Making the transition from long time renter to proud new homeowner may seem difficult, even out of reach. But do not fear, with a few shifts in your strategy you could be holding the keys to your very own property in no time.

Talk to a Trusted Mortgage Broker
You would be surprised at the number of home loan options on the market these days.

As there are several lenders to choose from – as well as hundreds of products, surely there is something to meet your personal circumstances.

Advisers are well-versed in these options as well as borrowing requirements, so it is best to talk it over rather than spinning around in circles visiting several different lenders and browsing various website.

This will also help you to establish goals, such as identifying saving targets and working out dates as milestones.

Research funding opportunities

Depending on where you live, chances are there are concessions available for your first home buyer loan. The federal and state governments have various incentive grants to help Australians make their way onto the property ladder.

If you need financial help with securing a loan, you may be able to access the equity of a willing family member or friend to help you get there.

Another option may be to use rental payments as proof of genuine savings. While only certain lenders offer this solution and is subject to borrowing criteria, it may be something you would benefit from.

You may also wish to establish a disciplined budget to help you save for a deposit – the more you have to offer at the beginning of the transaction, the more likely you will pay off the loan faster later.

Trusted Mortgage Broker has a great range of mortgage calculators to help with all those tough decisions that come with finding the right loan. Have a look at our calculators on our website to help you further. www.trustedmortgagebroker.com.au/calculators/

About the Author

Sue Hayter

Sue's service commitment is fantastic. At Trusted Mortgage Broker we work with our clients to ensure they understand their options, know exactly how much they can borrow and ensure they choose the right home loan and the right lender that is not unsuitable to their individual needs.

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