentation Checklist.
Once you have submitted your application, a loan specialist will be in contact to talk through your options.
The First Home Owner Grant is a State Government scheme to help first home buyers buy their first home. Eligible owners will receive a one-off payment – the value of this payment differs in each State/Territory. A range of eligibility criteria applies (e.g. if you’re buying an established home or a property for investment purposes, you are ineligible for the Grant).
Just like applying for a loan, there is a strict application process to apply for the grant. First Home Buyers in Victoria can find out more about the First Home Owner Grant on the State Revenue Office Victoria website.
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