Buying your first home can be a bit daunting particularly when you’re young. WhiteStar Finance can help you.
Knowing the steps for successfully buying a first home can take the stress out of what can be a very satisfying and exciting experience. Contact us to find out your answers to the following checklist questions.
- How much can I borrow is something you should find out before you start looking for a property. Knowing your home loan borrowing power will guide you to the home you can afford to buy and where you can afford to live.
- Have a credit check done. This will tell you and us if there are any blemishes on your credit history. For example, if you missed some payments or made late payments on a loan or credit card. Often these blemishes can be handled if we are aware of them.
- We strongly recommend that you look at a home loan pre-approval. This is an obligation free service. It will indicate what sort of home you can afford and what deposit you may need. (a pre-approval is an indicative only and not binding on you or the lender).
- Where do I get the money for the home deposit? There are options and you can combine some of the options to get your deposit sooner.
- Save for your deposit
- Gifts from family
- Equity from another property – Usually parents or family
- First Home Buyers Grant and HomeBuilder grant
- Pay LMI for a small deposit type loan
- How much deposit do I need? Very important to know. Make sure you know all your figures before making a bid or offer on the property.
- Additional costs: Some costs need to be covered either as part of your loan or from your pocket. Some of the items listed have higher or lower feeds depending on where you are buying your home
- Government purchase stamp duty
- Lender application/ valuation fees
- Lenders mortgage insurance
- Lenders legals / Documents
- Government transfer fees
- Mortgage registration fee
- Your legal fees
- Moving house: There are moving costs to consider including furniture removalists, connection fees for electricity, phone/internet, cable tv and so on. Also, furniture and appliances may need to be changed to better suit the new home.
Talk to WhiteStar mortgage brokers to get started.