The combination of low interest rates and various government incentives means it is a great time to purchase a home in WA. While buying your first home can seem overwhelming, it doesn’t have to be which is why it helps to be fully prepared by doing the necessary research ensuring your experience is a smooth one.
We’ve prepared 4 simple, yet helpful tips to help new home buyers make the transition:
Set a clear and realistic savings plan
When saving for your first home, every extra dollar makes a difference so it’s important to make sure your finances are headed in the right direction. Simple changes such as bringing your lunch to work and cutting back on purchasing a takeaway coffee each morning will help you save money towards your first home.
If you find that you need more support, there are plenty of resources designed to help you. ASIC’s money smart website has plenty of resources to help you create an achievable budget and savings plan. Another popular program is the Barefoot Investor Strategy, which is all about helping you take control of your finances.
Do your homework
The best way to prepare yourself when buying your first home is to do your homework. So here are a few things you will want to make sure you understand:
- What government grants are available to you.
- Which banks offer the best lending packages and what loan features will suit you best.
- If you plan to build – ensure you understand the process, including your contractual obligations, additional costs and council regulations.
- Be sure you have clearly set goals – what area do you want to buy in? Do you need a big backyard for the dog or kids? Do some research. See what properties are selling in your area.
This will help you gauge exactly what you are looking for and what your budget will allow for.
Understand the style of home you want and the suburb you want to live in
Are you wanting a spacious home with a big back yard, or maybe you’re after something smaller. It’s important to balance smart investment choices with property features that you can see yourself calling home. During the decision-making process, you should be looking for the following:
- A property within your budget
- A suburb that suits your lifestyle
- A property close to relevant amenities
Use a mortgage broker.
Last, but definitely not least, make an appointment to see a broker. Before your meeting, your broker will let you know what you need to bring with you to ensure there are no delays. Your broker has access to over 25 different lenders and will be able to make an assessment as to the most appropriate option for you based on your objectives and financial circumstances. Your broker will prepare your application, assist you in compiling all of the supporting documentation, and liaise directly with the lender throughout the application process right through to settlement – making everything simpler and more convenient for you.
There you have it, 4 quick tips that will get you well on your way to purchasing your first home. If you would like to find out more or chat with one of our Finance Managers, you can enquire with our team today.