Before you decide to purchase your first property there are a number of things to consider, including your current personal circumstances and financial status.
1. Think about why you want to buy a home
Do you want to live in it or will it be an investment property? This can help determine the kind of loan you apply for and home you buy, depending on your short and long-term plans.
2. Research potential properties and loans
Knowing the market is crucial, so do some research on the areas you are targeting, check out auction clearance rates and recent sales, as well as price trends in the area. We can help you by providing a depth property report at no cost to you. Contact us for the report. Once you are aware of what you are looking for and the approximate price, the next step is saving a deposit.
While some lenders will offer loans at 5% deposit if you have saved less than the usual 20 % deposit, being able to show a record of good saving habits will aid in getting your loan approved.
Then, when you talk to talk to us about applying for pre-approval on the right type of loan and we can go through if you can afford in terms of repayments.
3. Factor in other costs involved
Depending on the property, there can be a number of additional costs, so we will guide you step by step what other payments you will face. This can include, but isn’t limited to, stamp duty, loan establishment fees, legal and conveyance services, utilities, property insurance, maintenance and lenders mortgage insurance .
4. Think about your future
Just because your current situation allows you to get a home loan, that doesn’t automatically guarantee that you will still be able to service it in five years’ time. Is there a possibility your role at work will change? Are you considering going back to study and reducing your working hours?
5. Get professional help
With so many things to consider, getting professional help is highly recommended. There are many experts in the industry and it is in your interest to use them for tasks such as property checks, pest checks and any other legal queries. Going it alone can prove costly. Avoid nasty surprises down the track by getting the right people to do the appropriate checks for you from the beginning.
Disclaimer: This article is generic in nature. All finance and investment decisions should be considered wisely and based on your personal and financial circumstances. Seek proper advice before committing to any course of investment action. This is not deemed as advice. To the extent permitted by law, 360 Expert Mortgage Solutions is a Business run by Shree Krishna Dhungana | ABN 45103859215 | Australian Credit Representative (467969) of BLSSA Pty Ltd ACN 117 651760 (Australian Credit License 391237), its related employees and contractors accepts no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this publication.