Getting Ready To Buy

Purchasing your first home can be a very exciting process, however it can also be a confusing time and can be quite daunting. It is important to not feel overwhelmed and as if you are going into it alone.

Affinity Property works closely with some of Australia’s leading independent mortgage brokers and property advisors, who are experts in helping clients with all their property needs.

To boost your confidence and your home loan know-how, here is a quick guide to help you Get ready to buy your home with the following five key tips: 
 
 
1. Plan your Budget
This will help you understand how much you can afford on repayments and other costs. It needs to be a long term workable budget that also has a little bit of room for fun or you’ll never stick to it.
 
2. Know your Limitations
Once you have worked through a budget then this should be easy. Don’t buy what you cannot afford. Your first home doesn’t need to be your dream home. Knowing how much you can spend will give you comfort when you are chatting with real estate agents and other professionals.
 
3. Deposit, Deposit, Deposit
Save the biggest deposit that you can put together. Firstly, it shows a lender that you can save and not waste money but it can also save you a lot of money in fees from the bank.
 
4. Consumer Debt/Excess Debt
Try and minimise your credit cards and personal loans before you buy your home. That being said it’s not always possible to do. It’s then important to look at whether it’s better to pay off your loans first or what your next steps can and should be
 
5. Are you Entitled to any Government Grants?
Make sure you receive all that you can from the government in regards to any incentives. Make sure you are fully informed and know what is available to you.
As you can see from the above there is a little bit of homework to do. Working with a mortgage broker and locking in a pre-approval can help with all of the above. 
 
Yes – it sounds a bit obvious but surrounding yourself with a team of professionals who can support you on the journey really does make a difference.
 
A broker will also have reliable contacts in the real estate industry who can help you with the property purchase as well as conveyancers to make it all run smoothly.
 
All of that being said, the number one tip is to always deal with people you like as it can be a rocky journey and good relationships are essential.
 
These experts can help you with detailed information and great tips on:
 
  • Arranging pre-approval to buy a property
  • How to access government grants?
  • How much you can borrow?
  • Getting ready to buy and implementing a savings budget that works.
  • How do family guarantors work for a home loan?
  • Why to use a mortgage broker?
 
To discuss if this could work for you or other options that may help you purchase sooner, please call Expert Mortgage Broker Eleanor Crosby on 0424 363 190. 

Warning: This content is not designed to replace professional advice. It has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the advice, in light of your own objectives, financial situation or needs before making any decision as to whether this scheme is appropriate for you.