We’ve compiled a list of some important points to consider when buying your first home:
- Don’t over commit. Work out exactly how much you can afford to spend before you start your search, and only look at apartments or homes clearly advertised within your price range.
- Check with your mortgage broker to work out what type of loan suits your needs — most importantly your borrowing limit. Look at as many properties as possible in your price range to get clarity on what you can afford.
- Read the fine print! When working out the best home loan for you, check the ongoing payments, monthly service fees and other charges.
- If you are concerned about interest rate rises, you can split your loan between fixed and variable rates and take an “each-way” bet.
- Make weekly or fortnightly payments, as opposed to monthly, allowing you to save thousands on the mortgage.
- Remember a low start-up interest rate does not guarantee you will be paying less for your property in the long term.
- Make absolutely sure your home loan repayments do not overly impact on your lifestyle. You do not want to only eat vegemite toast for dinner for the next 30 years.
- Ensure you get pre-approval for a loan before you start your search, which lenders can provide so you know exactly what you can afford.
- If you are looking at buying a new home, carry out due diligence and confirm what is included in the total price.
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