If this is your first home loan, knowing what to expect can make the process a lot smoother and save you money.
When you are getting ready to buy your first home, the entire process can be a bit overwhelming. There are so many factors to consider, the biggest of which may be how you are going to afford your new home. Here are three things you can do to make the process go a lot faster and easier.
Do Your Homework
If you lay your groundwork solidly enough, the process will be a breeze compared to how it is if you don’t. The first thing you need to do is get a grip on your finances and determine how much you can afford to spend on a home. Make sure to remember insurance, property taxes, stamp duty and closing costs.
Then, educate yourself about government grants such as the First Home Owner Grant (FHOG), which provides $10,000 for buying a new home and $3,000 for buying an established home while waiving stamp duty for $300,000 worth of land for a new home or the first $500,000 on an established home.
Treat it Like a Business
While you don’t think you are in business, the reality is that you are. Your home and any subsequent home will be the largest investments you ever make.
Hire a Mortgage Broker
Finally, go to a mortgage broker such as Purely Finance and apply for a pre-approved loan. This will let you know how much money you have to work with when you go into the Perth market. A mortgage broker has access to multiple credit products from multiple lenders, ensuring that you will work with the lender who is the best for your individual financial situation.
Call 1300 745 778 for more information.
Once you have figured out how much a month can go towards your home, visit a mortgage broker.