Are You Ready To Buy A First Home?
It’s no secret that buying a house is a big commitment - are you ready to make the leap?
A good way to answer that question is to consider the financial challenges faced by all first home buyers.
In order to borrow enough to purchase your first house, you will need to have first saved a home loan deposit.
The amount required for a deposit will depend on the price of the property, your circumstances and the lender’s terms, but it will most probably be an amount that requires some disciplined saving.
A good history of regularly putting money aside will also help you when it comes time to apply for home loans, as this will generally be looked on favourably by lenders.
If you’ve saved enough for a deposit, are you ready for the reality of mortgage repayments?
A home loan repayment calculator can help you see what your repayments will be once you’ve purchased your house.
If it looks like your monthly mortgage expense will be unmanageable, you can see how changing things like the interest rate or the term length will affect your repayments.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.