Owning a home is quite an exciting and overwhelming process when you don’t know where to start. However, when you take help from an expert home loan broker, then this process will become simple and easy for you. Being a first home buyer, it might be a daunting task for you to choose the best first home buyer home loans Sydney, but home loan brokers are experts in helping you choose the right home loan for you to match your requirements. In today’s blog, we’ll discuss some steps that are included to get a home loan for the first home buyer. Let’s get started:
10 Steps to Get First Time Home Buyer Loans
It would be an exciting time for you when you own your first home, but when you lack enough funds, then you can take a home loan. Take a look at the following section to know what steps are involved before you own new and first home:
1) Find Out Home Loan Broker
In your home loan process, your first step is to find out home loan brokers and talk to them. You can choose one of them. You can also get in touch with the Star Homeloans broker and set up an appointment to start your home loan process.
2) Take a Home Loan Appointment
It is better to take a home loan appointment and bring the right paperwork along with you. The chosen broker will understand your current financial condition through documents to understand how they can help you. These documents will include:
- Recent pay slips, bank statements and group certificates will proof of your income, saving and spending history.
- Brief information on your household expenses.
- Complete information regarding your existing liabilities and assets, including credit card debts, investments, personal loans, car repayments, and so on.
- Personal ID proof, such as driving license, current passport, birth certificate or citizenship certificate.
If you are looking for home loans for first time buyers, and you don’t have the above information, or you are self-employed, then you may need to submit additional documents for your home loan application process. Your broker will understand your condition and offer you some options, and then help you choose the right home loan option.
3) Prepare and Submit the Application
Once the home loan broker has helped you select the home loan that fits your requirements, and then they will prepare the application and guide you throughout the process.
4) Conditional Approval
It may take around 5 days to know whether your application is conditionally approved. Suppose the application approved by the lender is conditionally approved. In that case, it means the lender is not guaranteeing you that you’ll get a home loan, but it means that they will consider your application and maybe they approve your home loan if meet specified requirements. If you haven’t found a new home or property yet, then ‘pre-approval’ could be better to have in place as it will give you some time to find the right property while you work with your home loan broker for the application for home loans for first time home buyer.
On the other hand, if you have already found the land you are looking to buy, then your broker can manage a valuation of the land with your lender. This process can take 5 days based on some factors, such as how quickly the agent or seller can give the property.
5) Unconditional Approval
After receiving unconditional approval from the lender, finding a dream house, and agreeing with the seller, now you are ready to sign the contracts. The legal representative will handle this process. Star Homeloans, a first home buyer home loans broker will help you understand this process of getting unconditional approval from the lender and also guide you for the next few steps.
6) Complete and Review Your Loan Documents
Your loan documents are essential for a robust financial foundation and financial commitment. Once your loan documents have arrived, Star Homeloans will conduct a meeting with you and help you complete and review your loan documents.
7) Sign Your Loan Documents
After getting your loan documents, and once first time home buyer loans broker has reviewed your loan documents, you are now ready to sign your loan documents.
8) Settlement Confirmation
Your agent will have agreed to a date of settlement with the legal representative of the seller when contracts are exchanged.
9) Finalising Transactions
The broker will guide through this process by finalising transactions, and they also set up direct debits to make sure the right accounts are in order, and all payments are processed accurately. Settlement is complete when the funds have been transferred as per the instructions.
10) Loan Settlement
After the loan and property settlement, you are ready to step into the home. After loan settlement, you can still stay in touch with the best first home buyer loans broker as they can ensure your home loan is the right option for your requirements now and in the future.
Now, you have an idea of what steps are involved in the process of the home loan application. If you are not aware of this, then you can also take help from Home Star Home Loan to understand and choose the right home loan option.