1. Make sure you qualify for your first home loan.
Before you start digging too into the buying process there are a few things you need to do. You need to confirm that you actually qualify and are eligible for a home loan. The best way to do that is by contacting your local mortgage broker so you know how much the bank will lend you. By doing this it will give you an accurate understanding of your budget and what you can actually afford to buy.
2. Start to Research all your home loan options.
Applying and getting a first home loan is complex and very competitive. You need to have someone in your corner helping you compare loans. This is to make sure you’re getting the best rate and options and features. You also want to make sure you know what types of different home loans are available. Options from variable to fixed-rate loans, interest only and also investment loans. There are so many different types of mortgage options available these days. Finding the right type of loan that matches your situation and needs is critical.
3. Sort out your debt situation.
4. Save up and get yourself a healthy deposit together.
5. Be sure to crunch all your expenses (and calculate your concessions you may be able to receive).
Property buying incurs many surprise costs. This means you need to budget for all the costs. Such as removalists, stamp duty, registration fees and building and pest inspection reports. You definitely want to see if you’re eligible for a ‘first home owners grant’. Or even stamp duty concessions as this will help you get into your first home sooner. If you’re eligible, you’ll save many thousands of dollars which will be very helpful.