Get Ready for your Big Purchase
Whether you’re new to the buying process or someone moving up the property ladder, it helps to do your research. Buying a property is a significant investment, so you want to get it right.
The first step is to get your finances ready, so when you find the property that’s right for you, you can make an offer straightaway. So it’s important to:
- Save for a deposit—Create a budget, so you can manage your finances better and make regular savings to build a deposit. There will also be other costs such as building inspections, mortgage insurance and council rates, and it generally helps to make room in your budget for these costs as well.
- Know what you can afford—It’s important to understand how much you can borrow, recognising that interest rates will go up and down during the life of your home loan.
- Understand what benefits you’re entitled to—If it’s your first home, you may be eligible for the First Home Owners Grant, stamp duty concessions or other incentives in your state.
- Do your research—Search for properties in your preferred area, check local sales histories and utilise property reports such as RP Data (feel free to contact Nathan for your free RP data report today). Inspect a number of homes to compare features and value..
You’ll need to consider both the upfront costs and ongoing costs of owning a property:
- Upfront costs—purchase price including the deposit, stamp duty, legal and conveyancing fees, loan application fees and home loan insurance, just to name a few
- Ongoing costs—interest charges on your home loan or any other borrowings, strata fees, council rates, utility costs and property maintenance.
It’s wise to have a pre-approval arranged with your bank or mortgage broker, this will give you an idea on your limits and confidence that you can obtain finance once you find the right property,
For more information or assistance with obtaining a pre-approval please contact Nathan on 0410 000 689.