From Renting to Buying - A First Time Guide
If you are keen to stop renting and buy your first home, there are a number of essential things to think about. From setting a budget to planning the transition, here are two important considerations:
Budgeting with a mortgage broker
A mortgage broker can be an excellent resource for first time buyers, particularly if you need help customising a budget to suit your situation.
With the assistance of a broker or a financial planner, you can come up with a budget that won’t break the bank - and will still allow you to tuck aside some funds in savings.
Family equity home loans
One hurdle many first time buyers face is the lack of a sizeable deposit, which is a requirement of most lenders.
If this sounds like you - and you have a good income to support ongoing payments - family equity home loans are an option worth exploring. This means that a family member - usually your parents - can help you make your new home purchase by either guaranteeing a portion of your ongoing loan payments or using equity in an existing property to help cover your required deposit.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.