|
Before you Begin
Deposit
When deciding to purchase a home, most lenders require applicants to demonstrate a 6-month savings history, with a minimum deposit of 5% of the purchase price. In addition to your deposit, you also need to allow for additional costs, such as government fees and taxes, which are usually between 3-6% of the purchase price.
If you are purchasing your second home, you may be able to use the security of your existing property to borrow the full purchase amount, including costs. Your NRG Financial consultant can assist you with any further information during your interview.
100% Finance
At NRG Financial Services we understand that sometimes it is almost impossible to save up enough to meet the 5% - 10% deposit requirement of some lenders. That’s why we offer a range of 100% home loans at competitive rates through main channel lenders, enabling us to provide a wider variety of products to suit almost any situation.
First Home Buyers
The First Home Owner Grant is a one-off, $7000 government subsidy available to eligible first home buyers who purchase either an established home or a new home which has not previously been occupied. The grant is not means tested, nor is there any limit on the purchase price of the home. Eligible purchasers can apply for the First Home Owner Grant at the time of completing their NRG Financial home loan application.
Another benefit that many first home buyers are eligible for is the First Home Plus scheme. First Home Plus provides exemptions or concessions on both transfer duty and mortgage duty for people who are buying or building their first home in NSW. Your NRG Financial consultant can inform you during your interview whether you are eligible to receive the concession.
Further information on the NSW First Home Owner Grant or the First Home Plus scheme can be found here.
Finding the right home
Buying a home can be very exciting yet searching for your dream house can be an exhausting process. Here are some tips that might help your search:
Make a list of the features that are important to you, and rate their importance. Some characteristics you might want to consider include:
- Suitable suburbs
- Number of bedrooms and bathrooms
- Size and number of living areas
- Whether you require a backyard, courtyard or balcony
- Carpet or floorboards
- Proximity to local services including schools, transport and so on
Inspect the property more than once, at different times of the day. Different lighting and weather conditions can actually make quite a difference to the appearance of a property!
Be sure to spend some time in the local area, both during the day and at night, to get a better overall feel for the suburb.
Consider how much work – and money – you will need to invest in the property in order for it to meet your living standards.
Ensure the property is thoroughly inspected by qualified specialists and obtain legal advice if required.
| |
Six Easy Steps to Settlement
If you haven’t borrowed money to finance a property purchase lately, you’ll be surprised how easy NRG Financial Home Loans has made the process.
Step 1 Loan Appointment
At the Loan Appointment your NRG Financial Home Loans Consultant will help you select a loan this is suitable for you, explain all the details of your chosen loan and help you complete the loan application form.
Step 2 Loan Application
We will professionally package your loan application with supporting evidence and then lodge it with your chosen lender.
The lender will then assess your application. Let us know if more information is required, perform its’ credit checks and, if necessary, arrange a valuation of your property and organize mortgage insurance.
Step 3 Approval
The lender will then be in a position to advise us of unconditional approval of your loan. We will advise you of this as soon as we receive it.
Step 4 Loan Offer
The lender will send you a loan offer. The loan offer is your loan contract and outlines the terms and conditions of the loan, including the interest rate, term and range of possible fees.
Step 5 Mortgage Documents
The lender will send you (or your legal representative) your mortgage documents to be signed and returned. The mortgage documents include the lenders’ standard terms and conditions as well as the legal document giving the lender security over the property.
Step 6 Settlement
The lender will liaise with your solicitor or conveyancer to arrange for settlement to take place. With settlement, all monies are disbursed, your loan will draw down and the property will transfer into your owner ship. Congratulations!
|
