Top tips for First Home Buyers Congratulations! You’re thinking about buying your first home.
To help you make the right decision, below are some key issues to consider.
Work out how much you can afford to spend before you even look, and only look at homes within your
2. As a Mortgage Broker, I Can Do The Shopping Around
I can do the shopping around for you with over 20 lenders, including the major banks – providing borrowers with a wide, credible snapshot of the market.
3. Find the Home that’s Right for You
Find the home that’s right for you physically inspecting properties is the best way to know if a home is right for you. It pays to be flexible as some locations or homes you view may offer benefits you hadn’t considered. Let me know the suburbs or any particular address you are interested in & my office will send you a FREE detailed property report.
4. Do Your Research
Do your research ensure the land, home or apartment you buy is not over-priced. Check the prices paid for other properties in the area where you are looking. We can provide you with a FREE detailed property or suburb report
5. Future Rate Rise
Future rate rise, if you’re worried about interest rates increasing in the near future you can split your loan between variable and fixed rates – which can often be done at no cost with a range of home loan providers .
Repayment, choose to make fortnightly repayments, rather than monthly. Paying fortnightly or weekly should save you years and thousands of dollars in interest over the life of the loan.
7. Fees and charges
Choose a loan with no on-going fees and charges or select a loan with an annual fee offering access to offset accounts, credit cards and discounts on other banking products. I will be able to guide you through this decision-making process, ensuring your selected home loan provides the features most important to you.
8. Don’t Over Commit.
Don’t over commit, instead talk to me first to make absolutely sure your home loan repayments do not overly impact on your lifestyle. You do not want to eat tinned food for the next 25 or 30 years!
9. Be careful with your Expenditure
Be careful with your expenditure whilst you are saving. Any lender will probably want to go through all your bank accounts history for 3 to 6 months. Give up any gambling expenditure, spending on Afterpay & certainly do not apply for any credit on things such as short term loans or credit cards whilst you are saving.
10.Get Copy of your Credit Report
Get a full & comprehensive copy of your credit report , not just a credit score. Lenders pour over these reports not just your score. I can provide you with a FREE copy upon request.