Are you fully prepared to buy your first home?
Buying a home for the first time is a major step in anyone’s life. Once you finally decide to stop renting and own your own place, it’s financially liberating. You’ll no longer be throwing your money away every month on rent payments – instead, you’ll be putting it toward owning your own property and adding to your wealth long-term.
Having said this, home ownership is not a step you should take until you’re absolutely, 100 per cent ready. Making hasty financial choices could put you in serious trouble long-term, so you want to be sure you can comfortably afford the home you’re buying.
Knowing your financial limitations
It’s easy to get swept up in the excitement of buying your first home, but often, exercising caution is important. Finder.com.au advises that first-time home buyers stay keenly aware of their limitations. What’s the most they can afford to put down for a deposit on a new house?
Making these big decisions requires looking at both the short game and the long. You need to know how much you have to spend on a deposit, as well as what sort of home loan interest rates you can afford to pay many years into the future as you’re paying off your mortgage.
Are you eligible for help?
Saving for a home and buying it might seem like a daunting process, but the good news is you might be eligible for a bit of financial aid. According to the New South Wales Office of State Revenue, NSW and select other states have some grants and concessions available to help first-time buyers to afford homes.
If you’re eligible for some of this aid money, great. If not, it just means you’ll have to be extra vigilant about researching other strategies for buying a house affordably, including knowing how to get a home loan that won’t break the bank.
Get a broker who’s on your side
There are a lot of moving pieces to consider as you plan to buy a home, and a lot of financial aspects that could potentially be stressful. But if you can find Australian mortgage brokers who will represent your interests and help you get the best possible deal, the whole process becomes easier.
That’s where we come in. Let us help prepare you for the challenges you’ll face, and ensure you’re in a position to own your own home.
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