Before you decide to purchase your first home there are a number of things to consider, including your current personal circumstances and financial status.
Do you want to live in it or will it be an investment property? This can help determine the kind of loan you apply for and home you buy, depending on your short and long-term plans.
Knowing the market is crucial, so do some research on the areas you are targeting, check out auction clearance rates and recent sales, as well as price trends in the area. Once you are aware of what you are looking for and the approximate price, the next step is saving a deposit.
Now is also the time to start talking with one of Acceptance Finance’s Credit Advisors, as they will be able to provide you with indications of what your deposit will need to be based on what purchase price you are aiming.
Keep in mind that being able to show a record of good saving habits will aid in getting your loan approved.
Once you have saved enough, then we can look at setting up a pre-approval with the most suitable lenders based on your situation.
Depending on the property, there can be a number of additional costs, so ask us what other payments you will face. This can include, but isn’t limited to, stamp duty, loan establishment fees, legal and conveyance services, utilities, property insurance, maintenance and lenders mortgage insurance.
Your Acceptance Finance Credit Advisor will be able to provide you with an overall estimate of these fees.
Just because your current situation allows you to get a home loan, that doesn’t automatically guarantee that you will still be able to service it in five years’ time. Is there a possibility your role at work will change? Are you considering going back to study and reducing your working hours?
With so many things to consider, getting professional help is highly recommended. There are many experts in the industry and it is in your best interest to use them for tasks such as property checks, pest checks and any other legal queries. Going it alone can prove costly. Avoid nasty surprises down the track by getting the right people to do the appropriate checks for you from the beginning.