Time for your First Home?
With Scott Mackey
Looking to buy your first home in the Bundaberg region?
Is now the perfect time to purchase with interest rates at an all-time low and with an increase in rents over the last 12 months? If you have a secure job, then now may be the perfect time to purchase.
Scott Mackey, Principal of RE/MAX Precision says, “as industry professionals we speak to a lot of people who are looking to purchase their first property in the near future, but don’t know where to start.”
We’ve compiled a list of tips to assist you on starting your journey of purchasing your first property.
Plan before you purchase
Don’t jump on the property bandwagon because everyone wants you to. Buying a house is a major financial decision that will affect all aspects of your life.
Saving a deposit
If you’re in the position of purchasing your first home, now is the time to act. Talk to a financial advisor or your lender so you know what you can afford and how much you need to save for a deposit. Also, be sure to research any government grants that might be available to you.
Budget
Small, disciplined savings go a long way in building a respectable deposit. Set your financial goals and plan your savings effectively using a Savings Calculator.
Check your credit
A clean credit file is a prerequisite for every lender. Pay your bills (even the smallest ones) on time to avoid any issues. It is also a good idea to give up on extra credit cards and clear as much debt as possible before applying for a loan.
Know what you can afford
Know your borrowing capacity before you decide to apply for a loan. Calculate your monthly and weekly repayments, preferably at a higher rate, to avoid defaults in the future.
Loan Pre-approval
Don’t forget to have your loan pre-approved before starting the property hunt. Having a loan pre-approval tells you exactly how much a lender is willing to lend to you and prevents disappointments later. You need to be ready with your proof of deposit, monthly expense sheet and proof income documents.
Know what you are looking for
It is easier to search for a property that you like when you know what features the property must have or what area you prefer. Have a good look through all major real estate sites and be sure to let your agent know which properties you shortlist, so we are able to continue the search and perhaps bring properties to your attention that you may have skimmed past.
Seek help
Always seek professional advice whether it be from the bank or a mortgage broker, these are professionals who help multiple people through the same situations day in and day out.
The experienced team at RE/MAX Precision is always here for you. Never hesitate to pick up the phone or pop into our office on Woongarra Street.
