The prospect of buying property for the first time is exciting – soon you will have a place to call your very own!
However, getting from real estate seeker to proud property owner often takes quite a lot of time, due to the fact that there are many details to take care of.
Securing finance can be the most challenging aspect of your quest for ownership, but with the right advice you can sort out the finer details quickly and efficiently.
Budget and planning
Likely you have been trying to save up for a deposit to put as a down payment on your home. If this is the case, you may wish to amp up your efforts as you approach your objective.
Larger deposits allow for greater flexibility on mortgage agreements and help to keep the principle amount owing a little bit lower – meaning you may be able to secure lower interest payments.
Detailed budgeting plans may help you to reach that target you have been aiming for get you into your own home faster.
Talk to a mortgage adviser
If your goal is to get on the property ladder as soon as possible, you may wish to speak to a mortgage adviser.
A conversation about what to look for in a home loan can help you sift through the abundance of lenders, products and financial material out on the market.
This visit may also help you to answer the question, ‘how much can I borrow?‘ A mortgage adviser is usually well-versed in the requirements and qualifications for securing finance, so he or she could help to prepare you for a successful application process.
Remember to explore all possible grants and concessions for first time buyers – the federal government and certain state governments have special funds allocated for residents entering the property market for the first time.
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.