Breaking the Boundaries
Breaking into one of the world’s toughest property markets is no mean feat and can be a truly daunting prospect especially for first time buyers. According to Daniel Pym of Loan Market “The good news is that where there’s a will, there’s a way”. With a wealth of expertise, Daniel has provided us with some very valuable insight into making the transition:
“Purchasing your first home is a combination of the following factors: How much you can borrow/your income?, how much deposit you have/can the family assist with a guarantor loan if you don't have enough deposit?, do you have any other debts (as this can detract from how much you can borrow)?, what repayments are affordable? These factors will determine whether you are in a position to buy immediately.
If the answer to the above is yes, then it’s time to work out your budget and determine which lender will provide the best deal (your mortgage broker can arrange loan pre-approval, so you are in a position to purchase when you find your idea property).
If you are not in a position to buy now, then you need to look at future plans to ensure you create the right platform. Once again your trusted broker can advise on issues such as; should you use savings to pay out any personal loans/credit cards which detract from your ability to save?, can you start a savings plan?, or should you move back home to save or rent something cheaper?”
Daniel reiterated that “Where brokers really help first home buyers, is making them comfortable with the process, removing the stress, by being prepared and guiding you each step of the way.”
If you are a first time buyer looking to make the move, contact Daniel today.