Hints on how to start saving for your home loan deposit
Here are some things you may want to consider when looking to get your deposit savings on track:
Get some help with a first-home owner’s grant
First-home owner grants (sometimes known as FHOG) can make a difference in helping you get over the line and assist to buy your first house.
Other considerations for your mortgage application
If possible, it’s a good idea to avoid changing careers or jobs when getting ready to apply for a home loan. Lenders generally like applicants who can show stability across not only credit history, but also employment, income levels and career paths. Starting a new business might mean inconsistent cash flow early on, which can raise red flags with lenders. And even if you’re not self-employed, lenders will often check that you’ve passed probation at a new job or see if you’ve had a sustained period of experience in the same industry when assessing your application.
What if you’re self-employed?
If you’re a sole trader or otherwise don’t have regular access to some of these records, there are self-employed home loans you can apply for using alternative documentation.
Making an offer and negotiating
The time has come. Making an offer can be equal parts exhilarating and terrifying. So it’s important to keep your head and not lose sight of your goals – and perhaps most importantly, your budget. When you make an offer, you may want to slowly work toward the middle ground of what the seller wants and what you want to pay. It’s important to stay calm throughout the process and remember there is nothing wrong in walking away if something doesn’t feel right. Be prepared for your offers to be rejected, or for homes to sell for way more than you’re willing or able to spend. There will be other options out there, so don’t get disheartened.