These FAQ are courtesy of the MFAA: The Essentials of Borrowing website:
QWhat’s the secret to buying my first home?
A. Saving for it.
QHow much deposit do I need for a home loan?
A. Usually 20-30%.
QWhat’s a simple way to increase my borrowing capacity?
A. Reduce your credit card limit.
QHow many types of home loans are there?
A. Hundreds. The key is finding the right one for you.
QWhere should I start looking for a home?
A. (Hint. It’s not a real estate agent’s window.)
QHow much is the First Home Owner Grant?
QIf I need help to buy a home, what should I do?
A. Be nice to your parents.
QWhat is a non conforming home loan?
A. A mortgage created for people with bad credit.
QWhat should I be aware of when taking out a mortgage?
A. Loans that seem too good to be true.
QWhat should I ask my mortgage broker?
A. Start with ‘Are you a member of MFAA?’
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