Buying your first home requires more than finding the “right” property.
It takes planning and careful budgeting.
With costs like stamp duty, legal fees and mortgage set-up charges, you’ll need to consider more than the purchase price.
On top of this you will need to see if you qualify for the First Home Owners grant and you are sure to have many other questions. Feel free to contact one of our consultants for home loan advice or read out top 8 tips below
It takes planning and careful budgeting.
With costs like stamp duty, legal fees and mortgage set-up charges, you’ll need to consider more than the purchase price.
On top of this you will need to see if you qualify for the First Home Owners grant and you are sure to have many other questions. Feel free to contact one of our consultants for home loan advice or read out top 8 tips below
Here are our top 8 tips to buying your first home
Reduce Debt
Purchasing your first home doesn't happen overnight.
You need to plan, budget and save. Start by looking at your debts. Are you paying off credit card debts, personal loans or overdrafts? If so, your focus should be on reducing or eliminating these debts.
The less you owe, the more money you can borrow to purchase your first home.
Save, Save, Save
Once you are significantly debt free, start saving. As a first home buyer, you need to be able to demonstrate you have a regular savings history.
Some lenders will include your current rental payments as part of your savings history as it demonstrates your ability to service a mortgage.
Planning Is Essential
Using a mortgage calculator tool can help you work out how much money you will be able to borrow and what your monthly repayments could be.
Try our mortgage calculator here.
Before you buy, obtain pre-approval of your home loan.
This will allow you to fine-tune your property search so you know which suburbs offer the best value for your budget.
Know Your Costs
Along with the purchase price, there are a number of expenses first home buyers need to consider.
So before you commit to purchasing a property, make sure you know how much money you will really need.
It may affect what you can afford to buy. Additional purchase costs include:
Understand Your Budget
The cost of owning your own home doesn't stop with the purchase price and set-up fees.
There are on-going costs such as rates, utilities, insurance, repairs and maintenance expenses.
These should all be included in your personal budget along with a buffer to help you manage changes in interest rates and unexpected expenses.
Looks Can Be Deceiving
While the property may look solidly built, there can be all sorts of hidden structural, plumbing, electrical and pest infestation problems.
Before you commit to purchasing your new home, make sure you employ the services of a building inspector.
While you may still decide to proceed with the purchase, identifying problems may give you a reason to negotiate a lower purchase price.
Obtain Legal Advice
Regardless of whether you buy at auction or privately, you will need the services of a solicitor or conveyancer. Sales contracts usually contain clauses restricting the amount of time the purchaser has to secure finance or conduct a building report.
You may also need to arrange for various property searches with the Titles Office and local council. There will be plenty of time for you to try your hand at DIY, but this is not the time!
Contact Us
If you would like further information or advice to purchasing your first home, please contact us on 1300 942 856 or request a call from one of our mortgage consultants here.
Purchasing your first home doesn't happen overnight.
You need to plan, budget and save. Start by looking at your debts. Are you paying off credit card debts, personal loans or overdrafts? If so, your focus should be on reducing or eliminating these debts.
The less you owe, the more money you can borrow to purchase your first home.
Save, Save, Save
Once you are significantly debt free, start saving. As a first home buyer, you need to be able to demonstrate you have a regular savings history.
Some lenders will include your current rental payments as part of your savings history as it demonstrates your ability to service a mortgage.
Planning Is Essential
Using a mortgage calculator tool can help you work out how much money you will be able to borrow and what your monthly repayments could be.
Try our mortgage calculator here.
Before you buy, obtain pre-approval of your home loan.
This will allow you to fine-tune your property search so you know which suburbs offer the best value for your budget.
Know Your Costs
Along with the purchase price, there are a number of expenses first home buyers need to consider.
So before you commit to purchasing a property, make sure you know how much money you will really need.
It may affect what you can afford to buy. Additional purchase costs include:
- Mortgage set-up fee
- Property valuation fees
- Legal fees
- Inspection fees
- Search fees & Stamp duty
Understand Your Budget
The cost of owning your own home doesn't stop with the purchase price and set-up fees.
There are on-going costs such as rates, utilities, insurance, repairs and maintenance expenses.
These should all be included in your personal budget along with a buffer to help you manage changes in interest rates and unexpected expenses.
Looks Can Be Deceiving
While the property may look solidly built, there can be all sorts of hidden structural, plumbing, electrical and pest infestation problems.
Before you commit to purchasing your new home, make sure you employ the services of a building inspector.
While you may still decide to proceed with the purchase, identifying problems may give you a reason to negotiate a lower purchase price.
Obtain Legal Advice
Regardless of whether you buy at auction or privately, you will need the services of a solicitor or conveyancer. Sales contracts usually contain clauses restricting the amount of time the purchaser has to secure finance or conduct a building report.
You may also need to arrange for various property searches with the Titles Office and local council. There will be plenty of time for you to try your hand at DIY, but this is not the time!
Contact Us
If you would like further information or advice to purchasing your first home, please contact us on 1300 942 856 or request a call from one of our mortgage consultants here.
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