The Finance Architect
  • Home
  • Who We Help
    • I am needing to organise my finances >
      • Get Finance Fit
    • I am a First Home Buyer >
      • First Home Owners Grant (FHOG)
      • Stamp Duty Concessions
      • Guarantor Loans/Family Pledge
    • I am wanting to Refinance
    • I am a Property Investor
    • I am getting married! :)
    • I am buying a car
    • I am sending my kids to private school
    • I am needing some short-term $$
    • I am needing money - It's an emergency!
  • TFA CONNECT
  • Education Hub
    • Loan Features
    • Loan Types
    • Loan Process
    • Loan Document Checklist
    • Bridging Finance
    • Building & Pest Inspections
    • Construction Loans
    • Deposit Bonds
    • FREE Property Valuation Report
    • Lenders Mortgage Insurance (LMI)
  • Loan Calculator
    • Loan Serviceability Check
    • How Much Can I Borrow?
    • Stamp Duty Calculator
    • Complete Loan Comparison
    • Income Tax Calculator
    • P&I versus IO repayments
    • Basic Loan Repayments
  • Blog
  • Contact Us
    • Contact Details
    • Meet the Team
    • About Us
    • Credit Guide and Privacy Statement
    • Our Lender Panel
    • Client Testimonials
    • Our Business Partners
    • FAQ
  • Mentoring

Five Things First Home Buyers Need To Know

13/2/2018

0 Comments

 
Picture
Before you decide to purchase your first property there are a number of things to consider, including your current personal circumstances and financial status.​....

​

​1. Think about why you want to buy a home

Do you want to live in it or will it be an investment property? This can help determine the kind of loan you apply for and home you buy, depending on your short and long-term plans.

2. Research potential properties and loans

Knowing the market is crucial, so do some research on the areas you are targeting, check out auction clearance rates and recent sales, as well as price trends in the area. Once you are aware of what you are looking for and the approximate price, the next step is saving a deposit.
While some lenders will offer loans if you have saved less than the usual 20 per cent deposit, being able to show a record of good saving habits will aid in getting your loan approved.
Then, when you talk to your local MFAA Approved Finance Broker about applying for pre-approval on the right type of loan, ask for their help to work out what you can afford in terms of repayments.
 
3. Factor in other costs involved


Depending on the property, there can be a number of additional costs, so ask your finance broker what other payments you will face. This can include, but isn’t limited to, stamp duty, loan establishment fees, legal and conveyance services, utilities, property insurance, maintenance and lenders mortgage insurance .
4. Think about your future

Just because your current situation allows you to get a home loan, that doesn’t automatically guarantee that you will still be able to service it in five years’ time. Is there a possibility your role at work will change? Are you considering going back to study and reducing your working hours?

5. Get professional help

​With so many things to consider, getting professional help is highly recommended. There are many experts in the industry and it is in your interest to use them for tasks such as property checks, pest checks and any other legal queries. Going it alone can prove costly. Avoid nasty surprises down the track by getting the right people to do the appropriate checks for you from the beginning.
0 Comments



Leave a Reply.

    Dale Wilkinson

    Home Loans
    Refinance
    Equity release
    Investments
    Car Loans

    Categories

    All
    Broker
    First Home Buyer
    Home Loan
    Investors
    Loan
    Mortgage
    Purchase

    RSS Feed

contact us

The Finance Architect
Office: 3/2-16 Warner Street Oakleigh VIC 
Phone: 0411 600 210
Email: info@thefinancearchitect.com.au
Dale Wilkinson is a credit representative (450039) of Buyers Choice Licencing Pty Ltd ACN 626 172 281  (Australian Credit Licence 509484)

RECENT ARTICLES

  • What’s The Secret To Buying My First Home?
  • ​Five Things First Home Buyers Need To Know
  • How To Pay Off Your Mortgage Faster
  • 10 Tips When Buying An Investment Property

SPEAK WITH AN EXPERT

Clink the link below and receive a phone call to discuss your financial needs directly


Book a phone call