Get up to speed and your home buying will be all that much smoother with the following eight tips:
- Think about using a mortgage broker. A mortgage broker can help you to find the right home loan for your situation. Since this will be your first home loan, a mortage broker can help to show you the ropes and interpret all the features available.
- Plan your Expenditures. This is very important when thinking of buying your very first home so try planning a workable budget and stick by it, as well as an alternative with a revised edition once you have the keys in your pocket. If looking for home builders in Perth, select the best and forget the rest. It will be through being realistic and staying on that budget that you’ll then get a clear picture of the home loan you can allow.
3. Stay to Your limitations. Don’t waste money on things that you can’t afford. It’s easy to fool yourself that it will all be paid for in a couple of years and that all will be fine once that big promotion comes along. But, what about if something out of the blue happens before then, or if that promotion just never happens? You may stand to say farewell to everything, and not have the benefit of the First Home Owner Grant or any other first home buyer incentives ever again.
4. Put together the largest deposit that you can muster. Saving up a deposit will help you in two ways. One, it will show your potential lender that you can field financial discipline over a period of time. Two, the bigger the deposit, the larger the equity you shall have in your property right from the go. This will mean that you will have to pay less interest. Another good ways to save your deposit is to take out a high interest savings account.
5. Make the application for the First Home Owner Grant as early as possible. You can lodge your grant application through most lenders and if you do this, it will be prepared faster than if you send it to your State or Territory Revenue Office. In nearly all cases the grant will be prepared by the time of settlement or, if you are building, by the time your lender will have paid over the first scheduled payment
6. Get rid of any excess debt. Avoid the mistake of applying for your first home loan while you are carrying excessive debt. Dispose of credit cards you don’t need, get car payments paid up and pay down any personal loans. Making your home loan your number one priority.
7. When looking around do not always believe all you are told. Make sure to carry out thorough building inspections and find out what prices similar builders are selling for nearby. If you do your research properly you should be a happy home hunter! In W. Australia Red Ink Homes provide everything you will ever need in the shape of experienced, reliable and trusted builders.
8. Make certain you receive all that you are eligible to receive. Ensure that everything the builder promised is in place. A good developer will ensure that anyway. Have fun and make the right choice for you and your family!
December 21, 2016