Are you a first home buyer? Are you struggling or daunted by the amount of work to save, buy and pay off your first home? There are several things you have to bear in mind before starting the process.
- Check your credit record – you may get a credit check report from www.mycreditfile.com.au
- Ask yourself how much do I want to borrow or need to borrow?
- Obtain pre-approval; This is a crucial step as securing pre-approval from a lender before starting your property hunting. Pre-approval gives you an idea of how much you can afford to spend on the property. It will also minimise the risk of missing out your ideal home due to delays in arranging finance.
After you decide on your property , selecting a right home loan with the most suitable features, is extremely important for your wealth management.
For first home buyers, you should pay particular attention to:
- First Home Owners Grant (FHOG): $15,000 subsidy for eligible first home owners to purchase a new home or build their home.*
- First Home – New Home scheme: Duty concession or exemption *
You should also consider the following:
- Costs involved in purchasing a property
- Which loan should I apply for?
- Engage a solicitor/conveyancer
- Secure final loan approval
AMS has helped many first home buyers for their first home loans. We have extensive knowledge and experience in this area to give you advice on comprehensive and reliable loan structure that best meets your shot and long term financial needs. In addition, we offer the followings tips to help you pay off your mortgage faster:
- Pay fortnightly rather than monthly
- Make extra payments, even small amounts can make a big difference
- Make your lender a one-stop shop
- Get an offset account to save on interests
- Give your mortgage a regular check-up to see whether the loan fits your changing circumstances
If you would like to know more, give us a call! 02 8599 8599 or email us via info@alliancemortgages.com.au
*Terms and condition apply. Please contact us or visit http://www.osr.nsw.gov.au/grants/fhog
**Terms and condition apply. Please contact us or visit http://www.osr.nsw.gov.au/grants/fhnh
Last updated: 16 January 2015
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