First Home Buyer FAQ

These FAQ are courtesy of the MFAA: The Essentials of Borrowing website:

What’s the secret to buying my first home?
A. Saving for it.

How much deposit do I need for a home loan?
A. Usually 20-30%.

What’s a simple way to increase my borrowing capacity?
A. Reduce your credit card limit.

How many types of home loans are there?
A. Hundreds. The key is finding the right one for you.

Where should I start looking for a home?
A. (Hint. It’s not a real estate agent’s window.)

How much is the First Home Owner Grant?
A. $7000.

If I need help to buy a home, what should I do?
A. Be nice to your parents.

What is a non conforming home loan?
A. A mortgage created for people with bad credit.

What should I be aware of when taking out a mortgage?
A. Loans that seem too good to be true.

What should I ask my mortgage broker?
A. Start with ‘Are you a member of MFAA?’

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