The path towards home ownership in Australia was once relatively smooth, almost a rite of passage, but those days are now well behind us.
Booming property values in desirable population centres, tighter banking rules and regulations, less appetite for risk being displayed by the majority of lending institutions, and stagnant wage growth are all conspiring against a return to the good old days of a smooth path to your first taste of home ownership.
Overcoming the Challenges
The first step in creating a smooth path to home ownership is to realise that home loan comparison is a vital key to finding the best home loan rates in Australia.
Any competent Mortgage Broker in Melbourne will have access to a home loan comparison rate calculator and many provide access to such calculators on their websites.
The second step is to understand that the cheapest home loan interest rates in Australia may not be attached to the mortgage Loan that delivers the overall best outcome for you, given your circumstances.
This is because many loans with low interest rates have higher levels of fees and charges attached than mortgage loans from other lenders, and these lower interest loans can also have terms and conditions that may not be in your long-term best interests.
The third step is to recognise the value that a Melbourne Mortgage Broker brings to the table to assist you to navigate your way through the rough path that now stands between you and eventual home ownership.
Although you normally do not directly pay for the services provided by a Mortgage Broker in Melbourne, the value they can deliver can be a great return for the time you spend working with one, to complete a comprehensive home loan comparison exercise and find a lender who will accommodate your requirements.
The fourth step is to provide the lending institution with everything that they will need to quickly and effectively assess your loan application.
The complexities of loan serviceability today are far greater that they have ever been in the past and this is another area where your local Melbourne Mortgage Broker can help you to understand what is now required to satisfy lending requirements.
The fifth and final step is to make sure that the property settlement process is not disrupted by funds not being available from the lender in time to settle, or a shortfall in funds required to settle occurs, preventing settlement from being completed on the required date.
As both of these situations will result in penalties being imposed and potentially other costs being incurred, this is an area where a good mortgage broker can show the value that they bring to the table by making sure that these things do not happen.
The Joy of Home Ownership
The path to enjoying your first taste of home ownership can be made much smoother by engaging Oz Lend, a Mortgage Broker Melbourne, to provide guidance and professional assistance in organising a mortgage loan to finance your first property purchase.