Get Ready To Buy A Property – The Buyer Hand Book

Get Ready To Buy A Property: The Buyer Handbook

Jodie O'Brien

Jodie O'Brien

General Manager

Get Ready To Buy A Property – The Buyer Hand Book

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Affinity Property can help you get ready to buy a property with his list of expert tips. In this guide, We bring together over 100 years of combined real estate experience to present you with the best tips when buying a home.

In this day and age, buying a property can be difficult. That is why it is imperative that buyers are prepared and know what to expect before making any offers. Our free digital property report can help. It tells you the market value of your property including recent sales, rental history, suburb report and more.


Plan Your Budget

Buying a home will be one of the biggest financial decisions you ever make. You might first think of upfront costs, like the deposit, stamp duty, and insurance cost.

You should plan ahead for the long term. Mortgage repayments and other costs should be prioritised. Also, make allowances for costs such as repairs, maintenance, and utilities. 

Not only that, but you should make sure that your budget can accommodate time for fun and enjoyment. Putting a set portion of money towards leisure is both realistic and practical. The last thing you want is to resent your own budget – if it is too strict, you will not stick to it. 

As you plan, make sure to give yourself plenty of time to consider all your expenses and craft a budget that you can stick to for years to come. Buying a house is not a one or two-week commitment, it can take decades to pay off your loan. 

While this can sound daunting, through careful planning, you will have a budget that works for you. 

Know Your Limitations

Once you’ve planned your budget and know exactly how much you can afford to spend, knowing your own limits should be easy. Your next step as you get ready to buy should be to set a clear limit on what you can afford.

Your first home might not necessarily be your dream home. That’s okay! The important thing is to get on the property ladder. 

If you are unable to pay back your home loan, the bank can repossess your home and re-sell it to make back as much money as possible. 

Mortgage Stress is when a person pays 30% or more of their pre-tax income on their mortgage repayments.  This is a sign of financial trouble and suggests that the debt is too large for you to service. 

When planning to buy a home, aim to be below the mortgage stress point. 


When preparing to buy your home, make sure that you save for as big a deposit as you can possibly put together. This is helpful for several reasons: 

  • It shows the lender that you are financially responsible and able to save up plenty of money
  • It saves you money in bank fees 
  • You will have lower monthly payments
  • You will find it easier to secure loans in the future 
  • With a higher deposit, you can negotiate a lower interest rate
  • It is possible to use your home for collateral. The more of it you own up-front, the sooner it will be before you have enough equity to borrow against your home. 

Saving up for a larger deposit will benefit you in the long run.

Excess Debt

Before you acquire a home loan, you should first reduce your credit card debt or personal loans.
If you have high amounts of personal debt, lenders may not be willing to offer you a home loan. This is called loan rejection, and it occurs when banks believe that you won’t be able to pay back your loan. 
To lower the risk of this happening, pay off your debts before applying for a home loan. 

However, if you have a high amount of personal debt, it might not be possible to pay it all off in a reasonable timeframe. There are options such as balance transfer offers  and debt consolidation loans that can help you.

To reduce excess debt, your first course of action should be to consult with a qualified financial advisor. 


Government Assistance

When you get ready to buy, remember there is help out there for you. There are many government programs to assist people in buying property. Before you buy a home, you should research whether you are eligible for these grants and programs. 

Such programs include: 

Research into what programs you might be eligible for and utilise them to make your home buying journey even easier. 

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