Buying your first home can be pretty stressful and one of the biggest hurdles to overcome is the mortgage application process. Fortunately for you, we had the opportunity to sit down with home loans broker, Dana Boyd of Tundra Mortgage Brokers, for some helpful advice to help first time buyers.
Interviewer: Good morning Dana, we understand that you’re an expert in your field – could you share a little more about yourself please?
Dana: Of course, my name is Dana Boyd and I’m an online mortgage broker. I specialise in helping my clients to find the right type of home loan for their needs.
Interviewer: What would be your first piece of advice for our audience?
Dana: If you’re planning on applying for a home loan in the near future, don’t dive in at the deep-end. I always advise my friends to start their research at least two weeks ahead – and where my clients are concerned, I can take care of this side of things for them. Research is crucial to finding out about different banks and their policies, as well as repayment options, interest rates and even the frequency of repayments. The more that you know, the better-equipped you could be to apply.
Interviewer: That sounds very helpful, so what about those that don’t understand how the mortgage application process works?
Dana: If you’re ever unsure, it’s always a good idea to seek the help and advice of a professional. There’s really nothing to lose and whether you want some friendly advice or an expert to take care of the application process on your behalf; a specialist should be able to reduce your stress and help you to handle the situation.
Interviewer: What would you suggest for applicants that don’t know where to start?
Dana: There are many resources online to help you to get to grips with the application process, or you could reach out to a specialist like me for advice and guidance. Generally speaking, most people will have to follow the same processes when applying for a mortgage, but depending on their earnings, their potential to borrow and other factors – they might need to apply for different home loan types.
Interviewer: What would be the first thing that you’d do to help an applicant?
Dana: Personally, I’d get to know their situation first and foremost, before advising them on the most effective course of action.
Interviewer: What about financial tips and advice?
Dana: When applying for a mortgage, all that a bank will want to make sure of is that, as a borrower, you’ll be able to afford your repayments. That’s why it’s advisable to dedicate a few months to a year before an application to minimise your outgoings and expenses.
Interviewer: How could this help with an application?
Dana: Well, if a borrower reduces their outgoing costs by cancelling a gym membership, downgrading an internet plan, or other similar luxuries; they’ll likely have more money to save in the bank. This could demonstrate that they have more available in their account, which could act to reassure a lender and enhance the potential of a successful application.
Interviewer: Thank you so much Dana. If anyone has an enquiry, or if they’d like to get their mortgage application off to a flying start; visit Dana’s site at https://tundrabusinesssynergy.com.au/ to get the ball rolling