Tips for First Home Buyers

TIPS for FIRST In reality, it's impossible to predict what the Australian property market will do so perhaps a better question to ask is whether you're ready for a home loan. HOME BUYERS www.mpmfg.com.au Getting a loan isn't all about the interest rate. It also comes to the additional costs that come with the purchase such as: Home Loan Cost Purchase stamp duty A tax levied by the state government on all property purchases. Registration fees This is another government fee for registering your lender's mortgage on the title of your property. Mortgage stamp duty A tax fee based on the size of your loan. Transfer fee A fee to replace the vendor's name with your name on the property. How much deposit do I need? You need atleast 5%-10%) Most banks need you to show that you have accumulated your deposit though regular deposit into a savings account over a period of 3 to 6 months. of the property value as deposit. Make sure all of your documents are up to date and legible. Approval of your loan depends a lot on the accuracy of these documents. Documents I need to Provide Your ID: parsport, citizenship, or Australian driving license Bank statements Tax returns Payslip or an employment letter How can a mortgage broker help? They can objectively assess your needs and their services are usually free! MPM ENANCIAL GROUP www.mpmfg.com.au