You Need To Plan Well Ahead To Purchase Your First Property

As house prices increase, it’s tougher for young Australians to gather enough money to put towards a deposit to purchase their own property.
House Property

Once you have mastered the task of saving sufficient money to help your home purchase, you have to deal with the mortgage providers who want to know everything about you before they decide to lend you money to complete your purchase. After all, they have to be confident that you can make monthly payments towards the loan and if you can’t, they need to be equally confident that they can sell the property and get their money back from the sale.

When you are buying your first property and completing the Aussie dream of owning your own home, any increase in house prices keeps your dream just that little bit further away. Only if you’re lucky enough to have safe and sufficient deposit money which doesn’t usually coincide with the recession, can you buy a property when house prices are low.

Consider seeking the advice of a mortgage broker in Rockingham before you go house hunting. They will ask you about your financial situation, both past and present, and your expectations for the future. Your mortgage broker will be able to give you a direction so you will know how much money you might need to borrow from the mortgage provider. Armed with this information, you will be open to search for properties within your price range.

Keep the Additional Costs of Purchasing a Property in Mind Too

Whether you’re a first-time owner or not, there are costs associated to buying a property.

You will need to appoint a lawyer who will work for you in completing the legalities associated to your property purchase. They will make sure that you are buying a property which meets all the satisfactory rules and guidelines.

You will need to raise money to pay the government’s stamp duty, which rises considerably once you look at buying a property over $500,000 in value. However, most first-time buyers will be looking to purchase a property at a lower value which means you should escape the majority of the stamp duty fees.

Your mortgage broker should be paid by the mortgage provider, but check if mortgage brokers might want to charge you a fee. The mortgage broker is there to help you and find you the best deal from all the providers in the marketplace.

There is some good news, too. There are first-time owner’s grants of $7,000 that can help with the amount of money that you need to have available through the purchase process. The government is keen to help people buy their first property which requires building houses, which means more people are employed. Contact us today and we can help you realise your dream of home ownership.