Are you a first time home buyer?

• Have a deposit: This is a bit of an obvious one, but having the deposit saved and ready to go means you’ve already done the hardest part – saving up enough to put down a deposit, about 15% – 20% of the value of a property.
• Have a stable income: A history of full-time employment is the first thing financial institutions look for when approving loans. While being self-employed won’t rule you out, you will have to provide more history about what you earn when you apply for a home loan.
• Good credit rating: When you apply for a home loan the lender will look at your credit rating to see if they will lend you money. Your credit history will show the lender any previous loans you have or have applied for, how many bank accounts and credit cards you hold, your debt and other financial information. A good rating is imperative to be approved, NPS can assist you before you apply to see what your credit file looks like before you apply.
• Do you have a good rental history? While not imperative, a good rental history shows that you are familiar with making payments on time and it’s a good sign that home ownership is right for you.

We are mortgage specialists and we can apply for a loan for you. We’re able to access various banks and lenders which we can get competitive rates for you.

There are a few reasons why buying a brand new property is better than older properties:

1. Many first home buyers view their first property as a long term investment. For instance in NSW, first home buyers can start to rent out their property after living in the property for a continuous of 6 months. This allows for tax deductions for the depreciation in the fixtures and fittings of the property.
2. New properties have lower maintenance costs than older properties because everything is new and will not need repairs or maintenance for a long time after you buy it. Whereas if you buy an older property, you might find that you have to spend a lot of money early on on maintenance costs or expensive capital repairs.
3. New homes are more energy efficient, have more safety features and have the latest modcons that many older properties do not have. Not only does this make new property more attractive to tenants producing a better rental return and making them easier to rent, but it also makes them cheaper to run and maintain, once again increasing the yield on the property.

At New Property Specialists, we provide a holistic and personalised approach to your property buying journey.

• We tailor your plan: We’ll get to know your goals, your financial situation and the properties you want to buy before tailoring a plan suited to your needs and goals.
• We source, negotiate & liaise for you: We’ll talk with all the players involved (e.g. lenders, inspectors, solicitors, builders, etc) so you can sit back and relax.
• You become a proud homeowner: We’re always here to ensure you are supported after buying a property. We’ll review your loans to get a better rate or help you when you have any problems with your home.

There are many factors that can affect this and everyone’s situation is different. Contact us today, we can work with you to determine exactly how much you can borrow.

Pre-approval, or conditional approval, is an indication that your lender will provide you a home loan when you are ready to submit a full application. Remember that even with pre-approval a lender is not obligated to give you a home loan, but it is usually a good indication on how much you can borrow, which is important to understand what kind of home you can afford.

When you aren’t familiar with home loans it can be a difficult process to understand all the options and complexities. NPS can assist in finding the loan that is suitable for your specific requirements.