Purchasing your first home is a big step and can be a daunting experience. A common theme we hear from first home buyers is “I don’t know where to start”. A good place to start is to ask yourself these three questions.
Being ready will mean different things to different people, but the essential considerations are:
Having a deposit (or an alternative to a deposit) is essential to getting into your first home. However, there are other costs to consider as well. These include closing costs (e.g. stamp duty & legal fees), insurance, and removalists. There may be other expenses unique to your personal situation so take the time to think about and list these down.
Another key consideration on the financial side of things is the repayments for the actual loan. Take the time to work out what you can afford by considering your income and ongoing expenses. Be sure to include the new expenses that come along with owning your own home (e.g. council rates, utilities, maintenance etc). Once you’ve figured this out, work out how much you can borrow using an online affordability calculator or by speaking with your trusted mortgage broker.
Check out our run-down on the NSW government’s First Home Owner’s Grant here. We’ve run through the available grants and concessions in NSW, however if you live in another state or territory, be sure to check what is available for you.
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