HOME LOANS

If you're looking to determine how much you can borrow for a home loan or explore your options regarding your borrowing needs, a free appointment could be very beneficial. Here’s what you can expect and some steps you might consider:

1. Schedule an Appointment: Contact Lifestyle Finance Mackay to schedule an appointment. This can often be done through the website, google or give us a call.
2. Prepare Information: Gather relevant financial information such as your income details, savings, existing debts, and credit history. This will help our mortgage brokers assess your borrowing capacity. We will let you know what to bring.
3. Discuss Your Goals: During your appointment, our team will discuss your goals for purchasing a home. Whether you're a first-time buyer, looking to refinance, or investing in property, our team will tailor their recommendations to your situation.
4. Understand Borrowing Capacity: Our mortgage brokers will assess your financial situation and provide an estimate of how much you can borrow based on your income and expenses.
5. Explore Loan Options: The team at Lifestyle Finance will present various home loan options available through our network of lenders. This might include fixed or variable rate loans, interest only loans, or other specialised products depending on your needs.
6. Compare and Decide: We will then assist you to take the time to compare the loan options presented to you, including interest rates, fees, and features. Ensuring that the loan aligns with your financial goals and budget.
7. Ask Questions: The team at Lifestyle Finance Mackay will make themselves available to cover any questions you have about the loan process, repayment terms, fees or any other concerns you may have.
8. Proceed with Application: Once we have found a suitable loan option, you can proceed with the application process. Our team at Lifestyle Finance will guide you through the paperwork and submission process.
   

Remember, it's important to choose a home loan that not only offers competitive rates but also meets your long-term financial goals and fits within your budget. An appointment with one of our brokers at Lifestyle Finance Mackay can provide valuable insights and assistance throughout this process.

Credit policy can change from time to time. Most lenders will now let you borrow between 90—95% of the value of the property. You need to demonstrate good savings patterns, have no late fees on your repayments or overdrawn fees on your transaction accounts.

Most lenders require a minimum of 5% of the purchase price as evidence of your ability to repay a mortgage. This can be made up of a combination of savings, rent paid and early payment of personal debts.

In some cases your deposit will need to be 20% depending on the type and location of your property.

We will also discuss and process any government grants or schemes for first home buyers and help to determine if you are eligible to receive the benefit.

You may need to allow for stamp duty. Stamp duty will vary depending on the state, purchase price and if you are eligible for any exemptions. Lifestyle Finance will give you an indication of how much stamp duty will apply to your purchase.

Please contact us to discuss your personal situation for a full assessment.

Buying your first home is a little bit scary. It's a big decision and a lot of money!

First Home Buyer Initiatives

Talk to us today about your eligibility for government grants.

Find out more about our financial services by talking to our friendly team. Call us today.