First Home Buyers… Listen Up!

It’s almost spring. The sun has been out, the cherry blossoms are in bloom and NOW is the time to sort our your pre-approval.

Why should you arrange a pre-approval?

There are government initiatives that make the lower range of the property market- where first home buyers are usually looking – very competitive. Having a pre-approval can give you the confidence to make an offer that may be more attractive to a vendor than an offer ‘subject to finance’. It also gives you the peace of mind to know what your price range is, and what the repayments will be.

Throughout the process, we use our knowledge and experience to help explain the options that are available to you. From state and federal government initiatives, to guarantor options, pre-approvals and modelling scenarios to work out what different options would look like for your specific circumstances.

You might be wondering what the pre-approval process looks like. Let’s talk you through it…..

The Pre-Approval Process

Initial Consult: A brief call to discuss your financial situation, goals, and home-buying plans which ultimately helps us understand your needs and guide you through the process.

Financial Assessment: Your broker will review your income, expenses, debts, and credit history to determine how much you can afford to borrow. This helps in setting realistic expectations.

Document Prep: Gather necessary documents, such as proof of income, bank statements, and identification. We will provide a checklist and help you ensure everything is in order.

Pre-Approval Application: Your broker will submit your pre-approval application to a lender on your behalf, they’ll suggest a lender that matches your financial profile and goals.

Approval: Once the lender reviews your application, they’ll issue a pre-approval letter, which outlines how much you can borrow. This letter is typically valid for 3-6 months.

Home Search: With pre-approval in hand, you can confidently start looking for your first home, knowing your budget is backed by a lender.

The Benefits of Using a broker

Expert Guidance: We understands the complexities of the mortgage market and can navigate various lenders, interest rates, and loan products to find the best fit for you.

Access to Government Initiatives: We are well-versed in government schemes like the First Home Owner Grant and the First Home Loan Deposit Scheme. They can ensure you take full advantage of these opportunities.

Time and Stress Savings: We handle much of the paperwork, negotiations, and communication with lenders, freeing you to focus on finding your perfect home.

Tailored Solutions: We can manage complex scenarios, such as varying income sources or lower credit scores, and still find a suitable mortgage solution for you.

By working with Accession Finance, first-time home buyers can simplify the pre-approval process, making the journey to homeownership smoother and more manageable. You might like to know what the pre-approval process looks like. Let’s break it down. AND, we absolutely love helping you every step of the way!