Find out how much can you actually loan for a home
Before you dig too deeply into the process, check with SFR Advisory if you actually qualify for a home loan. SFR is in contact with several lenders and can give you an idea of how much money you can borrow. This will give you a realistic understanding of what (and where) you can actually buy. Alternatively, you can try out Finder's home loan eligibility calculator to get a better idea. Getting a 20 % deposit is the holy grail to getting the best finance deal, but don’t despair if you can’t as bankers will usually lend up to 95 %. If this is the case, you should consider the investment part of the purchase more to offset the extra risks and costs from a more leveraged position!
Taking advantage of first home owner concessions
The First Home Owner Grant is a government initiative to assist people in buying their first home in Australia and can save you thousands in duties and fees. Visit the First Home Owner Grant website for details on each state's grants.
Proper budgeting and including all costs
Careful budgeting for the future is an essential first step. Be realistic, not only about your current financial circumstances but also about future costs, to work out how much deposit and monthly mortgage payments you can afford. Remember that extra costs can increase the size of the deposit you will need, for instance, conveyancing, bank fees, and mortgage insurance can cost well over $10,000.
Before you find the right home
Whether its an established or you are building a new home. You must consider the first, second and third most important thing about buying a property. LOCATION, LOCATION, LOCATION. Don’t get conned into emotional aspects only. Remember this is an investment too!
Get expert help
There are professionals who can help you with every step of the home buying process. As your buyers agents SFR Property Professionals can help you with the whole buying process, including assisting with mortgage and conveyance.
SFR Property Professionals is here to help.
Take the hassle out of what is one of the biggest transactions of your life.