Get wise to home buying and everything will be that much easier and smoother by following the eight tips below:
- Consider using a respectable mortgage broker who can help you to find the right home loan for your situation. If this is your first home loan, a mortgage broker can assist you by expertly showing you what to do and interpret every available feature.
- Plan out your finances as this is extremely of importance when looking at buying your very first home, so try to plan a workable budget and stick to it. If seeking a reliable and professional builder in western Sydney, choose one whom you can trust. It will be by being realistic and staying on a budget that you’ll get a lucid idea of the home loan you can allow.
- Limit yourself and don’t waste money on things that you really can’t afford. It’s not difficult to fool yourself that everything will be paid for in the future and especially after that big promotion happens! But, what about if that promotion never happens? You may then have to wave goodbye to everything, and not have the advantage of the first home owner grant or any other buyer incentives ever again.
- Try putting together the largest deposit possible as this will assist you in two ways.
- One – it will show your potential lender that you can hold financial discipline over a length of time.
- Two – The larger the deposit, the larger the equity you shall have in your property right from the start meaning you will have to pay less interest. One more way to save your deposit is to take out a high interest savings account.
- Make an application for the first home owner grant as soon as you can. You can lodge your grant application through most lenders and it will then be ready faster than if you send it to your State Revenue Office. In practically every case the grant will be prepared before the time of settlement or, if you’re building, by the time your lender has paid over the first scheduled payment.
- Refrain from applying for your home loan if you still have excessive debt. Destroy credit cards you won’t need, get vehicle payments paid up and pay down personal loans. The home loan is your number one priority.
- If looking around for a home don’t believe everything you are told. Ensure going through building inspections and find out what similar builders’ prices are nearby. If you conduct your research correctly you will be a happy house hunter!
- Make sure that you receive everything that you are eligible to receive, everything that the builder promised is fully in place. The very best developer’s will make sure of that anyway.
Have fun and go on to make the perfect choice for you and your family!