First Time Buyer Home Loans
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Need Your First Home Loan?
Buying your first home is exciting and a little scary at the same time. Not only are you faced with the challenge of finding the right property to become your first home, but you also need to know you're getting the right first time buyer home loan.
When Should I Buy My First Home?
First home buyers often want to know when the best time to buy is going to be. The answer is simple when you have a professional home loans lender. There is no right or wrong time to buy your first home - only the time that suits you and your circumstances.
Many would-be investors will try to time the market and buy at the bottom of the real estate cycle, looking for a bargain, but the truth is it makes no difference when you buy. The right time is when you feel you're ready to go out and buy your own home.
How Much Can I Borrow?
Before you go hunting for your new home, you should have a clear idea of exactly how much the banks will allow you to borrow. Once you understand how much borrowing power you have, learn how much the repayments will be and work out if this amount is affordable for your income level.
Knowing your borrowing capacity and your repayments ahead of time means you won't be tempted to overspend or go hunting for houses that are outside your budget. Contact, our home loan Advisors they will be able to help you achieve your goals.
Which First Time Home Loan is best?
The South African mortgage market can be a confusing maze of options, home loan interest rates and bank jargon that can be difficult for a first home buyer to navigate successfully, but you don't have to get through it on your own.
When it comes to finding the 'best' first mortgage for you, it's important to remember that no two people have identical financial situations. Nobody else but you has your income, your expenses or your goals. This means that aiming at a mortgage that worked really well for a friend or family member of yours may be a terrible option for your own first home loan.
Always keep in mind that you should aim at finding a mortgage package that works best for your unique personal situation.
Will I Get a First Home Buyer's Grant?
The First Time Home Owner's Grant is a great incentive offered by your South African Banks to help you buy your first home.
Do I Need a Deposit to Buy My First Home?
Most South African banks have scaled back the availability of no deposit home loans and 100% home loans. In certain circumstances, it is possible to buy your first home without needing a substantial deposit and some banks even allow you to use your Pension fund as security for your first home purchase.
But there’s a another option exclusively from Mortgage Plus – We call it our Mortgage Deposit Loans.
This Personal Loan product is specifically structures for Property Buyers that wants to buy residential properties but do not have a cash deposit or transfer cost for the property they are buying.
The best way to check if you're able to begin searching for your first home is to contact one of your professional mortgage advisers.
That will help you to understand your full borrowing capacity, you'll know how much your repayments will be. Your Mortgage Plus Adviser will make sure that you're applying for the best possible first home loan to suit your needs and your goals.
No Deposit? ...... No problem
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