Buying a First Home

Buying your first home is an exciting time! You have done the hard work saving your deposit and now the search is on to choose your ideal first home. The major decision takes planning and research.

Are you ready to become a homeowner?

  • Have a substantial deposit? A rough rule of thumb is 20%, but other options are also available. The simple rule is that the bigger the deposit the better.
  • In securing your deposit, do you also have a cash reserve for that rainy day along with stamp duty?
  • Pre-approval for a loan. Once the deposit is in place it is always important that you know what you can afford both your deposit and the regular repayments. This is critical so that when you do find that perfect house, you know that the regular mortgage repayment is covered but importantly you can still afford to lead a comfortable lifestyle.

With the first steps of pre planning in place, take your time for your house selection to consider things like the proximity to schools, transport and amenities, and the condition of the property. Does it need major repairs?

Purchasing your first home is a big decison but being prepared by having the right structure in place early, puts you in control. While it may seem an easy decision many people don't consider the full picture matching your future plans.

  • Is this going to be the long term family home?
  • Will the property in time become an investment property?

You will start a new relationship with your lender who requires regular repayments and may even look to increase the repayments over the next 30 years. Ensure you have experts at TIPS experience to make good choices so that if life changes you have available options by being prepared in advance rather than making decisions which hit you in the financial hip pocket.

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