PERTH MORTGAGE OPTIONS
You need a Perth mortgage and don't know where to start? or perhaps you think a Perth mortgage is not an option as you have only just arrived in Perth?
Many new migrant think they wont be able to apply for a mortgage to buy their own home in Perth until they have lived here a while.
THIS IS NOT TRUE, YOU CAN PROBABLY APPLY FOR A HOME LOAN NOW.
For example we arrived in Australia in October 2003 applied for a home loan and the first time home owners grant (FHOG) and moved into our first Australian home 8 weeks later.
There are many different loan products available so it can sometimes be confusing. I recommend that you speak with a mortgage broker first, they will save you a lot of leg work and will only put a loan application in to a lender if they believe it will be approved.
Other benefit of speaking with a mortgage broker and having them organise your finance rather than your bank is;
- They have access to a majority of the lenders so can offer you more choice, where as lenders can only offe you their products.
- They can compare lenders and products and help you to find the lender and the product that best suits your requirements.
- Your current employment and financial circumstances will make a huge difference in what you can do. A good Mortgage Broker will take the time to explain what options are open to.
- If you are not in a position to succesfully apply for a home mortgage now then your Mortgage Broker will help you to put a plan in place so you will be able to buy your first Perth home at the earliest oppotunity.
Do I Need A Deposit When I Buy My First Perth Home?
The answer here is yes. Several years ago you used to be able to get 100% home loan but those days are gone.
Today you can expect to put down a 10% deposit with a majority of the lenders. Some will accept a smaller down payment BUT they will have other hoops for you to jump through.
It is for this reason speaking to a Mortgage Broker is the better option. They know what all the banks and lenders are offering. They will be able to save you a lot of time, they can show you all options at the same time.
How Much Do I Pay a Mortgage Broker For Their Services?
Not all mortgage brokers charge a service fee, for example those brokers who work under the Australian Finance Group (AFG) are not allowed to charge you a service fee.
The reason for this is that they are paid a commission from the lender once your loan settles, becasue of this it is a condition for AFG brokers they do not pass a fee on to their cliensts.
Some lbrikers may charge a fee so it makes sence to ask the question so you know where you stand.
What Are Low Doc Loans And No Doc Loans?
No Doc Loans are loans of the past. They were when you signed a statutory declaration stating your income and that you can afford the repayments.
Low Doc Loans are similar to the No Doc BUT you are required to provide limited financials and sign a statutory declaration as to your income.
If you have a good deposit (minimum of 40%) but still have to find employment or you are self employed you may find, that a Low Doc Loan may be an option.
Be careful though as there can be unexpected costs and restrictions with such a loan and they are becomming more difficult to obtain in the current market. Get your mortgage broker to explain the get in cost and the get out cost. (conditions vary with different lenders).
Confused? Let Me Help
As a migrant from the UK I have already been through the home loan process in Perth so I know what to look out for.
I am a Licenced Finance Broker (FBL #4069) and happy to share my experience with you and guide through the process.
If you would like me to contact you and guide you through the process of buying your first home just fill the form out below and I will be in touch.
As Your Personal Mortgage Consultant I will work with you to understand your needs and requirements. I have access to a panel of lenders and different products. I will help you to select the product that best suits you. I can save you heaps of time and take away the hassle of visiting every lender yourself.