First home buying essentials

June 12, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

Buying your first home is one of the most exciting time in anyone’s life, below are a few smart steps to get started on the property ladder.

 

  • Know your budget and stick to it.

Having a clear idea of what you can afford to spend on your first home is a vital starting point. Once you know your limit you can then actually start at looking at properties around your budget and areas you like, which can be time and cost effective.

  • Understand how the process works

Buying a property is not complicated but can be a lengthy process. Speak to your bank or your mortgage broker who can explain the process in simple term to make your journey more comfortable.

  • Know your entitlements

State and territory government may offer financial incentives to first home buyers. Different states have different incentives. Familiarise yourself with the financial support you may be eligible for by contacting the state/territory revenue office in your area.

  • Know what costs are involved.

Buying property comes with various costs. This can include stamp duty, lenders mortgage insurance, legal fees, insurances etc. It is essential to factor all these costs so that you are not left scratching for cash.

  • Be flexible

As a first home buyer you will have an ideal property and location in mind. However, it’s good to keep an open mind, do your research and have some options in place.

  • Apply for a pre-approval.

It costs nothing to apply for a loan pre-approval. Once it’s secured it gives you the ability to make a firm offer on a property or bid at auctions with confidence. Letting real estate agents know you have a pre-approval in place will lend weight into any offer you make.

 

 If you have any questions on how do you go about getting a pre-approval done efficiently, know your borrowing capacity and a budget to stick to, give us a call on 0487344352. 

 

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