Buying your first home is a dream come true. For most first-home buyers, the first step of this dream is to secure the right first-home buyer loan. Amid the soaring property prices, constantly shifting interest rates, and changing lender rules, people often need an expert helping hand to understand what makes all the difference between a rejection and an approval. Preparation is all it takes.
The good news? VOXFIN, besides expert guidance, provides a 5% deposit and even cashback offers to turn your homeownership dream into a reality.
Let’s explore 10 smart ways to prepare for your first home loan this year!
1. Know Your Capacity to Borrow
A simple rule – before you start looking out for a property, get a clear idea of your borrowing power. Any lender will first assess your income, debts, credit score, and expenses. We, at VOXFIN, help you calculate this accurately and quickly so that you’re well-aware of your eligibility and budget.
2. Reap the Advantage of the 5% Deposit Scheme
Gone are the days when first-home buyers needed a 20% deposit. Today, with the 5% deposit scheme, all the eligible buyers can secure a home loan with as low as a 5% deposit. The bonus is no LMI (i.e. Lenders Mortgage Insurance). We work with 35+ lenders who completely support low-deposit and government-backed home loan options. The joint motto is to help first-home buyers step onto the property ladder sooner.
3. Always Keep an Eye on Cashback Offers
Many banks and non-bank lenders are offering cashback deals this year, as good as up to a few thousand dollars, especially for new home loans. These funds can be extremely helpful when it comes to furniture, interior design, moving expenses, and even settlement costs. We ensure you’re aware of the lenders offering the best cashback deals, based on which we can negotiate for the maximum benefit.
4. Focus on Improving Your Credit Score
Even a small change in your credit score can make a big difference between approval and rejection. Request a free credit report from your preferred credit reporting agency, clear old debts, and avoid multiple credit applications before applying. Our mortgage experts can guide you on how to strengthen your profile before submission.
Ready to start your home loan journey?
Book your free consultation with a VOXFIN expert today!
5. Save Hard and Smart
Although it’s challenging to save separately for a deposit, we recommend you do it amid the consistently rising rent and living costs. Consider opening a separate home loan account, reducing non-essential spending, and automating your savings. At VOXFIN, we guide you on leveraging government grants and first-home buyer incentives that reduce your upfront costs.
6. Make Sure Your Documents Are Ready Well Before Time
Start preparing for the documentation right from the beginning of the process. Gather your recent payslips, bank statements, tax returns, ID and proof of savings, and your history of rent payment (if applicable). Streamlining this process for you, our brokers ensure a quick turnaround as fast as 24-hour approval once you’re ready to apply.
7. Avoid Big Purchases Around the Application Time
We understand how tempting it is to want to purchase a new car or a heavy piece of furniture right before your first home. However, do you know that lenders view this new debt as a risk? We recommend you keep your credit utilisation low and avoid any new loans until your mortgage gets approved.
8. Don’t Just Look for the Cheapest Rate; the Right Lender Matters More
Remember, a lower rate doesn’t always mean a better deal. Some lenders have strict policies that can cause delay or even decline applications from first-home buyers or casual workers alike. Here, we have access to 40 lenders, and will match you with not just the cheapest one, but the one most likely to approve.
9. Don’t Go All Alone; Seek an Expert Hand
We understand that direct application through a bank often gets overwhelming for people. That’s where first home buyer specialists help you simplify everything, from comparing rates to explaining every little clause in your contract. At VOXFIN, we maintain focus on your success, negotiate better terms for you, and handle all paperwork to unburden your shoulders – all this with no upfront fees.
10. Learn from the Experiences of Real Home Buyers
”I would highly recommend the service of VOXFIN mortgage broker. Gurdeep was very helpful throughout every step of purchasing our first home. He provided us the best options available. He was very professional, patient and supportive.”
“I recently purchased my first home with Voxfin and had a great experience with Gurdeep. He made sure to explain every step of the process, and on our first call, he clearly explained how things work and what my options are. Afterwards, making a decision was just effortless as everything was presented in a comparison sheet and I was able to weigh up pros and cons according to my circumstances. Being self-employed, I thought my home loan would be hard to get. VOXFIN’s broker structured my application perfectly and got it approved in 24 hours.”
– Geetika Wadhwa
“Thank you so much, Gurdeep, for working with us to make our dream of buying our own house come true! Highly recommend A+++. I will be calling you back in future to buy investment property for sure. Thank you so much!”
While these are just a few examples showing how expert guidance can turn uncertainty into an achievement, they play a crucial role in shaping your home-buying decisions.
Let VOXFIN be your trusted guide every step of the way!
Call us at 03 7065 2000 now to book your free home loan consultation today!
FAQs
Can I really buy a home with just a 5% deposit?
Absolutely! You can, under the 5% deposit scheme. All the eligible first-home buyers can secure loans with no LMI. Talk to us to learn how to qualify.
What are the cashback offers available this year?
Cashback offers may vary by lender. While some provide up to $3,000, we, at VOXFIN, find out and secure the best deal for you.
How long does loan approval take?
With VOXFIN, clients usually receive conditional approval within 24 hours once all their documents are ready.
If I have casual or self-employed income, can I still qualify?
Yes, you can. VOXFIN specialises in low-doc and complex income loans, no matter how rare your situation is.
