With more opportunities popping up in Bunbury for more people to purchase their first home, we’ve provided some helpful tips to make that dream of owning a home a reality.
Do your research
The first thing to consider is whether you are wanting an investment property or if you will live in it.
Regardless, the more real estate market research you do will effectively define your goals and understand what’s affordable.
Work out how much you can afford
With 30 per cent of a household’s gross income going on a mortgage, it is important to calculate how much of your income you can afford to spend on loan repayments.
A 10 per cent deposit is also usually required of the initial purchase price and extra upfront expenses need to be taken into consideration. First home buyers may be eligible for grants and exemptions on stamp duty. See the ‘First Homebuyers Guide’ information or log on to www.firsthome.gov.au.
Find a lender
It is recommended to start looking for a lender before you start looking for a property.
Your current bank should be your first port of call, to see what it can offer. And do some research online to see who is offering the best mortgage interest rates.
Once you have targeted one or two banks, approach them in person to get approval “in principle” for your loan.
The buying process
You’ve found the property you want to buy so work with your real estate agent through the buying process.