The process of financing your new home doesn’t need to be complicated. We have a few tips to help you get started.
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First Home Finance
Bank or Broker?
When beginning the search for their first home in Perth, people generally spend time shopping around for a new home – and understandably, it’s an exciting part of the process! However, many first home buyers rarely think twice about shopping around for a great finance deal.
Being educated on the options available for you when it comes to finance is huge, as the difference between a poor finance deal and a great one could mean a difference of thousands of dollars a year in mortgage payments!
We prefer using a reputable and trusted mortgage broker over a bank, as they generally have access to a large range of lenders and products, meaning a lot more options that may save you money – basically, a broker will do the shopping around for you!
Contrary to popular belief, there is generally no upfront fee for using a broker, and they instead usually share a commission with your bank of choice, meaning you are no more out of pocket than usual for taking advantage of their services. PLUS, with their wealth of experience they can usually help you save some money on fees, interest rates and other charges along the way too!
If you are unsure, try having a chat to your Dreamstart Homes First Home Buyer Specialist – they usually have a broker they recommend and at the end of the day if you aren’t happy with what the broker is suggesting you can always go back to your bank knowing that you have done the research and you are absolutely getting the best bang for your buck!
When is the right time to buy?
When it comes time to buying your first home, it is often a delicate balancing point between being ‘ready’ to buy your home and potentially missing a great opportunity that doesn’t come along too often!
With finance requirements constantly changing, we often meet people who wait for the ‘right’ time to buy, only to miss their window of opportunity which can set them back many years in their endeavour to get into their home.
It is for this reason that we always suggest to speak to a specialist as early as possible in your planning/saving/home hunting process.
Find out if you qualify
The reason we suggest meeting a specialist soon, rather than later, is that they can look at your individual finance situation and determine what you may qualify to borrow and what money you would need to put in to get started. If you don’t currently qualify, they can let you know what you need to do in order to get to a point where you are ready to build.
At Dreamstart Homes we also generally get forward warning of a large majority of upcoming finance changes, which means we can let you know of things that are on the horizon that may potentially impact your ability to qualify for a home, be it positively or negatively.
Getting started on your dream home
Once you have all this information, it is up to you as to what you do with it – you have 100% control over your buying timeline, meaning you can still determine when you are ready to build.
You are simply armed with all the information upfront to ensure you don’t miss that ‘golden’ opportunity to build your first home in Perth!
Complete our quick finance quiz to see if you qualify to get into your own home. DreamStart Homes can help you access first home buyer loans as well as the First Home Owner’s Grant if applicable.
Like many other people, you might assume that you’re not financially ready to buy a home. It’s actually easier than you think – home ownership doesn’t have to be a pipe dream! Did you know that in some cases you don’t even need a deposit?
With Dreamstart Homes, you can get out of the rent trap and get into your first home. That means no rent inspections, no decorating restrictions, and no landlord!
Our friendly team are experts when it comes to finance, land, and houses – we’re here to help you through every step of the process, making your home building journey smooth, easy, and enjoyable.
Helping people get into their first home is what we love. It’s what we do day in, day out – as the core of our business, everything we do is centred around making building easy for first home buyers.
That’s why we’ve built a team of specialists with experience in first home finance, government grants, and low deposit home loans – it’s all about taking the hassle out of building your dream home.
For most first-time home buyers, thinking about loans, mortgages, brokers, and all the other technical information can be pretty intimidating – but it doesn’t have to be that way! Our team of DreamStart Homes consultants are here to guide you through the process, building you a beautiful home without all the stress.
If you’ve managed to save up a deposit, that’s fantastic! But if you haven’t, don’t stress – our finance specialists have a range of loan options that may still work for you.
With access to a huge range of lenders, there are plenty of solutions out there – many lenders offer to lend up to 95% of the value of a house and land package, provided that mortgage insurance is incorporated.
It may even be possible for you to secure a home loan with no deposit! With the right requirements and process followed, you may be able to get a loan that allows lending of up to 100%. Contact us today for an obligation-free chat with a first home specialist to discuss your options.
With a specific focus on construction finance, our independent finance brokers are here to assist you. With access to a huge range of lenders and loan products, we’ll work with you to find the right solution and demystify the process; not to mention, if you’re eligible for any government grants, our experts will help you access those too.