The mortgage process: A step-by-step guide

The mortgage process: A step-by-step guide


With Australian interest rates at an all-time low, there’s never been a better time to borrow money for that dream home purchase.

If you are ready to start your home buying journey, whether it’s for the first or 15th time, specialist lenders such as Pepper can help you through the process with information, calculators and flexible lending products and services. Even if you don’t have a perfect credit history, there are options available.
 
Owning a home is the great Australian dream and everyone committed to achieving that dream deserves the same professional, equitable guidance. To help prepare you for home loan success, we’ve put together a step-by-step guide incorporating Pepper’s tools and calculators.
 
1. How much can I possibly borrow? A quick view.
A simple view of calculating the amount you can borrow for a home loan takes into consideration your incomings (PAYG, self-employed or investment income) and your outgoings (other loan repayments, living expenses, credit cards and dependents). This estimate can form the basis of where you look for a home and what type of property you can afford.

Helpful Tool: Borrowing Power calculator
 
2. How much is my repayment amount? 
To obtain an accurate view of what your home loan repayments will look like, consider factors such as the term of your loan and your repayment frequency. It’s important to gain a clear picture of how repayment frequency and amounts can influence the total interest payable over the life of your loan.
 
Helpful tool: Home Loan Repayments calculator
 
3. How much can I borrow with Pepper Money?
Similar to the marketplace Borrowing Power calculator, this unique borrowing power tool calculates an estimate borrowing power figure for a loan with Pepper Money. It probes a little further beyond the usual line of questions such as your previous credit history which helps us understand your circumstance a little better. Other sources of income are also factored into the calculator to help create an estimate.

Helpful tool: The Pepper Home Loan Borrowing Power Tool

This calculator is to be used as a guide as to whether you may be able to borrow a certain amount only, based on the basic information you have provided. It does not provide you with formal approval for a loan and you should not enter commitments based on the result. If you need a formal approval, contact us now on 13 73 77 to discuss your needs.

4. Taking the next step - Talk to a Pepper Money lending specialist
At Pepper, we have helped thousands of people with a range of personal circumstances achieve their home ownership dreams. We would like to help you too. Nothing replaces a one-on-one chat with one of our Lending Specialists. If you believe you are ready to take the leap towards home ownership, we are here to support you.
 
You can speak to one of our Lending Specialists on 13 73 77 or enquire online  and we'll call you back.

Want to learn more? Read about some of the people we've helped along the way or view our handy home buyer checklist

IMPORTANT NOTE: The information in this [document] is believed to be reliable at the time of distribution, but Pepper does not warrant its completeness or accuracy. Neither Pepper nor its related bodies, nor their directors, employees or agents accept any responsibility for loss or liability which may arise from accessing or reliance on any of the information contained in this [document].

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