colinrealestate

When buying your first home, your first step is working out how big a deposit you’ll need & then to saving hard.
1. Work out what you can afford to borrow and still live comfortably.
2. Get advice from a financial planner, friend or family member who has bought property before. Get as much advice as possible.
3. Don’t over commit. When buying your first home. Most people qualify for bigger loans than they can afford. Don’t fall into this trap. You’ll need adequate reserves to cover more than just mortgage repayments.
Start looking around once you have saved around 5 per cent of the purchase price and keep saving. The larger your deposit, the more manageable and less stressful your repayments will be.

Filed under: REAL ESTATE