Finance solutions for first home buyers - First Home Buyer

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Tomorrow finance panel lenders
Is an enquiry an application for finance?
No. Your enquiry is a preliminary step in finding out in more detail your finance options. If you wish to proceed further with an application later that is up to you.
What sort of information is required?
A finance enquiry has three (3) parts. This information is required to give you more detailed and specific feedback on your finance options.
  1. Your objective - eg. You may not have a clear idea yet but at some stage you will consider - buying an existing property; a new house & land package; buy land & build a new home; buy a new unit or townhouse 'off the plan'. You may also decide later on where you would like to live.
  2. Your personal profile - a summary  of your job status, dependants.
  3. Your financial profile - a snap shot of your financial commitments. What you own and what you owe; what you spend your income on.
Loan Pre-Qualification
A snapshot of your current financial position means we can pre- test how different lenders are likely to assess a credit application. The benefit to you is that even before you make an application we are able to
    • match your lending profile with appropriate loan products which meet lender guidelines
    • make sure an application (if made) will meet the selected lender’s serviceability requirements
    • meet mortgage insurance requirements (if applicable)
Loan pre-qualification is a great place to start. Using this process, you can avoid the stress and effort of making a full application only to get a NO or something less than what you were wanting.  We can make sure that if an application is made - all or most key criteria have been successfully tested. View our checklist to see what sort of information is usually required.
Why do results vary between lenders?
Lenders use a number of standard credit criteria to evaluate your ‘credit risk' or ‘lending worthiness'. Not all lenders are the same however and each may place a different emphasis on some or all lending criteria. As a consequence, results can vary a lot between lenders and you may qualify with some lenders and not others.  If you have already approached a lender and been disappointed it probably means you haven't approached the `right' lender who can offer a finance solution suited to your circumstances. In most instances, lenders will take into consideration your income, current credit commitments and likely living expenses incurred by you and/or your family and calculate its impact on any proposed new borrowing. There are many lending elements to consider. That’s where our targeted assessment process can help. Our approach can quickly identify effective lending solutions.
Loan Pre-approval
Loan pre-approval is a more rigorous process than pre-qualification. All aspects of your pre-qualification are verified by supporting documentation such as pay slips, tax returns, savings account statements, credit statements and other assets and liabilities. If you are self-employed you will be required to supply copies of your most recent tax returns as well as financial statements for your business. As part of the pre-approval process, a lender will also access your credit report. Your report lists all credit enquiries, approvals and defaults. You should be familiar with the contents of your credit report and for a small fee you can obtain a copy from a choice of commercial providers. eg.
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