Congratulations! You are about to embark on a life-changing experience. It’s an exciting and stressful time because you want to make sure you pick the right home. Just relax there are a few options to consider in order to afford your first home.

One of the top options is to make a Deposit. This is a valued resource because the more funds you contribute, the mortgage cost will be lower and enable you to get a better loan.  It shows the lender you are a lower risk.  There are many ways to accumulate a deposit: Save money, use gifted money, equity from another property, pledges from relatives, and First-Home Buyers Grant.

As a First-Home Buyer, you are now in a good position with low interest rate offerings, and the First-Home Buyers Grant. The Federal Government has a grant available to first-home buyers of a certain amount to go towards the purchase of their first property. Some of the qualifications include: application must be filled out within 12 months of completion of construction or settlement of the home and you must be a citizen or permanent resident. For more information, you can contact the Office of State Revenue.

Just as a reminder, the interest rate is only part of the overall pricing. This is something you need to consider when taking out a home loan.  Make sure to investigate the features of the loan and ongoing fees.

As a First-Home Buyer, you do have access to similar loans offered to other types of home buyers. Consulting a mortgage broker is wise as a broker has connections with a selective variety of banks/lenders. The broker’s job is to find you a suitable loan with the right features and lower costs. It should be a deal based off your financial situation that will result in you getting an affordable home loan.

Utilise First-Home Buyers information websites to get answers to common questions like home buying eligibility, what are qualifying homes, and residency requirements.

Get started on the right home buying path today and call someone in the know! Excellence Finance – 9609 4655.