10 Tips for First Home Buyers
1. Find out if you are eligible for the First Home Owners Grant
Government assistance may be available to those who qualify for the First Home Owners Grant. Find out more about the First Home Owners Grant and if you are eligible and how much will you get?
2. Make sure you know what your home loan budget is and stick to it!
It is easy to get caught up in the emotion of buying your first property and risk over-committing financially. Our professional home loans consultant will provide you with the right home loan advice, pre-approval option or savings plan. In other words put you on the right track.
3. Consider the location of the property as well as the property itself
This is important for capital growth. For example, are there shops or schools nearby? Are there any future developments in the area that will contribute to the capital growth of your property down the track?
4. Look at the homes and buildings that surround the property. Get a feel for the area and go for a walk around the neighbourhood.
Can you see yourself living there? Also, talk to people you know who live in the area. Our professional home loans consultant can arrange a FREE appraisal of the area and property.
5. Do your research
Do you know the recent selling price of similar properties in the area? Are there any council planning restrictions that may affect your plans for the property down the track? Are your neighbours planning any modifications to their property that may impinge on you? Our professional home loans consultant can arrange a FREE appraisal of the area and property.
6. Inspection is a must
Make sure you organise a pre-purchase building inspection on the property. Most often it is those little issues you cannot see such as cracking foundations or rotting floorboards that cost money and disappointment in the future.
7. Think about your future plans for the property
Make sure it has the capacity or potential to meet these – e.g. room for an extension or garage.
8. Make sure you have a clear understanding of any extra costs associated with the purchase and budget for them.
For example: Conveyancing, legal fees, home loan Lenders Mortgage Insurance (if applicable), body corporate fees (for units and apartments), council rates and insurance. Our professional home loans consultant will help you manage and budget all the costs and mortgage repayments contact us today.
9. Before you sign
Make sure you thoroughly read the contract of sale and seek clarification from your lawyer, Real estate agent or accountant on any areas of terms of the sale you are unsure of including understand the terminology. It is recommended that you sign the contract “Subject to Finance”.
10. Make sure you have your new property and contents fully insured.
Our professional home loans consultant will arrange the necessary insurance and financial advice for you all in one simple meeting.