There are many reasons why Australians want to get on the first rung of the property ladder and one might be that they want to move out of their parent’s home because they want to live their own life. Another reason might be that they have been renting a property for many years now and they have nothing to show for it except higher rent payments. Whatever the reasons, it is great news that these same people want to buy their first property and it is a very wise long-term investment indeed.
One of the first things you need to do is to look into the many home loans in Sylvania to figure out which one best suits your current circumstances and it is important that you talk to your lender to find out about the terms and conditions and what you are signing yourself up for. This will be probably the biggest purchase that you will make in this lifetime and so take your time and do things properly.
It is a very exciting yet stressful time when searching for your first property and it’s likely that you have a picture in your mind of what it is that you are looking for. To help you along the way, the following are just some top tips to assist when buying your first property here in Australia.
- Find out how much you can borrow – This allows you to begin the search for your new home with a figure in mind so that you can narrow down your choices. Depending on your financial circumstances, certain properties will certainly be off-limits and so if you have a standard 9-to-5 job then get the picture of that large mansion out of your head. You can talk to your lender and they will give you a general idea of how much money that they will lend you and then you can start shopping for your new home.
- Sort out your needs from your wants – There are certain things that are home needs and there are certain others that you might want to add and so you need to figure out what these are. If you have kids, then one of your needs might be that the property needs to be fairly close to local schools, close to your work and there should be shopping mauls nearby.
- Find out about the mortgage options – There are many different mortgage deals out there including fixed mortgages and variable mortgages. You can take mortgages out over different lengths of time but generally most people take the mortgage out over a 30 to 35 year period. If this is just a starter property for you then you may want to go with a variable rate mortgage so that you can sell up and move on.
The important thing is to do your due diligence, talk to your friends and family who have already purchased the first property and you will get a general idea of what is required.
