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7 Thomas Street, Toowoomba QLD

Home Loans Tips

Buying your first home

Buying your first home is an important step - and if you make the right decisions it can help form the foundation on which to build assets for life. And that right decision doesn't only mean finding the right property - it involves choosing the right type of loan from the best lender too.

If you're a first home buyer, you'll typically need to borrow a higher percentage of the valuation of your property. This can involve extra costs such as mortgage insurance. As a first home buyer you may also qualify for government grants and other state and national incentives that may be available from time to time.

What is the First Home Buyer's Boost grant?

The federal government introduced the First Home Owner Grant in 2000 to facilitate buying first homes. The grant is not means-tested and consists of a one-off, tax-free payment for new or construction properties of $20,000 conditions apply.

Build a home or investment property

Whether you're building a new home for your family or an investment property, the whole process is often stressful and demanding - the last thing you need to worry about is your finance.

Choosing the right loan can save you worry and money, but it can be a reasonably complex process as there is a wide choice of loans available.

Which loan is the most appropriate for you, depends on a range of factors, including your overall financial position, the equity you will have in the finished property, your timeframe and whether you are selling another property, as part of the whole process.

This is where the knowledge and experience of your Choice Mortgage Consultants can be invaluable. They'll look at your total situation and work with you to explain all your options and the advantages and risks associated with each. Then they'll ensure you get the full benefits from the loan of your choice.

Refinancing your home

It's common for people to be paying more interest than they need to for their home or investment property loan.

Sometimes it's because their circumstances have changed, other times it may be that there are much better deals available now than when they first obtained their loan.

So, if you think you might be in that position, it's worth checking with us to see what options may be on offer.

It's worth remembering though, that there may be costs involved in paying out your existing loan and establishing a new one, so all the figures have to be carefully checked.

Discover more about your options and how we can help you by clicking on the links below.

Consolidate your debts

Statistics show that Australian household debt is at record levels. And many people are paying more interest on their debt than they need to. What this means is that it can be difficult, cost a lot more and take a lot longer to reduce the amount owing.

If you have debts - especially those with very high interest rates such as credit cards or personal loans - it can be a very wise more to consolidate them into one loan at a lower overall interest rate.

This is has the twin benefits of saving you money and making it easier to track (and control) how much you owe.

When it comes to consolidating your debts there are a range of options available. Which one is the most appropriate for you depends on your individual circumstances and factors such as how much equity you have in your current home, the nature and number of your debts, your overall financial situation and your timeframe.

Working through all the options and taking everything into account can be reasonably complex, but very rewarding.

This is where the knowledge and experience of your Choice Mortgage Consultant can be invaluable. They'll look at your total situation and work with you to explain all your options and the advantages and risks associated with each. Then they'll ensure you get the full benefits from the loan of your choice.

Explaining your loan process  

Enquiry & your application

We understand your needs and help find the right product for you.

In principle approval

Then we'll prepare an application. We will give you 'in principal' approval in writing and keep you updated every step of the way.

Property valuation

We'll arrange the valuation of the security of the property. While we do this you should satisfy any conditions in the loan approval.

Formal approval

We'll confirm approval to you and ask our solicitors to start preparing the loan documents.

Insurance

You should arrange building insurance - we need a copy of this before we arrange settlement.

Loan documents

Our solicitors will prepare your mortgage documents and mail them to you.

Settlement of your property

Your loan is drawn down on the day of settlement and is in place from this time.

After Settlement

We'll send a letter with the details of your loan.