Margaret was first introduced to Better Money Lenders via a family member wanting to place Margaret on the right track to buying her first Home.
Like most 1st Home Buyers learning the process and finding the right information can be very daunting and confusing.
Margaret’s first step was to arrange a meeting with a Better Money Lenders consultant – Brett Dwyer.
Brett has been doing Home Loans for over 30 years and has helped many locals in the Whitsundays with their finance, so this was great first step in the right direction.
Initially, Margaret wanted to find out how she could buy her first home, however to do that Better Money Lenders first needed to understand Margaret’s financial position. This included establishing her personal budget and to obtain an understanding of Margaret’s plans about her income, employment and if she had any other large expenses to pay on the horizon.
The first meeting took about 1.5 hours and Margaret was able to find out:
- How much money she could borrow;
- The amount of deposit required;
- The differences between the various type of loans;
- A preview of various lender offers that would be suitable to Margaret;
- Understanding what Mortgage Lenders Insurance is;
- How much her monthly loan repayment would be;
- How much it was going to costs in fees, insurance and valuations to establish the loan;
- The price range of a property that she could afford to buy; and
- How to obtain the Qld 1st Home Owners Grant $20,000.
When Margaret left the first meeting, we provided her with a list of documents that would be needed to formally apply for Margaret’s Home Loan. These being copies of her savings bank statements, loan and credit card statements and salary slips.
The next time Margaret spoke to us was about 3 months later when she called to say that she was going to sign a contract to buy her first home.
We quickly set up our 2nd meeting and I asked Margaret to bring along a copy of the signed contract and the bank statements and pay slips that we talked about previously.
The 2nd meeting took about 1 hour and this is where we completed the Loan application and reviewed and selected the best loan for Margaret from the various lenders that we are accredited with.
We were able to eliminate the lenders where Margaret did not qualify and review the panel of lenders and offerings from those lenders where Margaret did qualify.
With a little guidance, It did not take long for Margaret to choose her lender and Home Loan.
The next step was to complete the 1st Home Owner Grant Application for $20,000, as we would need these funds to be included as part of the deposit to buy the new home.
Once the paperwork was signed, all that remained was to lodge the application for the Home Loan and 1st Home Owners Grant.
Better Money Lenders also order the valuation for the new property at the same time to speed up the assessment process.
It only took four (4) business days for the unconditional loan approval and another two days for the 1st Home Owners Grant to be approved.
The Lender then sent out the Loan Documents which Better Money Lenders reviewed to make sure that the Loan offered was exactly what was requested before Margaret signed them.
Settlement went smoothly, according to the contract, and Margaret is now the proud owner of her very first home at 21 years old.
The successful outcome was put down to Margaret taking the initiative, by being prepared early in the process, to find out what her financial capabilities were.
For a confidential, no obligation and free consultation call Better Money Lenders today.
Mortgage Brokers and Finance Consultants
Whitsunday, Airlie Beach, Mackay, Noosa, Sunshine Coast, Brisbane