Tips for First Home Owners
Buying your first home is a big step to take, a very exciting step, but one that comes with endless questions and options and decisions on how to finance it, how mortgages work and how to find the right one for you and the big question on how much you may be able to borrow.
That’s where we come in, our job is to take the stress away and do all the legwork for you in terms of comparing home loans from over 600 products available from Australia’s leading lending institutions.
Spend a few moments checking out our site’s clever loan options tool and explore our range of calculators.
Then just get in contact with us — you can do this by calling or simply asking us a question at any time by emailing us through the details at the top of our site. We look forward to then sitting down with you and walking you through the options available that will suit what you’re looking to do.
There are plenty of things to think about before you buy your first home. Our handy checklist below should get you started, but remember to do your own research as well.
Are you eligible to apply for a First Home Owner Grant or the Great Start Grant?
Have you prepared a budget?
Use the Budget Planner calculator to outline all your everyday expenses, and see what excess you have left over. You can then work out what you can afford to pay in loan repayments.
Will mortgage insurance be payable?
You will probably have to pay mortgage insurance (to an independent mortgage insurance company) if you want to borrow more than 80% of the value of the property you are purchasing.
Have you negotiated?
Negotiate fees with your solicitor or conveyancer; don’t just accept their ‘set fee’.
Have you worked out your property stamp duty?
Stamp duty charges have changed over recent years and will differ from state to state. You should discuss your personal situation with your conveyancer to determine if you’ll need to pay any fees. (Check the Stamp Duty rates here)
Are you eligible for a rebate on the stamp duty you pay on your property?
Check with your State Revenue office.
Are you aware of mortgage stamp duty?
You will need to pay mortgage stamp duty on your loan. Amounts will vary from state to state.
Have you done enough research?
Try to visit at least 10 to 15 properties before you buy; this should provide you with a good idea of the current market.
Do you need a “Building and Pest Report”?
The short answer is yes………….Before you sign a contract it is advisable to have the house inspected for defects and problems.
Have you included moving costs in your budgeting?
Moving costs can add up.
Have you arranged to insure the structure once it is yours?
You’ll have to do this before your loan is approved.
Have you thought about contents insurance?
Remember it’s a good idea to insure the contents of your home before you move in. You may also want to think about installing a security system as it may reduce the amount you pay in insurance.