> Before you begin
Deposit
When deciding to purchase a home, most lenders require applicants to demonstrate a 6-month savings history, with a minimum deposit of 5% of the purchase price. In addition to your deposit, you also need to allow for additional costs, such as government fees and taxes, which are usually between 3-6% of the purchase price.
If you are purchasing your second home, you may be able to use the security of your existing property to borrow the full purchase amount, including costs. Your Savannah consultant can assist you with any further information during your interview.
100% Finance
At Savannah we understand that sometimes it is almost impossible to save up enough to meet the 5% - 10% deposit requirement of some lenders. That’s why we offer a range of 100% home loans at competitive rates through main channel lenders, enabling us to provide a wider variety of products to suit almost any situation.
First Home Buyers
The First Home Owner Grant is a one-off, $7000 government subsidy available to eligible first home buyers who purchase either an established home or a new home which has not previously been occupied. The grant is not means tested, nor is there any limit on the purchase price of the home. Eligible purchasers can apply for the First Home Owner Grant at the time of completing their Savannah home loan application.
Another benefit that many first home buyers are eligible for is the First Home Plus scheme. First Home Plus provides exemptions or concessions on both transfer duty and mortgage duty for people who are buying or building their first home in NSW. Your Savannah consultant can inform you during your interview whether you are eligible to receive the concession.
Further information on the NSW First Home Owner Grant or the First Home Plus scheme can be found by visiting http://www.osr.nsw.gov.au/portal/page?_pageid=33,63391&_dad=portal&_schema=OSRPTLT
Finding the right home
Buying a home can be very exciting yet searching for your dream house can be an exhausting process. Here are some tips that might help your search:
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Make a list of the features that are important to you, and rate their importance. Some characteristics you might want to consider include:
- Suitable suburbs
- Number of bedrooms and bathrooms
- Size and number of living areas
- Whether you require a backyard, courtyard or balcony
- Carpet or floorboards
- Proximity to local services including schools, transport and so on -
Inspect the property more than once, at different times of the day. Different lighting and weather conditions can actually make quite a difference to the appearance of a property!
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Be sure to spend some time in the local area, both during the day and at night, to get a better overall feel for the suburb
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Consider how much work – and money – you will need to invest in the property in order for it to meet your living standards
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Ensure the property is thoroughly inspected by qualified specialists and obtain legal advice if required
> What to bring to your Savannah interview
All loan applicants need to bring:
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100 points of identification
- Driver’s Licence
- Birth Certificate or Passport
-Medicare card or credit card or ATM card -
6 months’ bank statements to show savings history
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Most recent credit card and/or store card statements
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Statements on any personal loans, showing repayment figures
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The front page of the home contract (if applicable)
In addition:
PAYG employees need:
• Their last three payslips, or a letter on company letterhead confirming gross income, signed by employer
• Most recent Group Certificate/Tax Assessment Notice
Self Employed persons need:
• 2 years personal tax returns
• 2 years company tax returns
• 2 years balance sheet profit and loss statement
NOTE - Because many self employed people find it difficult to obtain finance, particularly those who have only recently established their own business, Savannah also offers a range of Low-Doc and No-Doc loans. Conditions apply.
Applicants who are refinancing need:
• Past 6 months’ statements on the loan being refinanced
• Most recent rates notice
Applicants wishing to build their home need:
• A copy of the building contract/fixed price tender
• A copy of building plans and specifications
Applicants already receiving income from an investment property need:
• Rental Income Evidence (if applicable) or a letter from the real estate agent and/or a copy of the current rental agreement
