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Buying your first home can be a daunting prospect, and it’s therefore understandable that first-time buyers may feel just a little overwhelmed by it. However, when you’re dealing with SA Home Loans whose only business is home financing and is acknowledged by the public as the best mortgage specialist to deal with, you can rest assured you’ll get the best guidance and options, step by step. Because we’re the experts, we’ll carefully guide you through each step of the process.
Begin your first home-buying adventure by using our mortgage calculators and finding out the home loan size, the amount for which you’ll qualify, then once you’ve found your dream home, simply give us a call to get the ball rolling. We’ll ensure that you get the most suitable deal for your particular circumstances, allowing you unique flexibility for the full period of your mortgage! Continue reading to learn more about the factors influencing your interest rate and the size of your first mortgage.
There are a number of factors that your mortgage company will take into account when you apply for a home loan, regardless of whether it is your first bond. Criteria that tend to lend most weight to your application are your age, income and job stability, plus other income that you can use towards paying the bond, your credit history, other monthly debt repayments and the size of the deposit you are able to put down on your new home. Furthermore, SA Home Loans will not approve any bond that has a monthly repayment exceeding 30% of your single or joint gross monthly income. SA Home Loans prides itself on being a responsible lender; we will not put you into debt that we do not believe you can afford.
Generally speaking, older people tend to receive bigger loans at more competitive rates. This is due to their accumulation of collateral, greater job stability and better credit history. However, this does not mean that young people will not qualify for first-time home buyer bonds, or that they’ll necessarily be granted smaller bond amounts. At SA Home Loans, your individual circumstances will be analysed to create the most affordable and appropriate home loan solution for you. Contact us now on 0860 2 4 6 8 10 to speak to one of our qualified home loan consultants, or read on for more information!
If you earn a regular monthly income, you are already well on your way to securing a bond. This is because lenders calculate your loan affordability by determining your repayment-to-income ratio, which compares your monthly home loan repayments to your income. This ratio is one of the most important tools used in determining the size of the loan you will qualify for.
For first-time mortgage applicants, a good credit history and little consumer debt will also count in your favour. For this reason, many first-timer home buyers reduce their outstanding debt before applying for a home loan. Not only will this help you to get a loan approval, it will lighten your financial load when you begin repaying your bond. Lastly, it’s a good idea to begin saving for a deposit on your new home as soon as you can.
Many first-time buyers are understandably a bit apprehensive when they start the process of finding a home to purchase and a bond to finance it with – and with good reason! Unlike SA Home Loans, some banks “penalise” new home-owners by charging them higher interest rates than those charged to people who may have had previous bonds. This is because first-time buyers often present a greater risk to the lender (particularly if their home loan amount includes additional costs, such as the deposit and transfer fees); a higher interest rate compensates for the risk incurred by the lending institution.
However, at SA Home Loans, we do not distinguish between first time and repeat home buyers. We’ll offer you an interest rate that is compatible with your earnings and lifestyle – regardless of whether or not you are a first-time or young home buyer.
With SA Home Loans, you could enjoy our uniquely flexible rates even if you currently hold a bond with another mortgage company. Simply make use of our Switch & Save bond option by transferring your current bond to us. It’s easy and affordable, and your premiums could decrease immediately, saving you thousands over the life of your mortgage loan. You could qualify for an immediate reduction in your home loan term, while simultaneously increasing the value of your bond.
Whether you need a new home loan or wish to move your current mortgage to SA Home Loans, contact us today to find out how you can start saving money on bond repayments – right away!
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