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Shopping for home loans, especially if you are a first time home buyer, can be very intimidating. In Australia, this is even more true than it has been in the past because of Australia's high housing prices. However, that doesn't mean you won't be able to secure a home loan. Here are a couple of tips for getting the best home loans, investment loans, construction loans and low doc loans.

Pay off your credit card debts now.

It's a common mistake to think that showing that you have a high credit card balance but are making regular, on-time payments will actually help your chances in getting a home loan. With a high balance like $20,000, you may be limiting your borrowing power by as much as $100,000 or more. Instead, reduce your debts by getting a credit card consolidation loan or transferring your balance to an interest-free card.

Put your tax return into your savings account.

Instead of using your next tax return to take a holidy, use it to pay off some debts or else put it towards the money you're saving for a new home. If you're trying to save $20,000 for a home, a few tax returns of $1,000 or more can make a big difference when applying for a home loan. Focus on paying down debts before focusing on saving money. If you have big debts, especially high-interest credit card debt, you should focus on paying those debts off before you focus on saving money. Presuming that you have at least some money set aside in a savings account for emergencies, you are far better off to put an extra 10% of your income towards your debt each month than putting that 10% towards saving for a new home.

By following these tips, you'll be well on your way towards securing the home loan you need for a great new home. Don't let today's housing market intimidate you: Be wise with your debts and your savings and you'll definitely find the right loan.
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