“Man, go get the recipe for a Home Loan!“

If you’ve decided to buy a new property there are a number of factors you need to take into account, regardless of whether you’re a first time home buyer, a family of four looking for that dream house, or you’re simply looking to down size.

Buying a new house can be an exciting and stressful experience, if you are not familiar with the process. That’s why we’ve got the recipe for a great home loan, plus a seasonal mango and lime cocktail that all the family can enjoy – that’ll keep you feeling as cool as a cucumber through the process!

Mango & Lime cocktail

Mangos are perfect during the summer; they’re juicy and delicious. This recipe is a great way of impressing a few friends that come over, or even as a relaxing drink when you’re trawling through the real estate pages.

Ingredients (serves 2):

• 1 cup of finely diced mango (fresh or frozen)
• ¼ cup of lime juice (2 limes)
• ½ cup of fresh mint leaves (a few sprigs for garnish)
• 2 cups of crushed ice
• Top up with lemonade
• For an alcoholic version add ¾ of a cup of white rum (in case you want to get that added Caribbean kick!)

Directions:

1. Put the mango, lime juice, fresh mint leaves, and white rum (if you’d like an alcoholic cocktail) in a blender.
2. Blend until smooth.
3. Pour the juice over glasses of crushed ice and top up with lemonade as desired.

Home Loan cocktail

If you enjoyed that mango and lime cocktail, you’ll love our home loan recipe. Much like a mango, you have to peel back the layers on a home loan, in order to get to the juicy, fleshy centre – your dream home!

They say that buying a home can be the single biggest purchase you might make in your life. That’s why it’s important to go in eyes wide open and aware of what’s involved, so you can negotiate the best possible deal. We appreciate that all home buying journeys are different depending on your circumstances; nevertheless there are some essential ingredients you need for any successful home loan.

Ingredients (serves 2+):

• A stable income
• A satisfactory credit rating
• A monthly budget
• A minimum 5% deposit
• 1 cup of excitement

Directions:

1. Your ability to repay the loan is the most important consideration, and this requires you to have a stable employment position and sufficient income to meet your loan and other financial commitments, including living expenses. It’s also worth considering consumer credit insurance which offers protection in the event you are unable to meet your loan commitment due to sickness, unemployment, an accident or death.
2. Your loan history, ability to save and account conduct is important as it demonstrates your commitment and discipline financially. You must have satisfactorily repaid any previous loans, with any existing financial commitments maintained in an orderly manner.
3. It’s important you know how much it costs you to live each month, and with this you have to keep in mind your lifestyle. This might mean you have to sacrifice a few of those caramel lattes, to fast track your savings!
4. We require you to have a deposit of at least 5% of the total price of your dream home, which must be in the form of genuine savings. The requirement for genuine savings may be waived if you have a deposit of at least 10%, and this is able to be sourced from savings or other means such as a financial gift from relatives or friends. If you are in a position where you can get a 20% deposit, you’ll also avoid paying lenders mortgage insurance (LMI). Alternatively a guarantor acceptable to the credit union may assist you to bridge the deposit gap.
5. Once you have all of those ingredients, you may be in a position to get pre-approval for a home loan. This is the time to get excited about looking for a house!

Top Tips:

• Be aware that you may also need to take into account conveyancing fees, stamp duty and registration fees amongst others.
• We will seek to verify the information you give us about your financial position and performance. Good record keeping will generally assist the verification process. Good budgeting habits will generally assist our assessment of financial discipline and stability.

Why not talk to one of our staff today about our award winning home loan recipe.

DISCLAIMER: The comments in this article are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information applicability to their own particular circumstances. Conditions, fees and charges and eligibility criteria may apply. See us for details.