FHB - How do I go about getting a mortage?

[prawn_86]

Ok so i will be looking at buying a home soon (maybe this year maybe next, not sure yet), so how do i go about getting a mortage and whats the things to look out for?

[bluelabel]

Get one of those broker types around to your place and have a chat with them. It doesnt cost you anything. Even if you know you arent going to go with them, pick their heads for whatever information you want to know.

Also get an appointment with your bank manager. Have a chat to them. Any bank manager worth thier salt will be happy to sit with you and give you information.

:bier:

blue

[francinemelbour]

You can ask some agent,i think its free to ask professional. Especially when it comes to mortgage problem.

[Bronwyn]

The first thing you should do is a 'financial health check'. There are plenty of Mortgage Brokers and financial advisers that will do this for free.

You can also request a copy of your credit file from Veda at www.mycreditfile.com.au. This is free if you take the option to wait 10 working days or you can pay if you want it quicker. You should check through this to make sure that it is all correct, and contest anything that should not be on there. This is the report that will be most important when you apply for your loan, and any problems on your credit file could prevent you from getting the loan.

If you are not going to get the loan until next year you have time to get your finances in order so that you present the best application possible. Use that time to correct any issues on your credit file, reduce debt, reduce your credit card limits and get rid of any credit cards or store cards that you don't use (they will assess you on how much credit you already have available - not just how much of it you are using).

Whatever you do, don't go applying for multiple loans because they will show up as credit enquiries on your file and it may prevent you from getting any approved.

By using the services of a qualified mortgage broker, you can gain access to a finance professional who has broad knowledge of loan products and lending guidelines. A mortgage broker can direct your application to the most appropriate lender for your financial circumstances and maximize your borrowing capacity.

If you want to learn more about getting your finances ready and purchasing your first property, you can get free access to a property education package here (http://www.realestateinvestar.com.au/reiaffiliate/scripts/click.php?a_aid=SP26&a_bid=a218ff06&chan=APF).

Hope this helps, let me know if you have any questions.

[FirstLoaner]

These are the key things which I looked at:

Getting a 20% deposit this will help you avoid LMI
Get your previous 2 tax returns ready
Payoff as much of your credit card debts
Find a good lawyer
Apply for all the government benefits
Check your credit file - See above


I did a bit of Googling and also found this first home buyer guide (http://http://www.homeloanfinder.com.au/first-home-buyer-home-loans/)