31 Oct 2021

What Happens When You Buy Your First Property?

Buying a home can be stressful, especially for first-time homebuyers. At Mortgage House, we want to make the entire process as simple and straightforward as possible. Our lending specialists will work with you every step of the process, from application until your loan is paid off, ensuring your questions are answered and you receive the support you need. 

Understanding the Home Buying Process

The home buying process includes a number of steps you have to follow that start with filling out an application and receiving pre-approval and end with the final settlement and signing of your loan contract. Along the way, you will also have to submit financial and identification documentation, as well as needing to have your property valuated. Not every lender will be a perfect fit for you. It is important for you to apply with a lender whose criteria you meet and who will accept your type of property. 

Buying Your First Property

One of the advantages of being a first-time home buyer is being able to receive the First-time Home Owners Grant. This government grant is given to first-time homeowners and can be used towards the deposit, allowing you to purchase a home even if you haven’t saved enough for a 20% deposit. If you still don’t have enough, securing a guarantor may enable you to borrow 100% of your property’s value. 

If you are a first-time homebuyer and are worried about whether or not you can afford a home because you don’t have enough for a 20% deposit, the lending specialists at Mortgage House may be able to help. We can help you apply for the First-Time Home Owners Grant and may be able to offer you a low deposit mortgage. 

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