If you are planning to buy your first home, congratulations. Buying your own home will always rank as one of your biggest accomplishments in life. To make it better, we at Reliiance Financial Solutions also know that this probably is the best time to buy a house.
Real estate prices are realistic and home loan interest rates are among the lowest in recent times. With a combination of range of home loans and great real estate prices, it is worth considering a loan for your first home.
For more information about the First Home Owner’s Grant
THINGS TO CONSIDER WHEN CHOOSING A HOME LOAN
Now that you have made up your mind to buy your first home, here is a list of features to look for in your first home loan
- Make sure you choose a loan that you can afford to repay. While interest rates are low at present, they can go up again. Make sure you are able to afford the revised repayments in case of an interest rate rise.
- Home loans offering a choice of fixed, flexible or variable rates are advisable. As your family grows, your home loan should not become a burden.
- You should be able to make extra repayments easily and without any penalty. Affordable processing fees is a valuable feature. In addition, there may be hidden costs and monthly fees too, though some lenders are willing to waive them off. Reliiance Financial Solutions will be happy to work with you to obtain these benefits.
- Flexibility is critical for first time buyers. When considering home loan options it is important to choose a loan which has the flexibility to accommodate any change in your circumstances e.g. pregnancy, sudden loss of income, etc. which may require you to pause repayments or restructure the loan.
Alternate payment options of paying via direct debit, ATM. Internet and phone banking should be available.
Home Loan Guide
If you are looking to buy a new home, you have come to the right place. We have compiled valuable information for you to understand the process, requirements and responsibilities related to a loan application. Click on the links below for details
- Mortgage Broker Services
- The Loan process
- Documents for Loan Application
- Home Loan Terminology
FAQs
Got questions? Find answers to some of the most commonly asked questions about our financial solutions, processes, and services to help you make informed decisions.
LMI is a third-party insurance premium payable by you as the borrower, to protect the lender against the potential loss of money if the borrower is unable to repay the home loan. Generally, an application with a Loan-to-Value Ratio (LVR) of 80% or more may result in the borrower having to pay Lender’s Mortgage Insurance.
Extra payment is an excellent feature of a good mortgage deal. Here, your lender lets you make lump-sum additional payments along with your regular monthly payment. Making extra payments allows you to shorten the length of time you are paying your mortgage. Since your balance is being paid off faster, you will also have fewer total payments to make, thus lowering your interest. At Reliiance Financial Solutions, we can help you find the most suitable mortgage deal for you. We have a range of lenders that allow you to make as many extra repayments as you want, whenever you want, without attracting any penalties.
Stamp Duty is a government tax imposed on contracts, with the amount usually calculated as a percentage of the contract value. In layman’s terms, it is the tax charged for your legal documents to be ‘stamped’.
If you are planning to buy a property, it’s crucial to factor your State’s Stamp Duty into your budget.Chances are, based on your circumstances and state of domicile, you might be able to obtain a stamp duty exemption, or concessions (discount) against the purchase of your first home. Stamp duty laws get changed often, so be sure to check your State Government’s website for the most up-to-date information.
Did you know that some lenders would allow you to cash out any extra repayment you made whenever you need the money? You read that right. This useful mortgage feature is called “redraw facility”. You can withdraw any extra repayments or lump sum payments you make over the life of the loan. At Reliiance Financial Solutions, we will explain all mortgage products to you, including those which allow you to the redraw option.
Testimonials
Discover how we’ve helped our clients navigate their financial journeys with personalized solutions. Read their stories of success and empowerment below.
A 5-STAR RATED FINANCIAL SOLUTIONS PROVIDER BY OUR CLIENTS
At Reliiance Financial Solutions, we have been privileged to have worked with hundreds of remarkable individuals and families.
Very few things come close to receiving their genuine appreciation of our services. All we can say in return is – the pleasure was all ours.
It is also our pleasure to share some client testimonials with you. Please click on Video Testimonials to view them all. Use the buttons at the bottom of the screen to navigate through the videos.
