First Home Buyers

Purchasing your first home is an exciting, life changing milestone for anyone; all those years of saving your money to enable you to have a piece of land you can call your own. Although exciting, without some assistance it can be a stressful process, not knowing how much you can borrow, what your repayments will be, how much deposit you need, how much you are looking at in fees and charges, exactly how the first home owners grant works and how much are you entitled to; these are just a few questions that you may be thinking.

Many first home buyers deal directly with a bank that they have had a relationship with in the past or that their parents are currently banking with. There is an expectation that the bank is offering you their best product for your individual situation.

There is also the assumption that all banks are the same but believe it or not that couldn't be further from the truth. It is an extremely competitive market and the banks and financial institutions are competing against one another to get YOUR business, the majority of people do not shop around with various financial institutions; who has the time or really understands their options?

We work with you to determine your borrowing needs and capability, select a loan from a variety of financial institutions that best suits your circumstances and manage the process through to settlement.

Buying Your First Home

Do your home work

There is much to consider and plenty to research. First you need to work out how much you can borrow. This is where our services will really help you. Make sure you have an accurate and detailed budget that takes into account all expenses associated with purchasing a property, including stamp duty, council rates, and other fees. We can help you identify these extra costs. Ask us for our budget planner if you don’t already have one.

Research your area

Ensure you go to many open inspections and do your research on the internet before purchasing to ensure you have a good indication on property prices in your desired location.

Account for all costs after the purchase

A mortgage is a big commitment and you may have to make changes to your regular spending practices if you are to meet your repayments with ease. Many first home owners forget to budget for things they haven’t been used to paying for themselves like electricity, water and other utilities and for items such as insurances. Budget for maintenance and even simple things like stocking up the fridge and pantry for the first time – many of the things we take for granted when living at home. Make sure you do not stretch yourself to your limit. You need to fully understand the impact of your regular spending levels on your new budget. Interest rates move constantly, so you will need to allow room in your budget for interest rate increases and for other unforeseen additional spending. When interest rates drop, simply maintaining the same repayment is one of the fastest ways of paying off more of your loan and building a buffer if rates rise again.

Consider options suited to your requirements

Think very carefully about the different loan product offerings available and how these relate to you and your spending habits. There are a number of products on the market and it is important that you find a product that best suits your needs. Consider options that may help you reduce the loan faster to avoid the very expensive costs associated with long term debt. This is where our guidance can be invaluable to you.