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 borrow?
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: The Pepper Borrowing Power calculator
2. Home loan repayments
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: The Pepper Home Loan Repayments calculator
3. Our Home Loan Pre-approval Tool
The Pepper home loan pre-approval tool sets a benchmark in online lending calculators. It has been created to help us probe a little further beyond the usual line of questions to help us get underway to understanding your circumstance. For instance, declaring your previous credit history, either good or bad, is a helpful step – it doesn’t mean exclusion. Other sources of income are also factored into the calculator to help create an estimate.

The result from the Pre-approval Tool is indicative only and is subject to final approval. This tool does not provide a formal approval for a loan and you should not enter commitments based on it. It is a guide to whether you may be able to borrow a certain amount based on the basic information you provided. If you need a formal approval, speak to a Lending Specialist on 13 73 77 to discuss your needs. 

Helpful tool: The Pepper Home Loan Pre-approval tool

4. Taking the next step
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 Monday to Friday between 8:00am and 6:00pm, or gain further motivation by reading about some of the people we’ve helped along the way.

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