Being ready for the commitment that is a first home loan is a lot easier when you have done the right preparation.

For many first home buyers that means knuckling down and doing some serious saving.

Yet how do you know how much you need to save? Many people may be going by their gut when it comes to setting a savings target.

That’s fine if your instincts are sharper than a diamond-tipped blade! But if they aren’t, it’s best to be well informed about where to set the goalposts.

That’s why talking to a Smartline mortgage adviser is a great idea for anyone planning on buying a home.

What an independent adviser can give you is free and expert advice that will be invaluable on your way to achieving home ownership.

In the case of working out a savings target, they can help you to plan for all the costs you will need to cover upfront when going through the home buying process.

The biggest cost will of course be the home loan deposit. How much this will be can depend on several factors.

Your adviser will help you to work out your borrowing capacity and explain the different deposit options available to you.

For instance, it may be in your interest to put down more than the minimum deposit if it means you can save on loan fees over the term of your mortgage.

They will also tell you about the other fees and charges that come with loans.

Another thing to keep in mind is that you will need to factor in the cost of insurance as well.

Your adviser will tell you whether you will need to get lenders mortgage insurance in addition to home and contents insurance. If you don’t have life insurance now is a good time to think about that too.

With all this extra information you will be able to set out a comprehensive savings plan that puts you in the best position to navigate your first home purchase.

You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we’ll call you!

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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.