Your Home Buying Checklist: What Do You Need to Do?

Are you planning on buying a new home? Buying a home is a smart financial move but you need to make the right decisions about the home you buy, the mortgage you apply for, the professionals (home builders, conveyancers, mortgage brokers, etc.) you work with and so much more. This includes saving for the deposit, which for many Australians is the greatest challenge of all. However, it’s worth noting that around 70% of Australians own property and so can you. In fact this current low interest rate environment means now is a great time to buy.

Saving for the Deposit

If you haven’t started saving for deposit there’s no time like right now to get started. Create a budget that’s realistic, achievable and stick to it. Budgeting isn’t easy, but if you keep on track you’ll soon be in a position to apply for a mortgage. When saving for your first home:

• Give yourself some freedom and don’t deprive yourself. You can still enjoy life while saving for a deposit.
• Save on a weekly basis. The more frequently you put money away, the more you’ll save and the sooner you’ll have your deposit.
• Freelance or work a part-time job. An extra income can make a significant difference to your savings.

Stick with it, watch your savings grow, stay positive and you’ll get there.

Applying for a Mortgage

Applying for a mortgage is stressful for most people and you may find it beneficial to work with a mortgage broker. Don’t forget there are options available to you, like the first home owners loan scheme which means you could get by with just 5% of the purchasing price.

Regardless of which lender you go through and whether you choose to apply on your own or with the assistance of a mortgage broker, don’t rush it — it’s better to take your time and get a great mortgage deal than rush it and pay more in interest and fees.

Our MyChoice Home Loans team are specialists in construction loans and have access to great offers from a wide range of lenders so why not talk to them and take advantage of the current low interest rates.

Searching for Your Dream Home

What are you looking for in your first home? Are you looking for an existing home that will require renovations in the near future or do you want the peace of mind that a first homebuyer’s house and land package provides? Buying a first home is a major step and you need to consider what you need now and what you will likely need in five to ten years, whether a single or double-storey design best suits your lifestyle and so much more.

A good place to start is to make a list of ‘must-haves’ and ‘nice-to-haves’ and work through the list as you explore your home buying options while saving for the deposit. The list will change as you realise what’s most important to you in your new home and what’s more of a luxury. Don’t forget that some ‘nice-to-haves’ you can’t afford now you can always have later.

Call McDonald Jones on 1300 555 382, contact us online or visit a display home near you. We can advise you on buying a house as a first time homebuyer and the Government schemes, like the first home owners grant, that can help you become a homeowner sooner.