How do I get a home loan as a first-time buyer?

In the same way as anyone else – first-time buyers take on the same home loan products as anyone else. However, there are several grants that you may be eligible to apply for, such as the First Home Owner Grant (FHOG) which can provide you with up to $15,000 to put towards your home purchase. The First Home Loan Deposit Scheme (FHLDS) also guarantees up to 15% of your deposit, enabling you to avoid LMI.

What is home loan pre-approval?

Pre-approval is a set amount which a bank or lender has agreed you may be able to borrow. It is not dependent on buying a particular property but gives you an indication of how much a lender is prepared to loan you the deposit required. It is usually valid for three months and can be useful during purchase negotiations, as you’ll be perceived by vendors and real estate agents as a serious buyer which may improve your chances of buying your dream home.

What if I can’t afford a 20% deposit?

If you don’t have 20% of the bank’s agreed value of your intended home as a deposit, you’ll likely need to pay Lenders Mortgage Insurance (LMI), which is an insurance policy protecting the lender if you default on your home loan. With LMI, some lenders will be willing to approve home loans with deposits as low as 5% of the purchase price.

Can I get a home loan on a single income?

Yes – you can buy a home with the assistance of a loan on a single income. As long as you can prove to your lender that you’re able to comfortably afford to manage your home loan repayments consistently, you can be approved for a mortgage.

Can I get a home loan if I’m self-employed?

Yes – self-employed workers are eligible to apply for a home loan in the same way as any other applicant. They will, however, be required to submit further documentation to ensure their lender views them as a safe borrower, such as tax returns, ABN and GST registration and other financial statements. If you don’t have the required tax returns, though, you’ll need to apply for a low doc home loan .

How long does it take to get a home loan?

The home loan process is faster than you might think. You can be pre-approved on the same day you apply, while formal approval may take a further three to seven business days. You may find that this process takes longer, though, as it’s dependent on the complexity of your application.

Can a guarantor help me get approved for a home loan?

Yes –a guarantor is another person, often a parent or grandparent, who guarantees the full payment of the loan, even if you are unable to make repayments. If you have a guarantor, some lenders will approve home loans for up to or even over the value of your property.

Loans Archives

Name: Variable Rate Car Loans
Creator: Savvy
Published: 2021-09-07T14:54:41+09:30

Fundo

Fundo is an online lender offering a range of small loans. Before deciding on Fundo, knowing how its finance products work, as well as the fees and terms is essential. Fortunately, you can explore these details with Savvy. Dive into our analysis of its offerings and discover potential alternatives with us today! Rates and product […]

CashnGo

CashnGo is an Australian online lender based in Parramatta which specialises in small loans. If you’re looking to access fast cash with CashnGo, it’s important to understand what products it offers, as well as its fees, terms and more. Fortunately, you can do just that with Savvy. Dive into our analysis of its loans and […]

Loans like Sunshine Loans

Secure fast and convenient small loan funds through Savvy, a reliable alternative to loans like Sunshine Loans. Borrow up to $5,000 Outcome in 60 seconds Flexible repayments 100% online I’d like to borrow $2100 | | | | | $500 $50,000 Apply Now Paid in 60 mins if approved* Loans similar to Sunshine Loans have […]

Loans like Fundo

Experience a hassle-free application process through Savvy, a straightforward alternative to loans like Fundo. Borrow up to $5,000 Outcome in 60 seconds Flexible repayments 100% online I’d like to borrow $2100 | | | | | $500 $50,000 Apply Now Paid in 60 mins if approved* Loans and lenders like Fundo have emerged as a […]

Loans like CashnGo

Discover the ease of securing quick small loan funds through Savvy, a convenient alternative to loans like CashnGo. Borrow up to $5,000 Outcome in 60 seconds Flexible repayments 100% online I’d like to borrow $2100 | | | | | $500 $50,000 Apply Now Paid in 60 mins if approved* Loans like CashnGo have gained […]

Loans like Wallet Wizard

Apply for a swift and easy loan through Savvy, serving as an effective alternative to loans like Wallet Wizard. Borrow up to $5,000 Outcome in 60 seconds Flexible repayments 100% online I’d like to borrow $2100 | | | | | $500 $50,000 Apply Now Paid in 60 mins if approved* The popularity of loans […]

Wagepay Alternatives

Apply through Savvy for a swift and hassle-free alternative to Wagepay, securing quick and convenient small loan funds. Borrow up to $5,000 Outcome in 60 seconds Flexible repayments 100% online I’d like to borrow $2100 | | | | | $500 $50,000 Apply Now Paid in 60 mins if approved* Wagepay and alternative lenders and […]

Apps like Wagetap

Apply for quick and easy small loan funds through Savvy, presenting a hassle-free alternative to apps like Wagetap. Borrow up to $5,000 Outcome in 60 seconds Flexible repayments 100% online I’d like to borrow $2100 | | | | | $500 $50,000 Apply Now Paid in 60 mins if approved* Fast money lenders and apps […]

Apps like MyPayNow Australia

Apply for a quick and convenient cash loan through Savvy today, offering an efficient alternative to apps like MyPayNow Australia. Borrow up to $5,000 Outcome in 60 seconds Flexible repayments 100% online I’d like to borrow $2100 | | | | | $500 $50,000 Apply Now Paid in 60 mins if approved* Quick money apps […]

Apps like Beforepay

Apply for a fast cash loan through Savvy today as a quick and easy alternative to apps like Beforepay. Borrow up to $5,000 Outcome in 60 seconds Flexible repayments 100% online I’d like to borrow $2100 | | | | | $500 $50,000 Apply Now Paid in 60 mins if approved* Fast money apps and […]

Thanks for your enquiry!