5 Top Tips for getting into the Property Market
Buying property for the first time can be extremely daunting and can sometimes feel like an impossible task. Enlisting the expertise of a Finance Broker like myself can be just the help you need to fulfil your dream of home ownership.
As a Broker, I look at your particular situation and go through the steps involved in the home buying process. Together, we will look at all of the products and options available to you. Ensuring you’re getting the right advice and guidance for your unique situation.
Here are my 5 Top Tips for getting into the property market.
1. Start Saving – the earlier you start the easier it will be. Most Lenders require some genuine savings (held over 3 months) as part of their lending policy. There’s also different options if you don’t have any savings such as a gift from your parents or a family guarantee. I’ll go over all these options in our initial meeting.
2. Understand the costs – there are additional costs to buying property, such as stamp duty and lenders mortgage insurance (if applicable). You will need to be aware of these additional costs on top of your purchase price when you’re budgeting. I’ll give you an outline of these costs to ensure there are no nasty surprises on settlement day.
3. Calculate your borrowing capacity – knowing exactly how much a lender will lend you is vital to knowing your budget to purchase property and what your repayments will be. This is all covered in our initial meeting so that you can determine your maximum purchase price and ensure you are comfortable with your repayments.
4. Eligibility for the First Home Owners Grant – First Home Owners in Victoria are eligible for a large reduction in stamp duty costs, which could save you thousands. Also, if you are building or purchasing off the plan, you could also be eligible for the First Home Owners Grant.
5. Obtain a Finance Pre Approval – Auctions are a big part of the Melbourne Real Estate market. Buying at auction is an unconditional contract, meaning there is no finance clause to get you out of the contract if your finance falls through. If you are attending an auction to purchase property you will need to be in possession of a Pre Approval, which I can arrange for you.
Together we can make buying your first home easy and stress free! Give me a call on 0433 014 351 so we can arrange a time to catch up and talk about your options and remember...my service is free!