Property Review Video – August 2023
Stay up to date with the latest developments in the property market over the past month. Our video takes you through an overview of the state of...
Sometimes you don’t realise what could affect your ability to get a mortgage.
That’s what Laura discovered when she was in the midst of applying for hers.
Everything was going well with Laura’s mortgage application.
She had a solid two-year track record with her current employer, which showed that she was stable. Her lender pre-approved her loan.
But during the application process, another job opportunity came up. It offered Laura the ability to work casually for even more money than she got at her current job.
Naturally, she took the offer.
Since she was taking home a larger paycheque, she assumed that’s a good thing when it comes to serviceability.
But, her lender withdrew the loan offer.
Their reason?
She didn’t have 12 months of working casually under her belt.
Thankfully, Laura managed to get her loan approved with a lender who looked at her entire employment history, (they only considered this as it was the same position in the same industry).
But there’s an important lesson about assumptions here. Even a seemingly positive change like this could go against your current lender’s criteria.
Contact us today to find out what you need to do to get yourself in a position to borrow https://calendly.com/icm-discovery-call/fhb
It’s The First Home Buyers Show, where first home buyers go to watch their wealth grow.
Episode 2 of The First Home Buyers Show – Being a First Home Buyer at 51
So, first and foremost, we had a chat if you don’t remember, with Emma. Now Emma was a first time buyer and Emma has recently bought her first home at the ripe old age of 51, because she had given up with the fact that she would ever be able to buy a property.
Now, due to a certain windfall and bank of mom and dad coming in to assist, they were given the opportunity within the last couple of years to consider buying a property. And they looked everywhere around Sydney. And then they started to get laser focused, which is what you do when you have a Vision.
Get laser focused of what you want to achieve in the next year or three years. Because you need to remember, this house is not forever. They got laser focused, and they looked at what they wanted to achieve.
Next, they moved on to setting a criteria. So once they knew what they wanted to achieve, they then had, with laser focus, a criteria. Now, it took a little while to get that criteria, a lot of frustrations around what they could afford and where they needed to look, but they got rid of the areas they couldn’t afford, they decided on buying a house, and then they decided with three bedrooms.
So being crystal clear on that and on their price point got them to the area of the Central Coast. Once they got to that area, they then looked at, you know, their money management and what they needed to do to be able to afford a property going forward. Then they looked at sourcing the property, so this is all inspections.
Now, inspections are always fun when you start, but it can get really demoralising. A can of ‘V’, always helped me on my property inspections but the reality is that, you know, if you’re constantly looking day in and day out, and you’re finding things that you can’t afford or there’s not much on the market, it can be demoralising. And this is where people begin to settle. And to Emma and Ian’s credit, they stopped, they regrouped and realised that their price point was a bit too high in the suburbs they were looking, and they changed their areas.
This is sometimes what you have to do, and there’s a little bit of a grieving period that comes with it. There is so much mindset that’s actually associated with buying this first property or any property. So once they then had sourced that property, they moved on and they had done their inspections, and they got to the point where they had almost negotiated the deal, they got the price agreed, everything seemed fine.
I stepped in at that stage and insisted on a pest and building inspection, and thank goodness, as they found live active termites!
And these termites were active, it was in two points of the property. So this is where it really involved understanding whether it’s a walk away, or a leveraging situation where they could actually look at the cost of dealing with these termites and have that taken off the price of the property.
They persisted, they looked at what needed to be done, they spoke to the owner and then they negotiated. And the negotiation at that time became really, really painful as well. Now this is where a lot of people would just give up. But the tenacity and the drive of Emma and Ian kept them going, and they finally settled their property and they’re about to enjoy their four-week anniversary of being in the property.
So this The First Home Buyers Show and the interview with Emma, and it just goes to show you, you know, the journey of going from, “Hey, I’d like to buy a house” to actually settling on the property. It’s one that’s fraught with a number of decisions, can be fraught with a lot of frustrations, but if you follow the process, understand what to do every segment of the way, and that’s what we’re here to help you with, then you will absolutely Slam this!! and you will have a potential investment property in the future that renters want to rent and buyers wanna buy when it comes time for you sell.
The First Home Buyers Show – Where First Home Buyers Go To Watch Their Wealth Grow
Join us next week to discuss the art of negotiation
Here’s the link for Episode 3 Negotiations https://www.facebook.com/learnwithjaneslacksmith/videos/2801951253183362
Join me in our Group https://www.facebook.com/groups/firsthomefirstinvestment/
where I discuss this at length. Let me show you how this may not be the right solution for you.
Click here to see all the episodes > First Home Buyer Show Playlist
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:
Applying for a mortgage for your first home is scary. The scariest thing is that there are so many things that could lead to them rejecting you.
You’ve spent an eternity on saving your deposit, let alone all the sacrifices you have made. You’ve prepared all of the paperwork and sent it over to the lender, but you never know what they may use to reject you.
You have to account for every little detail when applying for your first mortgage. Lenders will check every aspect of your history and something as small as a single missed payment could ruin your plans.
We want to ensure that this doesn’t happen to you.
And to do that, we aim to make it as easy as possible to get your first mortgage.
We’ll show you more about the Grants that are available to you and what you can do to get into your first property faster.
At Investors Choice Mortgages, we are passionate about helping you to get the finance you need to buy the property you deserve.
Investors Choice Mortgages can help you to prepare your application. If you would like a copy of the “Australian Guide to First Home Buyers Grants” and details on the new scheme then download the Guide here http://firsthousebuyer.com.au/
This is Episode 1 of The First Home Buyers Show – Where first home buyers go to watch their wealth grow!
Episode 1 of The First Home Buyers Show- The 5 Step Framework for Financial Freedom
If you are someone who is looking to buy their first home… you know it can be overwhelming, and even… scary. I have a friend who told me she was terrified about picking up the phone to make the call to ask questions, and really didn’t even know who to ask.
We covered all aspects of buying your first home and show how you can make it the foundation of your financial security!
In this Episode we start with the overview of the Financial Freedom Framework
# Set It, this is about getting your one year plan and your three year vision in place, understanding what you need to do in the next 12 months to secure that property, and then what you need to do to afford it going forward.
And then we need to:
#Set It we need to get your budget set up, know what you can afford to live off, know what you can save, make sure we do all the credit checks and get your loan set up so it’s ready for you to be able to take action when you’re ready to source it.
#Source It is knowing how much you can afford, where you can buy, and buying in the best possible place that’s going to give you capital growth and equity, so there you can move on and get on with life.
#Slam It this is all about negotiation, this is about doing pest and building inspections, this is about conveyancers who are just gonna get it done for you so you don’t have to worry about it. This is slamming it, so that you can move on.
My secret optional segment is:
#Supersize It, this is for those people who want to live in the property, potentially renovate it, maybe throw a granny flat on, maybe make it a multi-residence for when they move out.
Then when they move out, they are going to just:
#Stash It away, because they’ve sourced it the right way, they’ve put it in the right area, so that they can actually have it making money for them.
So that is the Framework, I’ve revealed to you the whole six segments.
AND if you want to continue the discussion please join me and the other experts in our Group https://www.facebook.com/groups/firsthomefirstinvestment/
Click here to see all the episodes > First Home Buyer Show Playlist
Stay up to date with the latest developments in the property market over the past month. Our video takes you through an overview of the state of...
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