First home buyers

No matter who you are, if you’re getting ready to purchase your first home, you have a lot in common with Australians across the country.

First home buyers in Double Bay likely have the same questions as first-timers in Perth.

The first question you’ll want to answer concerns how much money you can borrow.

You can take the first step by figuring out how much you can afford.

Crunch the numbers, taking into account your monthly income, how much you spend on bills each month and any other factors that will impact your ability to repay a home loan.

The next step is finding out how much money a lender is willing to loan you.

If you get pre-approved for a mortgage, you’ll receive an amount the lender is willing to make available.

Not only will this tell you how much you can borrow, it will make it easier to narrow down your choices for buying a home.

As both a mortgage broker and experienced financial planner, I can help you determine how much money makes sense to borrow.

Next you need to consider how much money must be deposited upfront when buying a home.

Minimum deposit requirements can vary from lender to lender, based on your credit history and other financial criteria. As a guide, try to aim for 20 per cent.

Low deposit loan options exist, which are particularly popular for first home buyers who may not have large savings available to put down.

However, you should keep in mind that the larger the deposit you can put down, the more attractive it will make you to the lender.

This will not only result in more equity in your home being built faster, it can also lead to a lender offering a lower interest rate.

I can help you compare different loan products and figure out which deposit option is most suitable for you.

Finally, you should determine if you’re eligible for a First Home Owner Grant.

Eligibility for these grants depends on whether you choose an existing or new home, as well as how much the home is worth and when it was bought.

Grant regulations change from state to state, so first home buyers in Rose Bay will have different guidelines to follow than first home buyers outside New South Wales.

I can help you figure out if a grant is available and whether you are eligible and even assist you with the paperwork.

If you’re a first home buyer in Double Bay or surrounding areas, contact me, Daniel Pym, and I’ll find the loan option most suited to your needs.

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