.
.
FIRST HOME BUYER
Taking the first step towards owning your own home is both exciting and a little overwhelming. But the rewards can be fantastic. We can help take the stress out of the process whilst ensuring nothing is missed. Our consultants are very experienced in buying property.
Choosing The Right Home Loan
Before you start looking for your first home, there are several key details to consider such as:
- How much can I borrow?
- Understanding the costs involved
- How much deposit I require?
- Can I afford it?
After meeting with you, we will find out as much as possible about your circumstances and goals, to ensure you get the best deal that suits your situation.
We will compare many lenders so you get the best pricing and products around.
FACTORS TO CONSIDER BEFORE DECIDING TO BUY
Savings
What savings do you currently have? Most lenders will want to see that you are able to save consistently and will usually require your last six months saving history prior to considering you for a loan. If you are able to afford the repayments some lenders will loan you up to 95% of the property purchase price. This may even allow you to add mortgage insurance costs to the loan as well, meaning you may be able to borrow up to 97% of the property value. However, even in this situation the lender will usually require you to have at least 5% of the property value in genuine savings as well as enough money available to cover the other costs of purchasing a property. Our lending manager will explain this and which options are available to you.
Current Financial Situation
What current debts do you have? The amount of current debts that you have will affect how much you can borrow. You may want to consider reducing your current debts prior to purchasing your first home.
Lifestyle
Owning your own home should be an enjoyable experience not a financial burden. You may wish to consider what concessions you are prepared to make to own your own home. Think about how repayments on your new home will affect your current lifestyle
and whether borrowing to your maximum capacity will prevent you from doing things you enjoy. You may wish to consider borrowing a smaller amount that you are completely comfortable with. Talk to our lending manager about what you feel comfortable in repaying each month prior to making decisions about your loan amount, rather than just borrowing the maximum that you can. If you are planning a family in the near future you may also want to consider how you will manage your repayments on just one salary.
Preparation
Before you start looking for a property to buy there are several key details to consider such as:
- How much can I borrow?
- Understanding the costs involved
- How much deposit do I require?
- Can I afford it?
How much Can I Borrow?
How much you can borrow depends on several factors including:
- Your income
- What deposit is required
- Eligibility for The First Home Owner Grant
- Other loan repayments and commitments
An important factor to consider is how comfortable you are financially to repay the proposed loan. It is imperative that you do not over stretch yourself, it is best if you sit down and work out a budget and understand how much you have left over to repay a loan comfortably. You should also factor in interest rate movements as this will affect your repayment amount.
Get In Touch
.
Contact Information
Feel free to give us a buzz and discuss your situation and needs further or submit your details on the left.
Phone 0410 321 222
Email peter@hivefinance.com.au
Address Suite 2, Level 1, 354 Bay Street, Brighton-Le-Sands NSW 2216