You’re ready to move out of your parents’ house or get away from those pesky roommates and the rental market! We’re so proud of you! But we also know it can be a little bit daunting if you’ve never bought a house before, so at Easystart Homes we can help you get started and on the way to first home buyers independence!
Here are some tips on how you can successfully apply for your first home loan and get the WA first home owners grant or keystart loan.
- Don’t be caught with a bad credit rating
All financial lenders will have access to your credit history, so this should be squeaky clean. Generally, a default is listed on your credit file after three months of missed payments on a debt commitment, so what you consider one simple default on a mobile or car payment could, in fact, hinder you from getting a home loan approval for five years or more. Before you apply to become a part of the WA first home buyers market, we can help you obtain a credit history report for yourself so you see what the lenders see.
- Clear previous debts
It’s a good idea – no, wait it’s a brilliant idea – to reduce any other debts not just for the sake of your credit report, but also to ease finances before you start paying off your new home. Lenders consider the overall limits of your debts, not just the balances owing.
- Take advantage of first home owner concessions
Eligible first home buyers in Perth can apply for a first home owners grant, a one-off payment to encourage and assist first home buyers to build a residential property. If transactions are entered into before 30 June, 2017 WA first home buyers may be still eligible for the full $15,000 grant. It’s certainly worth checking to see if you can take advantage of it!
Choosing a first home builder like Easystart means everything is done for you, including ensuring you maximise all government grants and entitlements.
- Finance first
It’s easy to get caught up in the enthusiasm and excitement of hunting for a home builder or house and land packages in Perth before applying for a loan, keystart or WA first home buyers grant. But it’s important to know how much you can borrow to avoid any disappointment. At Easystart Homes, we make it our business to know about all the finance options available to first home buyers. Thanks to our in-house finance team, we have sourced the most competitive home loans in Perth, can provide advice and tailor a finance solution to suit your needs - including the First Home Owners Grant and any other Government grants you may be entitled to.
- Try to avoid applying for too many applications
Did you know that every time you apply for a first home buyers loan, it will be recorded in your credit file, and lenders will see you as a high-risk borrower? Your credit history won’t reveal if you were approved or declined, but they will wonder what the other lenders know about you that they don’t! As a result, your credit score could be reduced. Don’t fall into that trap!
- Find a builder who can help you
Building with a first home specialist like Easystart Homes means all the important paperwork and stressful steps in applying for a home loan or keystart loan is taken care for you! Not only can your builder assist with securing the most competitive loan, they’ll help you secure what you want from a range of house and land packages to suit your lifestyle and your budget.
Chat to one of our friendly, experienced consultants today and get into your first home sooner!