You’ve found the home of your dreams, so what happens next?

The first simple step is to talk to Tassie Home Loans. We’ll guide you through every stage of the home buying process, from working out your finances, right through to taking possession of your new home.

How much can you borrow?

If the house you've chosen is to be sold at auction, you'll need unconditional finance approval before auction day. Our Borrowing Power Calculator can help you work out how much you can afford to borrow.

If you already know the purchase price of your chosen home then our Home Loan Calculator can help you to work out the minimum weekly payments you'll need to service your mortgage.

You can also call 1800 672 198 to make an appointment with one of the Tassie team, and we'll work it out with you.

Which loan is right for you?

This is where the advice of a Tassie Home Loans expert is essential. Is a fixed-rate or variable home loan right for you? Perhaps you need a split loan or a low-documentation loan? What features do you need? How flexible does your loan need to be? What fees and insurances are involved? Will you need additional loans in the future for renovations or other contingencies?

Applying for your loan

Once you've decided on the right loan for your needs, we’ll guide through your loan application step by step, so you have the best chance of success with your chosen lender.

When your loan is approved, we’ll also help you with signing your loan contract and mortgage documentation and take care of the liaison between you, the lender and your solicitor.

Loan Calculators

To work out how much you can afford to borrow, use our Borrowing Power Calculator.

Or if you prefer to do your own calculations, write down all your weekly non-rent expenses, such as groceries, transport, utilities, credit card bills and personal loans. Total your weekly expenses and subtract this amount from your current net income.

Budgeting

Budgeting is an essential skill when you’re buying any kind of property. Working out your personal budget and sticking to it is the key to affording and maintaining a home loan. A good budget will factor in all of your regular and irregular expenses, including household essentials, debts, transport, insurance, medical costs and personal spending

Your Tassie mortgage consultant can give you essential tips on developing a budget that will help you get on track and get organised. You can also use our Budget Planner Calculator to get a start on your personal budget.

How much deposit will I need?

The maximum loan available is 95% of the property’s value. This is called the loan to value ratio, (LVR). The LVR is not based on the purchase price of a property, but on the value set by an independent valuer engaged by the bank. Many banks currently have a maximum LVR of 90%, but you will need at least 5% of the property value as a deposit. You'll also need to factor in additional costs associated with buying a home, when saving for your deposit.

What to take to the loan interview

Your interview with a Tassie Home Loans mortgage consultant will take around an hour. Having the right information with you will help make your loan application process simple and quick.

How does a lender assess my application?

A potential lender takes several things into consideration when assessing your loan application:

• How long you’ve been employed and whether you’re full-time, part time, permanent or casual
• Your income and employment history
• Your savings history and current savings
• If you’re refinancing, your loan repayment history
• Your capacity to repay the home loan and meet your financial commitments
• The amount you wish to borrow, against the value of the property
• Your level of asset accumulation.

Get the right advice

As time passes your needs are likely to change, so it's important that the loan you choose gives you the flexibility you'll need in the future.

There are many questions to ask yourself when choosing the right home loan, including:

• What term should I consider?
• What frequency of payments should I make?
• How can I save on interest?
• What flexibility do I need?
• Is redraw available?

With so many things to consider, and so many home loan products on the market, making the right choice can be an overwhelming prospect. Getting expert advice from one of our accredited mortgage consultants will make all the difference in finding the home loan that's right for you now, and into the future.