Latest News - February
4 Things First Home Buyers Need to Know
Taking the step to buying your first home involves careful consideration. If you’re a First Home Buyer trying to navigate the home buying process, we can help you make the decision a little easier.
Here are a some steps that every home buyer should take:
Determine Your Financial Position
Getting your finances in order before you apply for a home loan is incredibly important. This includes preparing a monthly budget and saving for a deposit. It will help you determine how much you can afford for a first home.
Engaging with a mortgage broker is also advisable if you require guidance or assistance. They can help you determine your borrowing capacity, so you have a clear idea of how much you need to save.
Know Your Financial Assistance Options
Many first home buyers aren’t aware of their options when it comes to financial assistance for aspiring home owners. The First Home Owner Grant or FHOG grants eligible first home owners up to $10,000 if purchasing in metropolitan Victoria.
There are also a range of different home loan types, such as variable and fixed rate loans, interest-only loans and investment loans. Knowing all of these can help you find the best option that matches your needs.
To find out which one suits your financial situation best, you can set aside time to shop around at different banks or find a mortgage broker who can compare the loans for you. Not only can mortgage brokers determine your borrowing capacity, but they will discuss your finances, and also help you to structure the loan.
Understand the Purchase Process
Understanding the purchase process can make a difference to your homeowner journey. This includes what you need to pay and when, when the deposit is required and when the balance is due. We advise that you ask as many questions as possible as you commence your home buying journey.
Engage with one of our friendly and expert sales consultants, who can walk you through the purchase process from start to finish.
Understand the Contract
It’s also important that you understand the contracts that you will be signing upon purchase. Separate contracts mean different things – for example, if you’re purchasing land and a home, you’ll require separate contracts and different loans. It’s important that you engage with a sales person, builder, developer and conveyancer to cover all your bases and develop a solid understanding of the requirements and fine print.