Being a first time home loans buyer your first home should be one of the most exciting times in your life! But ask most first time home loans buyers and they'll probably treat you to horror stories of how much work is involved and how stressful the experience is. It doesn't have to be like this! Let a mortgage broker do the hard work for you, and buying your first home can still be a great experience. Better still, all their professional advice and service won't cost you a cent as mortgage brokers do not charge for their work, instead receiving a commission from the lender once the loan has been approved. Firstly, you'll need to look at your current budget to work out what you can afford to borrow, taking into consideration stamp duty and other costs. A broker can help you with applying for the first time home loans homebuyer grant and look at ways to reduce stamp duty. Then you've got to choose a loan. Some of the current loans on offer include fixed, variable, fixed margin discount, honeymoon, line of credit, non-conforming and investment loans, to name just a few! . This is where the advice of a broker can be invaluable. Unlike lenders, brokers are focused on the client rather than on the product itself and will dedicate their time to understanding your requirements and current situation, to provide advice on the best product to suit your needs. No matter what the needs of the client, the basic steps involved in dealing with a broker should include: meeting with the borrower to understand their specific loan needs; researching the range of lenders and loan products they have available to provide options for the first time home loans buyer to choose from; assisting in completing the loan application and collecting documentation; submitting the loan application; and assisting the lender and borrower with any further queries throughout the approval and post-settlement stage of the loan. And always remember to check the credentials of a broker before you proceed.
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