8 First Home Buyer Tips
If you follow our tips when looking to buy your first home you'll be much better prepared. Consider all the pros and cons of buying a property and speak with a local mortgage broker Brisbane to confirm the best home loan for you. 1) Deposit, deposit, deposit 
You may not want to hear this, but no-deposit home loans are a thing of the past. Most lenders now ask for some deposit when you apply for a home loan. The bigger deposit you have, the less you borrow, and the more principal you are going to be paying back early. The aim of the game with mortgages is to reduce the amount of interest you pay. You can do this by not borrowing more than 80% of the purchase price, and by repaying the mortgage at a higher rate than the monthly minimum payment.
2) Decide on your limits
Of course everyone wants the best, but sometimes as a first time home buyer you may need to consider a smaller property or perhaps a property further out of town. In order to make your property a sound investment it is important to borrow within your limits, and sometimes this means readjusting your property ideals.
3) Plan a budget
The Great Australian Dream – owning your own home. Planning a budget ensures that you know if you can afford your dream home, and helps you to plan for the extra costs too such as legal fees and moving costs. Make sure you include a buffer, so if interest rates go up you can afford the extra repayments. Buying your first home is rewarding and exciting but planning now will serve you well in the future.
4) Government Freebies
Check how much you are eligible for with the First Home Owners Grant. You can apply for the First Home Owners Grant by visiting the Office of State Revenue in your state. The easiest way is to download the forms, fill them out and submit. Your mortgage broker will be able to help you with the application and ensure all the necessary paperwork is in order.
The grant of $7,000 is still available to eligible first home buyers.
If you are thinking for the future consider a First Home Savers Account. You have to hold the account for a minimum of four years and you must deposit at least $1000 each financial year, but the government contributes 17 cents for every dollar you save. Who would turn down extra money? You can still claim the First Home Buyer Grant, so you have nothing to loose.
5) Avoid other forms of debt
Credit cards, car loans, store cards… they are all debts, and they all affect your credit score. They also limit your ability to pay off your home loan, because you are still directing funds into these other loans. Potential interest rate hikes also need to be factored in. Most people who are currently having their homes repossessed were only just getting by' and couldn't afford any increased payments.
6) Get advice from a mortgage broker, lawyer or an accountant.
If you haven’t yet enlisted the help of a financial broker, then now is the time. A good mortgage broker is a great place to start, as mortgage brokers understand the property market and can assist to not only find you a great home loan, but can also get you fast approval and help with the paperwork side of everything. A mortgage broker helps you from start to finish, saving you a lot of time and effort. 7) Is the property sound?
Have the house inspected for any defects and problems before you sign. The Royal Institute of Architects can give you a pre-purchase inspection report for a set fee. See
www.architecture.com.au 8) Find Your Perfect Home
Making the selection when searching for your first home can prove difficult. You may look at several properties in one day and then more the following weekend. Remembering them all, with all their positives and negatives can be hard. Taking a digital camera, making notes of unusual features, colours and design elements and considering whether you like the location are all must do’s one the day of viewing. Ask to see your favourite properties a second time, so you can look with fresh eyes and make more rational judgements. If you are really keen on a property, call the agent to double-check that an offer hasn't come in, and to find out more about why the owner is selling.
Want to get started now? If you are ready to buy your first home and would like assistance with finding the right home loan, call us today on 1300 787665 or submit your details on line: