A mortgage adviser may be able to help first-time borrowers get the information they need before they begin to approach lenders.
Candice Loh told the Sydney Morning Herald that she felt “bewildered” by the process of applying for a home loan until she sought help from a mortgage adviser.
She said: “It was the best thing I could have done.”
The mortgage adviser helped her collect the right business and personal documents – including profit-and-loss statements, balance sheets and tax returns – so she now feels ready to make her loan application.
One change Candice made under the advice of her mortgage adviser was to make regular deposits into a high-interest savings account, which has helped her to establish a savings history. She has been saving for six months and plans to save for an additional half-year before she applies for her first home loan.
Prospective buyers thinking about making their first property purchase may wish to enlist a trusted mortgage broker to help them through every step of the lending process.
Objective advisers can help you address your current situation and identify which type of loan – and which loan provider – will work best for your specific needs.