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Buying a home for the first time is a thrilling prospect – and it’s also a significant undertaking. As a first time homebuyer, you’ve probably got lots of questions about the process. SA Home Loans is here to help you make the purchase as streamlined as possible, by answering your questions and providing all the advice and guidance you need throughout the process.
If you’ve got the funds to do it, there’s no doubt that now’s a great time to purchase a new home. Before you embark on this exciting venture, take some time to learn about buying a home for the first time.
Below, we’ve answered some of the most common first time homebuyer questions. If you’re still unsure or have any other questions, contact us on 0860 2 4 6 8 10, or visit our FAQ page for more home-buying Q&As.
Without a doubt, this is the most important question to ask yourself before you begin searching for your dream home. Make use of the handy first time homebuyer calculator on our site to see whether you’d qualify for a home loan and, if so, how much you’d qualify for.
In the last year, deposit requirements have changed significantly, and most home loan providers will insist on a cash deposit of between 10 – 15%. This is because the global economic crisis has necessitated a far more conservative approach to lending, and most financial institutions have to be more cautious when it comes to home loans.
100% bonds sound great, but the truth is that these have put many people under a lot of pressure to keep up the monthly repayments on a more expensive home – especially in a high interest rate environment.
If you have your sights set on your dream home and saving for a deposit seems tough, remember that in the long run, you are going to save a lot of money in interest. And with a deposit, your repayments will be much more manageable.
The loan-to-value ratio (LTV) is calculated by your lender, and is used to work out the loan amount you qualify for, and the interest rate you’ll be required to pay on your mortgage. Essentially, the LTV is a risk assessment ratio, so the higher an LTV, the greater the lending risk – and the higher interest rate you’ll attract.
LTV is calculated by taking the amount you’re borrowing and dividing it by the current value of the property. Thus, if you’re purchasing a home that is worth R1 million, and you’re applying for a loan of R900 000, your LTV is 90%. The higher your LTV, the higher the interest rate you’re likely to be charged. Thus, it’s always a good idea to try to put as big a deposit as possible down on the property you’re hoping to purchase.
When you apply for a home loan, your lender will ask for the following documentation:
If you are self-employed or part of an entity such as a Trust, you will be required to produce other documentation as well, so check with your consultant. Being able to provide the necessary documents when you apply for your loan will help to simplify and speed up the application process.
Once you’ve established how much you can afford to spend, the exciting part begins! Set out to find the house that meets your present needs, and is likely to suit you for at least the next few years. Most first time homebuyers will purchase a “starter home” – one that’ll live in for a few years until they decide to upgrade to something bigger.
Once you’ve found it, contact SA Home Loans for a competitive deal. We’re recognised as one of the country’s leading lenders, which means you’re bound to get a good deal with us. Best of all, we treat all our customers the same – so, even a first time homebuyer can get a competitive interest rate with SA Home Loans.
SA Home Loans makes it easier than ever before for first time homebuyers to qualify for loans. Start by finding out whether you qualify by making use of our first time homebuyer calculator and, once you’ve established how much you qualify for, follow the prompts to apply for a home loan.
Alternatively, contact SA Home Loans now on 0860 2 4 6 8 10 to find out more about the mortgage options available. Whatever your needs, we’ll help you to find the right loan for your lifestyle.