First Home Buyers: Find out how your mortgage provider can help you take advantage of the First Home Owner Grant

by Greg on September 5, 2014

First home buyers

Taking the plunge and diving into the real estate market can be a difficult, daunting prospect for first time buyers in Australia. With all the talk of retained cash rates, low interest on mortgages, home loan comparisons and pre-approvals, you’d be forgiven for feeling a little out of your depth. But just like most things in life, making the most of the situation means taking the time to properly research your choices and understand the various components involved in the decision

Buying a property is a well-established process and luckily for first time buyers there are lots of online resources, first home buyer guides and experts out there to help make things easier. Obtaining a home loan is a crucial step to undertake when navigating your way to home ownership. But, did you know that home loan providers are also often trained to help guide you through the whole home ownership process – from inception to moving in day? Here are some tips for things to research and prepare, before making an appointment to speak with a home loans expert:

1. Know your budget

Buying a house is probably one the biggest purchases you will make in your lifetime. So it’s crucial to get your finances in order before you start thinking about applying for a home loan. Consider consolidating any credit card or personal loan debt, set up a high interest savings account and arrange for savings to automatically be taken out every time you get paid. Getting more disciplined with money is good practice for when you get your mortgage.

2. Define your long term goals

Why are you buying your house? Are you looking to buy a property you can settle and raise a family in, or one that you can buy and sell on in a few years? Consider your longer-term goals. If you are looking to raise a family make sure to consider the importance of local schools, childcare facilities and nearby parks. Thinking ahead will help you to narrow down what type of property you need, and where you want to buy.

3. Do your research

Research into what a home loan is, and get familiar with terms like fixed rates, variable rates and stamp duty. The more you know, the more confident you will be when discussing home loan options with your potential provider. Look online for first time buyer checklists to make sure you start gathering all the relevant documents you need for a successful application.

It is also helpful at this point to research into whether you are eligible for any government grants, such as the First Home Owners Grant (FHOG). Across the nation, each state offers a FHOG that can be utilised by eligible buyers to get their foot into the property market. With varying values and requirements in each state, it could pay to speak with your future home loans provider to discuss the process of applying for these grants in your region. Home loan providers often have the experience to help you navigate your way through state government provided initiatives.

4. Set up a meeting with your Home Loans provider

Once you’ve done all your preliminary research and know your fixed rate from your standard variable it’s time to get in touch with an expert to talk home loans, knowing that you are well prepared and ready to talk specifics. Home loan providers will often be able to point you in the direction of other online resources like home loan calculators and comparison tools to help you with your decision.

With their expert knowledge of mortgage products, how to cut costs and secure potential savings, resi is a great option for first time buyers. So, if you are thinking of buying your first dream home give resi a call or visit online to find out more.

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