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Ten Tips For Finding The Best Home Loans For First Home Buyers

First home buyers can feel overwhelmed by the many options when choosing home loans, but our ten tips for finding the right home loan can help. We've outlined the top considerations for finding home loans that are a great fit for every budget and lifestyle.

First home buyers face a variety of daunting tasks when they're ready to invest in a house, including finding the right financing. Working with the right loan provider can make the process easier and help you find the right fit. When you're comparing your purchase options, keep the following tips in mind:

1. Find An Established Lender Specialising In Home Loans

While you can work with any kind of bank, lending institution or credit union, it's best to gravitate toward those who have plenty of experience with the unique requirements of housing loans. They will be more familiar with the complexities of the application process and what paperwork they'll need in order to process your application quickly.

2. Work With A Lender Who Helps First Time Buyers

Not all lenders are familiar with the unique needs of first home buyers. There are many considerations that are unique to individuals who haven't owned a house before and your lender should be familiar with these circumstances and flexible enough to accommodate your specific needs.

3. Work With A Lender Experienced With Both Buying and Building

You may start your search certain that you will discover the ideal house in the ideal location, but switch to building a new one a few months down the road. Or you may decide that building is too stressful and you'd prefer to purchase a previously constructed house. Working with a loan company who is experienced with both options can save you time and money. If you have to switch lenders mid-stream, you may need to pay some fees twice and go through a second approval process that can add weeks or months to your purchasing timeline.

4. Be Sure They Are Familiar With Government Programs

Government assistance programs for first time buyers can save you a considerable amount of money. In addition to the First Home Owners Grant (FHOG), there are programs that vary from state to state. Ask lenders about their experience with government programs and regulations to be sure you don't miss out on valuable opportunities.

5. Work With A Lender Who Offers Loans Through A Variety Of Banks

If you apply for financing through a company that has access to several established lending institutions, you'll be able to compare interest rates and get a better deal. Also ask about unusual options such as low deposit, no deposit and no savings home loans, which may vary from bank to bank.

6. Compare At Least Three Lenders

Be up front when you begin talking to companies about financing options. Let them know that you'll be talking to more than one financing institution and comparing fees, services and the loan rates offered.

7. Understand The Pros And Cons Of Various Loans

There is a vast difference between fixed, variable, split and interest-only loans. Educate yourself before choosing one. For some people, a fixed monthly payment is easier to budget, while others may prefer the possibility of lower payments that a variable rate loan offers.

8. Don't Overextend Yourself

While you may be thrilled when you're offered extravagant home loans, be wary. If a lender presses you to borrow more than you're comfortable with, it's best to find another provider.

9. Start Your Search Early

Rushing into applications for house financing is rarely successful. Complications with paperwork, last minute glitches and rushing through the process often leads to disappointment. The time to start comparing loans is before the builders lay the foundation or before you make an offer.

10. Borrow From A Company Who Has A Relationship With Builders

If a lending institution has a business relationship or agreement with established home builders, they will be able to offer buyers special rates that make purchase more feasible. By working with each other, builders and lenders can tailor a program to suit your needs.

Finally, talk to other first home buyers. If they've had a good experience when applying for loans, they'll be happy to tell you who they worked with so that you, too, can get the right financing for your family.

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Home builders in Perth, WA Housing Centre, help first home buyers in Perth find the right financing solutions for building or buying a home. They work closely with first home buyers to provide the best home loans in Perth. For more information, visit their website.

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