Buying your home is a very exciting time. It's your opportunity to enter the property market and invest into your future. Here's some smart tips that can help you when planning your home buyer journey.
1. Your borrowing amount.
Before you start considering your potential new home options, it's important to find out how much the bank is prepared to lend you first. This will help you to have realistic expectations when searching for your home.
You can do this by speaking to your bank directly. Alternatively, a mortgage broker can access multiple lenders on your behalf. If one bank restricts you to limited options, you will have access to other lenders without having to make multiple inquiries.
With your borrowing capacity calculated, you'll then be able to seek out properties within your affordability. Our team can provide you with a free assessment to determine how much you can potentially borrow.
2. Your repayment amount.
With your borrowing capacity calculated, it's smart to work out how much the weekly repayments will be for the amount you want to borrow. You can do this by using free online mortgage repayment calculators.
Moneysmart.gov.au is a government website that provides useful calculators. You can use their free mortgage repayment calculator here. You can play around with the figures to see how much you would be comfortable to repay on a weekly basis.
3. Your budget plan.
Every home buyer should have an effective budget plan. This will enable you to have a clear idea of your financial commitments and know how much you can afford to spend towards your home loan repayments.
Once you've worked out how much you can afford, you'll be more confident when making financial decisions. Your MWC Advisor can assist you with getting an estimate of the repayments you can expect for you're desired home.
You can use our FREE Budget Kit to create a budget plan.
4. Grant eligibility.
If you're looking to take advantage of Government grants and concessions, it's good to check to see if you meet the criteria.
- $25k HomeBuilder Grant - This grant provides eligible owner-occupiers with a grant of $25,000 to build a new home or substantially renovate an existing home. It is available until 31th Dec 2020. View the criteria here.
- First Home Owners Grant - This grant is available to eligible first home buyers when purchasing a new home in Australia. The grant amount varies by state, you can visit firsthome.gov.au to find out more.
- MWC $10k Gift - This is available on our approved new home packages to help our clients into their home with less savings. You can find out if you qualify for our Low Deposit Solution through our free assessment form.
5. Your needs vs wants.
We all want the large six bedroom home on a two acre block of land located ten minutes from the city… However, smart buyers will put themselves in the best position for success.
Take some time to think about what's most important to you... Will it be the price or repayments? The location? The size of the house / land? Be willing to compromise and explore ways that you may able to adapt to a property.
Spend some time researching your location of interest to determine if you can afford that area. Keep in mind that some lifestyle changes may allow you to find a more suitable and affordable option.
Get the right help.
Committing to buying your first home can be harder than it seems. Even for those in the perfect position to do so! That's because fear and emotion is always involved. If you're in the right position to buy, be determined to achieve your goal.
Ask lots of questions and get advice from professionals and other home owners. You will no doubt have moments of fear or concern, if so, speak to your MWC Advisor to regain your confidence!
Low Deposit Solution.
Our simple and effective strategy is helping Aussies to finally get into their own home in from as little deposit possible. That's because... We're providing a gift of $10,000 to each one of our buyers to make it possible!