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First Home Buyers – Read Me!

Posted on March 31st 2014

For first home buyers in 2014, things have changed in the way of grants benefits and bonuses. Its important to do your research before taking that leap and buying/building your first home, to really know what you are entitled to.

Follow this link to find out exactly what funding or grants you could receive depending on your current situation: http://www.sro.vic.gov.au/sro/SROnav.nsf/alltitle/First%20Home%20Owners?open

Now when it comes to buying their first home, many people think its as easy as having a 10% deposit, but unfortunately that’s not the case. It’s vital that when working out your budget that you factor in the following:

– House deposit

– Stamp duty

– Legal fees

– Bank fees

– Mortgage insurance

Online mortgage calculators are great for working out weekly, fortnightly or monthly repayments. But they only work if you have factored in all of the above and know exactly how much you need to borrow from the banks.

Talk to and get advice from as many people as you can. Seek advice over the phone from a legal practitioner or solicitor to determine the cost of buying a home. They will be able to advise you on exactly what you are paying for and why.

Make sure you have a good mortgage broker who is open and honest about bank fees, mortgage insurance and obviously the best interest rate and best loan type for you.

It’s not hard to buy a home and there are many Online portals for advice and information. Don’t be afraid to ask questions and don’t put every last cent into trying to buy a home. Make sure it’s a comfortable transition into having a mortgage and being able to still afford everyday life. The last thing you want after moving into a new home is to be stressing over how to keep up with it.

Most importantly, enjoy the process! And enjoy the new home you have worked so hard for!