1. Save a deposit
A deposit of 10 per cent of the purchase price is required when buying a home. However, buyers can avoid paying extra thousands for lender’s mortgage insurance if they save a deposit of 20 per cent. Once you’ve saved your deposit the next step is to get a loan approved.
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2. Investigate mortgage options and get a home loan pre-approval
Make sure you know how much you can afford to spend on a property. Before you decide on a home loan ask your lender for a key facts sheet to compare the different types of loans available.
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3. Borrow within your means
Be careful not to borrow over your limit. You don’t want to be forced sell your house if you cannot keep up with your mortgage repayments.
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4. Spend money on an inspection report
Building inspections may cost you a few hundred dollars but can potentially save you thousands by avoiding any issues after you’ve moved in.
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5. Budget for additional costs
Make sure you budget for the extra costs involved in buying a property such as stamp duty, conveyance fees, council rates and strata levies.
Couple Buying Home Together Source: AAP
