First Home Buyers 2017-05-06T04:59:13+00:00
  • Have you ever wondered if you could afford to purchase your first home?

  • Do you dream of having your own home?

  • Have you been concerned about not knowing enough about financing your first home?

  • Are you unsure of where to start or who to talk to?

First Home Buyer Scenario

“Aspiring to buy property in the wake of the real estate boom in Perth is daunting. I didn’t expect to be able to buy property at all. I figured there was no harm in having a chat to Colin and finding out his take on my situation. We met informally with coffee and he fielded my questions. My perspective of property investment shifted from being dug in for the long haul paying off a family home; to taking a step using equity, rental income and tax breaks to climb the ladder. In that meeting Colin pre-approved me for an average loan, which I would later secure. I ditched the impossible fiction and embarked on an investment strategy; settling for a first time property which I could afford and was happy with.

Not only was my newly renovated 4×1 my first step towards building an invested future, it upgraded my lifestyle, giving me independence and financial stability. I was tickled pink that interest cost less than rent, and the current economy is still substantiating record low rates. I could afford to live on my own and stop sharing fridge space. Best of all however is the ability to keep saving pennies in an offset account for my next investment, and a dollar saved is a dollar I don’t pay interest on, so it’s a great incentive.

One reservation that I had was how could I trust a mortgage broker who will make a commission if he signs me up for a loan? For that reason I didn’t approach a bank employed financial adviser. Colin Rice is a mortgage broker for Financial Momentum, they are independent and facilitate loans from any bank, so you can compare all the loans available and pick the best one. He does earn a commission, but it doesn’t come from my repayments, the bank who issues the loan pays his commission, since he has generated income for them by signing me up.

So from the customer’s point of view you get an industry savvy broker to find you the best deal and guide you through the convoluted application process, and it won’t cost you a cent, because he’s paid out of bank profits, not your pocket. I understand people say “but you’re paying for bank profit”, and that’s true, but no more than if I’d secured the loan myself, in fact probably less because Colin ensures the lowest rates and fees etc. It’s all above board and completely transparent.

I’d recommend Colin to anyone in a heartbeat. Buying property with finance is a stressful and complicated legal process. If you’re looking to buy property, whether it’s you’re first home or an investment property, save yourself a lot of hassle and get Colin to advise you. From my experience Colin already knows which bank loans are the best before you walk in the door. Colin will be able tell you the best interest rate going, and in some cases can pre-approve you after one meeting. With so many hoops to jump through, each with its own deadline, just one set back could disrupt the whole process and you don’t want your offer to fall over. Secure that property ASAP by letting a broker like Colin do the hard work for you. Thanks for the Invaluable free service and advice”.

Chris White, Cooloongup

1.    Do I buy established or do I build?
The obvious advantage if you buy an established property is that you know what you are getting, on the surface anyway. If you build, then you have more control over the finished product plus you have a “fresh” house or a blank canvas to create your living space from.

2.    Do I need to get a pre-approval for finance?
Whilst not mandatory it is highly recommended that you have spoken with a professional Finance Broker to have your situation and lending capacity verified. It is possible to submit an application to the bank and get a pre-approval in writing that is valid for 90 days and can be converted to a full approval once a property is found, providing your financial situation has not changed. Proof of income will be requested once the pre-approval converts to a formal approval so it is advisable that you don’t leave your job or take on more debt for example in the middle of your property search.

3.    What grants are available to me?
Most are aware of the “First Home Owners Grant” or FHOG as it is sometimes referred to. Many are unaware that if you purchase a property as a first home buyer for under $400,000 then you are entitled to another grant worth $2,000 that is paid into your bank account after settlement. Make sure your broker is aware of this extra grant and also has organised all the paperwork (or you won’t get it) for you as this money will come in very handy once you have moved into the property. An interesting statistic is that 70% of FHOG applications are returned due to incorrectly completed forms. This can cause delays and even result in penalties due to not making settlement. I can arrange all of the above and more on your behalf making for a stress free finance experience.

Get in touch with CDR Finance and we can project manage the entire process from start to finish and beyond,saving you time, headaches and stress.

My friendly and efficient service is at no cost to you as the bank, whether it be your existing bank or a new bank will pay me a commission for assisting you with all your finance needs. It really is a great way to do business. 

I get to help you achieve your goals and the bank pays me for doing so. 

How good is that!