The face of lending has changed significantly since the Global Financial Crisis first began. Back then, it was called the collapse of the Subprime Mortgage Market in the US. The upshot for us is that lenders have suddenly returned to being very cautious. So to succeed in getting your first Home Loan, you need to be ahead of the game.
Our 3 Top First Home Buyers Tips:
- Start a savings program – for a minimum of 3 months. Lenders now require a minimum of 3 – 5% genuine savings saved regularly over a period of time. The longer you can do this, the better your chances will be.
- Pay down loans as regularly as you can. If you have a personal loan or a credit card, make sure you have sufficient funds to cover your loan repayments, and allow a little extra each time.
- Pay your bills on time. If you have a dispute with someone who provides a service, resolve it quickly. A good credit history is your number one asset.
Once you’ve got control of your personal finances, you’ve gone a long way towards showing the lenders that you will be a good, reliable customer. These three simple tips will help you to get the loan you need to get you up and running towards owning a real asset, your first home. Read more about the grants available through the Federal and State Governments for first home buyers.