Be MORE Prepared For Your First Home
Record low interest rates and fewer lending restrictions mean there’s never been a better time to build!
However, things are getting even MORE interesting; from January 2020 a new government scheme will allow 10,000 first home buyers to build a new home with as little as 5% deposit on a “first-in, best- dressed” basis.
Being prepared is key for the First Home Buyers scheme. If you’re lucky enough to qualify, you could be in your new MOJO home by Christmas 2020*.
When it comes to being more prepared and to ensure you can realise the dream of owning your first home, the key is to access the right information, support and guidance. Offering exclusive loan products, planning advice and solutions to MOJO customers, MyChoice Home Loans can work with you to ensure you are financially in a position to pursue your goals and dreams.
We recommend following the below steps when it comes to securing your first home, to ensure a more efficient, easier (and enjoyable) experience:
1) Finance & Government Grant/Scheme assistance - Contact MyChoice Home Loans to assess whether you meet lender policies.
2) Land - We can help you find a desirable block of land in your desired estate. MyChoice Conveyancing offer $0 conveyancing services and support for MOJO customers!
3) NEW House - Once you have found your block of land, we can help you find your dream home! And offer a fixed price upfront, with no surprises!
*This proposed timing is based on land registration timeframes and finance approvals.
FIRST HOME BUYER - FREQUENTLY ASKED QUESTIONS:
- How do I save a deposit?
Sit down and write down your expenses, either weekly, fortnightly or monthly. Be honest so you can get a real picture of where you are at, and yes this does include Netflix and that gym membership you might be 'donating to'. You’ll be able to see where there are some areas you may be able to cut back on spending and redirect those funds into a savings account to save towards your future purchase.
- How do I get a loan?
You can discuss obtaining your loan through an accredited mortgage broker or directly with a Bank. The MyChoice Home Loans team of accredited mortgage brokers are able to assist you with obtaining the right home loan to suit your individual needs and will act as the intermediary between the possible lenders and you, as the borrower.
- What is stamp duty and when do I have to pay it?
Stamp duty is a State Government tax that’s applied when land is sold, transferred or leased. It’s usually the buyer who is liable and payment must generally be made within three months of the purchase. (Note- Stamp duty is not paid on a NEW HOME, only on the land component)
- What will a home loan cost me?
Each Lender will have different set-up and ongoing fees related to their loan products offered. Home loans with more options or features can come at a higher cost. These could include an offset account, redraw or line of credit facilities. Our MyChoice Home Loans team can explain the differences in what loans between lenders cost (for example, interest rates, features and fees).
- Are there extra costs that I need to be aware of?
Yes, You must be told about any fees or charges before you sign up for a loan. Most credit providers publish fees and charges in their product booklets, on their websites and in their credit contract. Different credit providers charge different fees. The same fee might also be called different names by different providers. Our MyChoice Home Loans team can explain the differences in what extra loan costs may be between lenders for your individual needs.
- Can I get pre-approval?
Yes, you can request a pre-approval upfront prior to looking to purchase your first home. The first step is to have your circumstances reviewed with our MyChoice Home Loans team and they will assist you with obtaining the pre-approval for the right home loan to suit your individual needs.
Should you wish to set-up a time to chat to a member of the MyChoice Home Loans team, find their contact details here.
Download the MyChoice Home Loans First Home Buyer Finance Guide- click here
“Opportunity does not waste time, with those who are unprepared” – Idowu Koyenikan