Buying your first home is one of the biggest financial decisions you will make in your life. Obviously, there are a number of factors you should take into consideration, from getting the right loan for a new home purchase, to finding the ideal new home.
Below are some tips to help you find the perfect loan for a new home purchase.
The Best Time to Buy a New Home
A question that many new homebuyers ask is when is the best time to buy a home, and the answer is when it is best for you. There is not any definite right or wrong time when it comes to home buying. If you feel that you are ready to take the step into home ownership, then the time is right for you.
How Much you can Borrow
One very important consideration when searching for a new home is how much money the bank or lending agency will allow you to borrow. Your mortgage broker should be able to give you this information, and information regarding how much the payment will be and the duration of the loan. Only then will you be able to sit down and work out whether this amount is affordable for you. Knowing this information ahead of time will help to ensure you don’t overspend and purchase a home that is out of your budget range.
Which Type of First Home Loan is Best?
The mortgage arena is a scary and confusing place for most of us, filled with interest rates, options, and financial jargon that we do not understand. This is why you should never try to navigate this arena on your own and should have a team of professionals such as a real estate agent, solicitor, conveyancer, and mortgage broker helping you with every step of the process.
It is important to remember that no two situations are the same; nobody else has your income, your expenses, or your specific home ownership goals. Your mortgage broker should work to find you the best home loan that works best for your specific situation.
What About the First Home Owner’s Grant?
The First Home Owners Grant (FHOG) was introduced in 2000, and is a grant incentive offered by the Federal and individual State Governments to help people purchase their first home. As long as you meet the eligibility requirements you should receive your grant, your mortgage broker and solicitor or conveyancer should be able to help you determine if you are eligible.
Will I Need a Deposit to Buy my New Home?
Many banks have reduced the availability of no deposit home loans, but they aren’t completely gone. In certain circumstances, you may be able to buy your new home without having a large deposit, and some banks will even allow you to put the funds from your First Home Owners Grant towards paying for charges and fees associated with the purchase.
The best way to find a loan for a new home purchase is to contact a good local mortgage broker. He or she will help you understand your borrowing capacity, how much your monthly or bi-weekly repayments will be, and find you the best new home loan to fit with your circumstances, needs, and goals.
If you are looking for a good local mortgage broker, why not try our Tradebusters Connect local directory service? We have hand-picked just three of the best mortgage brokers in your area as members, and they are ready to speak to you today.
Their contact information is available here on this website and you are free to contact them directly.