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  1. #1
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    Default Buying a house

    My boyfriend and I are in the process of trying to secure a home loan. My gosh its stressful!!!

    Have you been through this and what was your experience? What should i expect once we (hopefully) finally get the approval?

    We're in QLD, have chosen a house, signed the contract, organised a deposit and are just waiting on the bank to hopefully approve us.

    I know the rates of sucessful 1st home buyers applications arent particuarly favourable, especially when i have NO credit rating :s

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    We went with a Mortage Broker & she did it all for us

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    Quote Originally Posted by Mummytopeanut View Post
    We went with a Mortage Broker & she did it all for us
    Yep we went with a mortgage broker too and everything was done, really straightforward and quite easy. We have/had no credit history either, but weren't technically first home buyers.

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    Subscribing, on my way to sign a contract as we speak!

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    Did u get a preapproval first? I always got preapproval then signed loan docs before I entered into a contract but I am nsw. There is only a 5 day cooling off period here so if u have to rescind there are penalties after the 5 days. Good luck and keep in your bank!!!

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    We got pre-approval prior to looking for a house too so we knew what we could and couldn't spend.

    Once we had our budget in mind and found the house, we went through a mortage broker who did pretty much everything for us! We actually had a pretty smooth ride. No hold ups at all.

    And while we had a good credit rating, I was only a temp at the time & this was in the middle of the GFC and we still got the funds no problemo!

    Trying to refinance, now that is a different matter! And I thought that would be the easy part! Stupid dropping house prices .

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    Did you make sure there was a subject to finance clause in the contract? I think it is a standard clause in Qld but worth checking just in case you can't get finance.

  8. #8
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    Buttoneska is offline Winner 2010- Most Community Minded Thread Award
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    yep we went with a broker too.

  9. #9
    Witwicky's Avatar
    Witwicky is offline A closed mouth gathers no foot.
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    Subscribing. We are hoping to buy our first house within the next two years.

    Can I ask what kind of deposit everyone had? I have heard differing amounts from people.

  10. #10
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    Quote Originally Posted by NancyBlackett View Post
    Did you make sure there was a subject to finance clause in the contract? I think it is a standard clause in Qld but worth checking just in case you can't get finance.
    We always made our offers on houses subject to finance, pest and building so we always had a way to back out should we need to!


 

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