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Tips on helping to obtain a mortgage -

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Consult a mortgage broker as they can answer any questions that you may have about mortgages and can help you to find the best deal to suit your needs. They are comparing a lot of different lenders and you are paying them to look after your best interests and to help find the best deal for your circumstances.

Get good advice, ensure that your mortgage broker is experienced, qualified and knows what they are doing. Integrity and Reputation is everything when it comes to somebody giving advice, no matter what service you are using or purchasing.

Save as much as you can as these days as it is advisable to have a sizeable deposit before you buy. A good idea would be to set up a separate savings account and place money every fortnight from your salary into this account, make sure it pays good interest as well.

Find the right property at the right price and look for a home that suits your bank balance. Remember you might need to make some sacrifices however a home close to schools, transport and shops are usually are a good investment in the long term.

Check your credit rating, before you make an appointment to see your mortgage broker to make sure there are no factors that could damage your chances of getting a mortgage. The best way to go about this is by checking your credit rating with one of the credit reference agencies such as www.mycreditfile.com.au to get a copy of your credit report.

Work out what you think you can afford, the lenders and the broker will have servicing calculators that will need to be completed however it would help if you did your own math and worked out what you thought was a comfortable home loan repayment based on your own spending.

Read the small print and remember if something looks too good to be true, it probably is. You will need to go through the details with a fine tooth comb and make sure you are aware of the terms and conditions.

Think about the future, if you are going into debt for the next 25 years it is a good time to consider options in case something was to happen to you. Life insurance, loan protection and income protection are some products that you may need to protect your family and home if you can no longer make the repayments.

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