First home buyers, historically, have always been up against it. As demand and consequently prices for real estate go up, so too does rent, making it more difficult to save up a decent deposit for your dream home. Affordability has always been an issue for prospective buyers and it’s easy to see why some people find the process of getting into their first home quite challenging.
Loans for first home buyers
Recognising the significant difference between first-timers and those more experienced in the complicated ways of home loans, CANSTAR has examined what lenders offer this specialised group of people.
We cherry-picked the features of utmost importance to first home buyers and evaluated how lenders matched up in their offerings. We looked at how financial institutions shaped up in all phases of home ownership, as they apply to first timers.
Educating first home buyers about how they should be preparing themselves, setting savings goals and offering savings vehicles that provide incentive towards the end goal of home ownership is paramount.
First home loan – features to look for
As the time of purchase nears, the full “to do” list plus calculators should be provided by institutions to estimate the complete cost of not just the loan, but the whole home-buying experience.
When the time comes to borrow, the lender has to guide the first home buyer through the maze that is buying a home. We believe there has to be a friendly face who will give advice and make the steps straightforward. For this reason, CANSTAR eligibility criteria specified branch access or mobile lenders, as obtaining a home loan online is often not for novices.