How To Pick A Mortgage For First Home Buyers

Buying your first property is an exciting time. Every first home buyer in Sydney dreams of a home where they can dwell in peace and, moving from a rented house to owning one is one of the greatest leaps anyone makes in their life. The prospect of painting the walls, hanging pictures, and creating your sanctuary away from the world is exhilarating. 

If you’re looking to become a homeowner, you’ll likely be considering a mortgage to help you finance the purchase. Many mortgage brokers in Sydney can help you find the perfect mortgage for your home. Here are some tips that you should consider to pick your mortgage:

1. Eligibility

Before you get too excited about becoming a first home buyer in Sydney, check if you qualify for a home loan. Contact several lenders to get an idea of how much money you can borrow based on your current debts and financial position.

This will give you a realistic understanding of what, and where, you can buy. It may be worthwhile consolidating your credit cards to one new low-rate credit card so you can lower your limits and improve your overall financial position. 

You can hire mortgage brokers in Sydney to help you find the best mortgage options for your home loan.

2. Finance Options

It is a good idea, if you’re a first home buyer in Sydney, to compare different home loans to make sure you’re getting the right rate and features. There are many options from variable to fixed-rate loans, to interest-only and investment loans, and there are many different types of mortgages to suit different situations.

3. Sydney Mortgage Brokers

From house-hunting to shifting, the whole process can be tiresome and complex. And finding the perfect loan rate is not an easy task. You may have banked with the same institution over years but that doesn’t necessarily mean they will give you the best deal for your home. That’s where mortgage brokers in Sydney come in. Sydney mortgage brokers work on your behalf, shortlist the best deals to get you the optimum result at no cost to you. But, you need to hire a trusted mortgage broker in Sydney.

4. Sort Out Your Debts

If you already have some personal debts, you might find it harder to get a home loan approved, or you may not be able to borrow quite as much as you wanted. Focus on paying off any large and/or unsecured debts you may have before you apply for a home loan, especially high-interest debts. Earlier we suggested consolidating your credit cards; if you have several personal loans or car finance, you might want to consider combining those debts into one as well.

Your mortgage broker in Sydney can help you clear your debts by emphasizing important financial areas.

If you’re a first home buyer in Sydney looking for mortgage plans, connect with us and book a free appointment with the best Sydney mortgage brokers.