person img
broker img

Suman

11 months ago

Hi Joel, It will depend on your savings amount. If you have enough deposit to purchase home, paying off bad debts will make it easier. It will also increase your borrowing power. In saying that we need to balance it out so that you are not paying excessive lenders mortgage insurance. For comprehensive advise, I need to review your overall situation. You can contact me through my profile. Kind Regards, Suman

Report this reply as inappropriate:
Reason is required Message is required   or  Cancel
broker img

Ivano

11 months ago

Hi Joel congrats on your decision to purchase your first home. This is definitely a significant milestone in life and the entire process can be quite daunting. I'm available to walk you through this period and can assist with any questions or concerns you may have. At this stage, I would need to review your current financial situation before directing you with regard to your current debt & savings. Click on my profile and we can begin the process...

Report this reply as inappropriate:
Reason is required Message is required   or  Cancel
broker img

Michael

11 months ago

Hi Joel, thank you for your question. It's good that you're looking for advice before you jump in. When it comes to the lenders, they all have their own criteria and policies around what they will be prepared to do for you. By using a broker you can often get access to many different options at the single source. You mentioned you had a car loan and a credit card balance. These are not necessarily detrimental to you getting a loan. The banks will want to look at your full assets and liabilities, along with your personal income and circumstances to ascertain whether they will give you the funding you require. The role of the broker is to collate this information and find the options that will suit you. Often there are ways to consolidate the debts you have and make them cheaper anyway. A tidy up of debt can be worth discussing with your chosen broker. As far as Fixed Interest Rate or Variable Rate Loan goes, this again can be discussed in detail with your broker. As you have probably gathered, there can be limitations in paying of a loan quicker with a fixed rate product. Sometimes a mix of the two can be appropriate if you want some certainty around the interest rate. I will be happy to assist further and discuss your situation with you. Please don't hesitate to contact me for more information. Regards, Mike

Report this reply as inappropriate:
Reason is required Message is required   or  Cancel

New home loans from 2.99%

Find out more