6 Tips For First Home Buyers

Finance & Insurance

As a broker I am very lucky to help many first home buyers on their journey to home ownership.

I still get a warm fuzzy feeling when they move in. Seriously it’s exciting, but it can also be very overwhelming if you are going it alone.

Boost your confidence and your home loan know-how with the following 6 tips:

1. Work with a mortgage broker and lock in a pre-approval. Yes – it sounds a bit obvious, however when it comes to purchasing your first home it is important to surround yourself with a team of professionals who can support you on the journey. A finance and mortgage broker will also have reliable contacts in the real estate industry who can help with locating and purchasing your property as well as conveyancers who can ensure that the process of purchasing runs smoothly. Also, a mortgage broker will ensure you and your new home are paired with the right loan for you.
2. Plan your budget. This will help you understand how much you can afford on repayments and other costs. It needs to be a long term workable budget that also has a little bit of room for fun or you’ll never stick to it.
3. Know your limitations. If you are working with a broker and a budget then this should be easy. Don’t buy what you cannot afford. Your first home doesn’t need to be your dream home.
4. Deposit, deposit, deposit. Save the biggest deposit that you can put together. Firstly, it shows a lender that you can save and not waste money, but more importantly it can also save you a lot of money in bank fees.
5. Consumer debt/excess debt. Try and minimise your credit cards and personal loans before you buy your home. That being said, it is not always possible to do so. Your broker can work through whether it’s better to pay off your loans first or what your next steps should be.
6. Are you entitled? Make sure you receive all that you can from the Government in regards to any grants or incentives. Make sure you are fully informed and know what you are eligible for.

I always try to keep things simple when I am working with my first home buyers and ensure they are fully informed and feel secure throughout the entire process.

My number one tip for first home buyers is to always deal with a team of professionals you trust as it can be a rocky journey and a good working relationship is essential.

If you need assistance or have any questions about purchasing your first home leave a comment below or send me a message.