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Getting a home loan is one of the biggest challenges that you’ll face as a first-time buyer.
A huge part of that challenge comes from raising your deposit.
Our #See it, #Set it up, #Source it, #Slam it, and #Stash it framework can help you with that. We’ll help you to get access to the Grants that can help, including the upcoming First Home Loan Deposit Scheme.
In one year, you’ll have your first property. And in year two, you’re ready to move out and use it as an investment property.
But there’s another challenge you have to face – the lender’s criteria.
Jenna and Howard’s Story
A young couple, Jenna and Howard thought they’d done everything right when buying their first investment property.
They’d saved the money for a deposit and gotten pre-approval on their loan through a mortgage broker.
All they needed to do was sit back and wait for settlement.
Then, the bad news came.
When the mortgage broker went back to get full approval for them, the lender declined.
The reason was that the lender didn’t think the apartment they intended to buy was suitable security on the loan.
Jenna and Howard had no idea because their broker hadn’t explained the conditions attached to their pre-approval.
Worse yet, they’d signed an unconditional contract for the property. That meant they’d lose their entire deposit if the mortgage fell through.
The Lesson
Luckily, the couple managed to find another lender that would accept the apartment as security.
But others may not be so lucky.
The lesson here is that you have to check every detail when applying for a loan. With lenders constantly tightening their criteria, you may get caught out if you’re not careful.
Furthermore, don’t sign an unconditional contract unless you’re absolutely certain that you’ll get finance.
The good news is that you’re not alone as a first-time buyer.
Help is at hand from Investors Choice Mortgages. We can help you to find and buy your first property. Plus, we’ll show you how to turn it into an investment opportunity within two years.
When you are ready here is 3 ways we can help you:
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