Things To Know Before Buying Your First Property

Before you start looking for a home there are several key details to consider such as:
What savings do you currently have?
Most lenders will want to see that you are able to save consistently and will usually require your last six months saving history prior to considering you for a loan. If you are able to afford the repayments some lenders will loan you up to 95% of the property purchase price. They may even allow you to add mortgage insurance costs to the loan meaning you may be able to borrow up to 97% of the property value. Either way the lender will require you to have at least 5% of the property value in genuine savings as well as enough money available to cover the other costs of purchasing a property.
How much can you borrow?
It is extremely important to sit down with a our Professional and arrange a pre-approval for home loan finance prior to looking for a property so you know the maximum amount you can borrow and any conditions the lender would require to meet for finance.
What fees and costs apply to a mortgage?
Buyers will need to have funds available to cover a number of costs before settlement. These costs include a deposit, lenders mortgage insurance, stamp duty, loan set up fees, conveyancing, settlement fees, inspection costs, valuations and home insurance. Your Finance Adviser will explain these costs in detail.
Grants and Incentives
There are several government incentives and benefits available to provide a helping hand. What is available to First Home Buyers depends on the State they are in and their individual circumstance. These include:
• First Home Savers Account
• Reduced Stamp Duty
• First Home Owners Grant
To find out more information on what may be available visit www.firsthome.gov.au
Your Finance Adviser can provide you with a lot more information including facts on buying at auctions, funds required to settle your mortgage, the mortgage process and a detailed First Home Owners Guide.
Your Finance Adviser will also explain the whole process to you and will guide you and support you through the entire lending transaction. Having the right person to assist you can make the world of difference when buying your first property.
Location: Drummoyne NSW 2047, Australia

Comments

Post a Comment

Popular posts from this blog

How much Stamp Duty do I Have to Pay on a Property Purchase?

Image
Buying a property is often the most significant investment of your life. If you're about to make a property purchase, you must understand how much Stamp Duty will be payable on your new home. Stamp duty could be one such fee if you decide to buy an investment property or purchase your first home. Fortunately, This blog post will answer the most common questions on the topic and explain how you can ease the process using a Stamp duty interest calculator.   What do you understand by Stamp Duty?   Stamp duty is generally a tax levied on purchasing or transferring property like homes, investment properties, or vacant land from one owner to another. It can also apply to purchases like cars and mortgages—but we'll just talk about home buying in this post! Please note that stamp duty goes down when you buy more houses in a single contract period!   Moreover, it's designed to cover the cost of legal documents like ownership titles, as well as ensuring you're not buying from som
Read more

3 Essential Tips to Consider for a Self-Employed Home Loans

Image
In today's world getting a home loan is as simple as a piece of cake. Research shows the majority of Australia’s population are self-employed and enjoy several different types of perks while working for themselves. But when it comes to considering home loans many Australians are indecisive. They need to remember that home loans require a financial commitment for a long period.  Hence, here are a few tips to find the right self employed home loans in australia.  Be economical - While there are plenty of options of home loans in Australia for you to choose from, affordability is a large contributing factor that you need to consider before applying. Once you have a home loan to repay, remember to spend money cautiously,     Home Loan Eligibility Check - It is very much essential to check all your eligibility criteria before applying for a home loan. Documents pertaining your credit and debit history hold utmost importance here. Statements like Profit & loss and balance sheet, In
Read more

Looking for a Home Loan? Get in Touch With Professionals who Help you Save Big Bucks on your Mortgage

With the wide availability of  mortgage broker  in the country, borrowing a Home Loan in Australia has become a difficult choice to make. However, getting in touch with the right mortgage broker for a loan for your property will help you in Home Loan Comparison thereby making you make a better decision in terms of interest rate and the process of documentation. If you are looking forward to borrow a loan for your property, then getting in touch with a renowned mortgage broker will help you sail through the process with much ease. Although borrowing a loan for your property is not rocket science, getting assistance from professionals will benefit you from their experience and expertise. There are numerous ways of saving money while borrowing a home loan, however, the ones that are proven successful can only be explained to you by experts from mortgage brokers in Australia. The reason behind this is the experience and expertise that professional brokers bring along with them. While l
Read more