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Buying your first home is exciting, but there’s a lot to get your head around. It may seem like a complex process, however, we’re here to make buying your first home as enjoyable and straightforward as it should be.  Before you decide to purchase your first property there are a number of things to consider.

 Get preapproval and shop with confidence

Our mortgage brokers can get you preapproved before you house hunt or make an offer.  With preapproval you can shop for a property confidently knowing your budget and borrowing power.

Preapproval also saves you time by focusing your property search on those you know are within your budget. Real Estate Agents and sellers will also likely look at your offer more seriously if they know you have been preapproved.

 Know your limits

When looking for a home, you should consider how much you can afford – rather than how much can you borrow. Remember that the less you borrow, the faster you can be debt free.

Extra cash at the end of each pay cycle could assist with renovations, extra repayments, or the option to have a family holiday. Help reduce the financial stress and give yourself some breathing room.

 Ongoing costs you didn’t think of

When you buy a home there are ongoing costs you must consider that you may not have had when living with your family or renting.

  • Rates and water bills which can be thousands a year.
  • Additional insurances such as building insurance. Insurance premiums vary greatly between suburbs and even streets, so make sure you do your research.
  • Yearly package fees are often deducted from your account.
  • Maintenance such as plumbers or electricians no longer covered by a real estate.
  • Any strata or body corporate fees if you’re buying an apartment.

 Grants and schemes

There are a number of schemes to assist first home buyers including the First Home Owner Grant (FHOG) and the First Home Loan Deposit Scheme (FHLDS).  Knowing what’s available and getting any paperwork completed early can assist in making this process smoother.

An experienced mortgage broker can help you understand and answer all of this and more. From start to finish we will be there with you – guiding you from the first conversation to the handover of the keys. So if you or anyone you know is ready to get into the property market, come and see us today!

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