Finance Questions

Want to build a new home but don’t know where to start? If you’re anything like me when I went to buy my first house, I wasn’t sure that any bank would even sit down and go through options with me; let alone actually give me a loan for the next 30 years. I had no idea where to start and what kind of deposit I needed to get a look in at building.

That’s why at Mr Enthusiast we take the guesswork out of every part of the process as much as possible —and that includes finance. We have a great construction broker we use if you don’t already have one that will go through your options so that when it comes to sitting down with me, you know exactly where you stand.

Read on to learn more.

Your Financial Questions Answered

So, what sorts of things will you need to have in place to get a loan? What are the banks looking for? To start off, they want to see a nice clean bank statement. We’re not saying you can’t have a life; we’re just saying to be a little savvier with your spending while you save for that all important deposit.

For instance, try cutting down on the happy hour drinks and online shopping (not forever, but for now). Just because big withdrawals might raise some concerns with lenders. Another thing to be careful of is Payday loan sites. These are things like Afterpay, Zip Pay and any personal loans you might have, including HECS and other study debts.

Now even if you have a whole bunch of loans scattered around the place, this doesn’t mean that you won’t get a loan. It just means that the bank might not have as much faith in you (especially if you’re missing payments) and lend you less than you might’ve initially been looking for.

But it’s important to note that there are so many different avenues to tackle finances — it’s not just black and white. While even having loans scattered everywhere and no deposit, this doesn’t mean you can’t get a house. You’ll just need to put a plan in place to work out what you need to do to best position yourself to get finance. That’s where we come in!

Let Mr Enthusiast Help

With the vast knowledge and guidance of our brokers and information being relayed directly from them, we can then suggest certain things to make life that little bit easier and less daunting. Like what, you might ask? Great question! Here’s (some of) the answers:

• Consolidating certain loans into one with a reduced rate (our broker can help with that too).
• Clearing certain loans, i.e. Payday loans before applying for finance within certain timeframes.

Whatever avenue you decide to go down, we’ll work out a plan with you. We’ll discuss how much you can save per week/fortnight after all bills (and spending, of course) and everything in-between is taken into account.

From there, we’ll work out a plan to see how much you need to save over a period of time to then work out what bank options will work with your budget and a timeframe. That will help give you a clear path and ensure you stay on it, as the last thing you need to hear from people is, “go save 20k and come back”… That doesn’t help anyone and given how crazy life gets sometimes, it’s really hard to simply throw out a number and hope for best.

Not everyone’s situation is the same and we understand that more than most (we aren’t enthusiasts for nothing!). So we’ll listen and guide you on the most achievable and realistic path to get you into your dream home sooner.

Even if you’re thinking, “well, were at least 12 or 24 months away”, that’s totally fine. You’re better off getting all the information upfront and working off that in real time than throwing numbers out and hoping it works out. So let us do what we are known for and take the guessing out of the equation.

Let’s chat. For more information, get in touch with the team today.