If you’re planning on entering the property market this year, there are steps you can take to help you reach your home ownership goals. Here are five things to consider as you prepare to begin your property search.
Before you start looking for a home, it’s important to understand how much you can borrow. This will help you narrow down your search to properties that are within your budget. There are several factors that can affect your borrowing capacity, including your income, living expenses, debts, assets, and savings.
A mortgage calculator or home loan calculator can be useful for getting an idea of your monthly payments and helping you stay within your budget. Click Here to use our Borrowing Power Calculator and crunch the numbers on your future loan.
A larger deposit can help you secure a better interest rate and reduce the risk for lenders. Start saving as early as possible and consider setting up automatic savings deposits to help you reach your goal. It’s also helpful to know that the larger your deposit, the lower your loan-to-value ratio will be.
Not sure how much you’ll need for a deposit? Aim to save at least 20% of the total value of your ideal property investment. This shows lenders your ability to save and manage money and will help you avoid paying lenders mortgage insurance.
Do you struggle to stay on top of your savings? Use our Savings Calculator and our other mortgage calculators to clarify your saving goals or contact our mortgage brokers.
Are you a first-time homebuyer? You could be eligible for government incentives that can make it easier for you to enter the property market. The federal government offers the Home Guarantee Scheme, which supports low- and middle-income first-time homebuyers who are able to make a down payment of as little as 5%.
State and territory governments also offer grants and schemes that can help all types of property buyers enter the market. Contact our 1st Street Financial mortgage brokers to discuss the government incentives you may be eligible for.
The next step is to contact our mortgage brokers and organise pre-approval. This is when a lender pre-approves your potential loan so that you can confidently and quickly make an offer as soon as you find the right property.
Don’t just settle for the first mortgage offer you receive. Shop around and compare different lenders and mortgage products to find the best fit for your needs. Our mortgage brokers can help you navigate the home loan process, find the best mortgage for your situation, and secure pre-approval. We can also help you compare different options and assist with the application process.
With a clear understanding of your borrowing capacity and any government incentives you may be eligible for, you can focus your search on properties that fit your needs and budget. Compare different properties and make an informed decision about where you’d like to live based on your pre-approved loan.
Ready to start your property search? Consider using a mortgage calculator or home loan calculator to get an idea of your monthly payments. And don’t forget, we’re here to help you every step of the way. Contact us to learn more.
Have you ever wondered how valuers make valuations? We explore the methods and data sources that property valuers use to value a property.
Have you ever wondered how valuers make valuations? We explore the methods and data sources that property valuers use to value a property.
We can help get you into your new home.
We’ve worked with clients across Australia to access the different first home owner grants (FHOG) as well as the various stamp duty and other concessions that may be available depending on which state you are in. We can talk you through your various options as well as helping you compare things like buying vacant land vs. an established home.
Use our online calculators to work out how much you can borrow, loan repayments, stamp duty and lots more.
