Page 18 - Smartline eBook - First home buyer
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  Did you know?
Owning a credit card with a $10,000 limit even it is fully paid off could reduce your borrowing capacity by up to $55,000. It could be a good idea to close your credit card if you’re about to buy your first home.
They will also factor in any money that you need to keep paying on accommodation after you buy the property, such as rent or another mortgage. Your bank and credit card statements will provide your lender with an accurate overview of money in and money out.
6. Details of any gifts, grants or exemptions
If a family member or friend is helping you buy the home, be prepared to provide the lender with evidence of this. This may be by providing evidence of the money in your bank account or handing over a signed letter showing evidence of the loan or gift. You should also have details of any grants or exemptions you’re eligible for, such as any First Home Owner Grants or exemptions that apply in your state or territory.
7. Details of the property you’re purchasing
Before you’re given final approval for your home loan, your lender will usually ask for a copy of the signed contract for sale. If you’re building, they may also want to see
a fixed price builder’s contract and approved construction plans. Often a lender will organise a valuation of the property you’re purchasing.
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First home buyer guide

























































































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