Deciding to buy your first home can be an exciting time, but many first time buyers don’t know where they should begin.
Navigating the buying process can be difficult, but it only takes a few simple steps to get you off on the right foot and have you on the path to getting the keys to your very first home.
- Find out if you qualify for a home loan
Do you know whether or not you’re eligible to take out a home loan? This is the first (and most vital) piece of information you’ll need before setting out on your property hunt, after all there’s not much point house shopping if you won’t be able to take out a loan.
Don’t despair if you aren’t ready to take out a loan quite yet though. Talking to a lender will help you get an accurate picture of your financial situation, which can help you figure out if there are any changes that need to be made to get you where you need to be.
- Grow your deposit
The more money you have saved away in the bank, the more options you’ll have. Work towards saving as much as you can so that you can avoid paying LMI (lenders’ mortgage insurance), or just because you want to have more to offer when the right property comes along.
In general, most lenders will require a 20% deposit to avoid paying LMI.
- Arm yourself with information
Nothing is more valuable than information. Spend a bit of time everyday, even if it’s just 20 minutes, researching things like home loans and the local property market.
Understanding a particular property market will help you figure out how much to offer on individual properties and allow you to understand all of the costs involved in the buying process so you’re not caught out unawares.
- Get help from the experts
You don’t have to go on your buying journey alone! There are a number of professionals that can help you along the way from financial advisors and mortgage brokers to buyer’s agents and conveyancers.
Buying a property can be confusing so don’t be afraid to ask for help when you need it.
- Be ready to make a move
If you’re serious about getting into the property market then get all of your ducks in a row as soon as you can so you can make a move on the right property as soon as it comes your way.
It’s a good idea to have pre-approval organised so you have a solid idea of your borrowing capacity and are ready to make your best offer when you find a property you don’t want to miss out on.
If you’re after any more advice about buying in Mudgee then contact the team at McGrath Central Tablelands.