Working with a finance broker like Tundra Mortgage Brokers can help you to understand what your borrowing power will be and the right loan that suits you and your lifestyle. Here are a few extra tips when you are buying your first home.
- Make sure you are eligible for a home loan. Talk to a finance specialist like Tundra Mortgage Brokers to find out what your borrowing power will be. That way you know what you can afford when you go looking for a house. Tundra Mortgage Brokers can work with you to obtain a pre-approval for finance, so you know exactly what you can borrow, and this will also enable you to bid at an auction.
- Research your home loan options. Do you want a fixed or variable interest rate? Do you want a redraw facility or offset account? Don’t know what these are? That’s ok, we can help you to understand the pros and cons of each.
- Reduce your debt. Your borrowing power is influenced greatly by the amount of debt that you have. If you have a credit card, consider reducing the limit to $1000 or $2000.
- Calculate the cost of buying a house. There are many costs involved in purchasing a house including stamp duty, registration fees, bank fees, conveyancing fees as well as moving costs. There are a number of grants and concessions that the Victorian Government has put in place to help with the cost of buying a house, however you still need to fact other costs in the purchase.
- Found a house? Make sure you get a building and pest inspection done. Having a pest and building inspection will prevent the little surprises after purchase. The last thing that you want to find is that termites have been eating away at your house and left your house structurally unsound. Repair could be costly!
- Having a hard time finding a house? Consider a buyer’s agent. Buyers agents aim to find you the house that you are looking for. Some also provide the service of bidding at auction or negotiating the price of the house on your behalf.
- Ensure you have a conveyancer look over your contract thoroughly. A conveyancer is a must when buying a house. They will look over the section 32 and contract on your behalf and ensure that there are no surprises. They will also handle the legal side of purchasing the house including the settlement process.