Buying your first home is means taking a huge step into a new world of property and legal transactions. There's a lot to consider, which is we're committed to empowering you with the knowledge you need to navigate the process.
We're here to answer your questions from the moment you decide to start saving a deposit, to final settlement and the challenges and opportunities that come with being a home owner.
Buying a home is a huge commitment, but you can look at it as a form of forced saving, as the payments you make go towards increasing your net worth by building equity in your new home.
Now that you're ready to take the first steps to home ownership, the best place to start is by creating a working savings plan, saving up your first deposit and planning for your future as a home owner.
Before you apply for a home loan, you want to get everything in order so that you know exactly where you are at financially.
This means creating a budget and setting some financial goals.
Speaking to a mortgage broker can help you to understand what a realistic savings target will be and how much you will be able to borrow.
Finding out how much you'll be able to borrow towards your first home is a great place to start. With this information, you can calculate the deposit that you'll aim for, and the approximate costs for buying like stamp duty and professional fees.
As a rough guide, to be affordable your future mortgage repayments shouldn’t be more than 30% of your after-tax income.
You might decide to open high interest savings account to hold your first home deposit, if you don’t already have one. Take our first home owner's challenge and practice saving the amount of your predicted mortgage repayments each pay cycle so you have an idea of the impact taking out a mortgage will have on your lifestyle.
At this early stage it pays to check your credit score, and to take any steps you might need in order to improve your credit rating while you save for your deposit.
Getting organised early will make the home buying process smoother and will give you more confidence as you take this important life step.
Owning your own home will give you the security of a place to live, a valuable asset and a property that you can personalise to your own tastes.
It's important to remember that the first home you buy won't be the last. Your first home you purchase will often involve a few compromises, and might not have all the elements that your ideal dream home will have.
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