Set Goals
Finding the perfect property requires a lot of research.
- As a rule of thumb, minimum 10% of the total value of the property should be used as a start of the basis for savings so you will need to an idea of the price of the property you want to buy.
- As a guide, your repayments shouldn’t exceed approximately 40% of your after-tax salary.
- Potential to save after the mortgage repayments is worth aiming for and is ideal to plan for long term investment strategy to build a nest egg and net wealth.
Plan a Budget
The deposit amount should be the first step in your budget analysis.
- Our home loan calculators can give you an indication of how much a bank will lend you.
- However, it is important to understand what portion of income (e.g. ongoing living expenses) goes towards various items and potential savings .
- Our advisors will consider your unique personal circumstances and likely expenses to give a comprehensive assessment of your borrowing capacity and calculate the total cost of purchasing a home.
Understand the costs
Gaining comprehensive knowledge of buying a home early in the process will ensure you have enough savings and won’t be left with unexpected expenses later on.
- Consider additional costs as stamp duty, legal costs, registration fees, inspections and moving costs.
- You may be eligible for the First Home Owner Grant http://www.osr.nsw.gov.au/grants
- Refunds of State taxes in certain circumstances.
Organise your information
Being organised at an early stage will allow you to be more confident when you apply for a home loan and look for your first home.
- Be aware of your credit rating so you can work toward improving it if necessary.
- find a good solicitor or conveyancer to support you through the process.
- We can help you organise the other necessary documents.
