First Home Buyers

Buying your first home is an exciting milestone, yet it can come with challenges. At KIJ Rung Ruang Financial, we specialise in helping first home buyers access Home Loan options from banks and lenders across Australia. Our expertise ensures you’re well-informed about the various aspects of buying a home, from understanding interest rates to exploring first home owner grants (FHOG). We are here to guide you through every step, making your journey smoother and more manageable.

One of the critical steps in buying your first home is understanding your financial situation and borrowing capacity. We help you assess your loan to value ratio (LVR) and guide you through checking your credit history. If your credit history is less than perfect, don't worry; we're experienced in finding solutions that suit your needs. With our comprehensive access to banks and lenders nationwide, we ensure you find the right Home Loan options with competitive interest rate discounts. Whether you prefer a fixed interest rate or a variable interest rate, we can assist you in selecting the best option for your circumstances.

Another essential consideration for first home buyers is eligibility for lenders mortgage insurance (LMI) waivers and first home owner grants (FHOG). These can significantly reduce upfront costs and make buying your first home more affordable. We help you check eligibility for these incentives, guiding you through the application process with ease. Additionally, understanding costs such as stamp duty is crucial, as they impact your overall budget. Our team will provide clear advice on these expenses, ensuring you are well-prepared financially.

We also offer insights into setting up an offset account, which can help reduce the interest on your Home Loan. For those considering future investments, we provide information on investment loan options and the possibility of purchasing your first investment property. Our streamlined application process ensures that applying for a home loan, or even an investment loan application, is straightforward and efficient. With the right preparation and assistance, you can get pre-approved quickly and confidently enter the property market.

In summary, KIJ Rung Ruang Financial is dedicated to supporting first home buyers in Australia. We simplify the process of applying for a home loan and provide personalised advice tailored to your unique needs. Whether you're just starting to explore Home Loan options or ready to apply for a home loan, our team is here to assist you every step of the way. Contact us today to begin your journey towards buying your first home with confidence and peace of mind.

1. Understanding Your Needs

Your mortgage journey begins with a detailed consultation with your Finance & Mortgage Broker. Your broker will listen to your property goals, whether you’re buying a home, investing in real estate, or seeking a commercial loan. They will assess your financial situation, considering factors like income, savings, liabilities, and credit history, to provide tailored advice on loan options available to you.

2. Financial Positioning

Your broker will request relevant documentation such as bank statements, recent tax returns, and evidence of assets and liabilities to determine your borrowing capacity. They will calculate how much you can afford to borrow, considering important factors like LVR, potential LMI, and interest rates. Your broker will also advise you on how to improve your financial standing if necessary, ensuring you are in the best position to apply for a loan.

3. Comparing Loan Options

Once your financial situation is fully assessed, your broker will begin comparing loan products from a range of lenders across Australia. They will help you weigh the benefits of fixed interest rate loans versus variable interest rate loans, as well as exploring options for offset accounts and interest rate discounts. They will also explain important terms like loan features, fees, and other considerations like the potential for future rate changes or LVR adjustments.

4. Pre-Approval Process

Pre-approval is a crucial step in the property buying process. With pre-approval, you’ll have a clear idea of the loan amount you can borrow, which strengthens your position in the local property market. Your broker will help you gather the necessary documents and submit them to the lender for pre-approval, ensuring the process is as quick and straightforward as possible.

5. Submitting the Loan Application

Once pre-approval is in hand, your broker will help you complete the loan application. They will guide you through submitting all necessary paperwork to the lender, including documents like bank statements, proof of income, and details of existing liabilities. Your broker will communicate directly with the lender to ensure the application is processed quickly, ensuring no delays in getting you the loan you need.

6. Loan Approval & Settlement

After your loan is approved, your broker will review the final loan offer with you and help arrange any necessary insurance, such as mortgage protection insurance. They will also work with you to ensure you understand the terms of the loan and guide you through the settlement process. Your broker will remain available to help you navigate any final hurdles before you complete the purchase of your property.

7. Finalising Ownership

The final step is settlement, when your loan is officially advanced, and you take ownership of the property. Your broker will coordinate with the lender and conveyancer to ensure the transfer goes smoothly. Once the settlement is complete, you’ll officially become the owner of the property, and your Finance & Mortgage Broker will continue to offer guidance to help you manage your loan and stay on track with repayments.