First home buyers | Mortgage Broker in Deebing Heights, Ripley, and Ripley South
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How to prepare for your first home purchase
When you’re ready to buy your first home, there are a few things to prepare beforehand to ensure that you’re setting yourself up for success both in the short and long term. Without ample preparation, you can find yourself in an echo chamber of rejection from lenders and sellers.
Setting some goals for what your first property should be is a great first step. To do this, you’ll need to take into account your lifestyle and plans to help determine the size and features your property should have. In addition to this, knowing your capabilities for renovations and repairs is also something to take into consideration. Many first-home buyers will go below budget and expect to be able to renovate the property themselves with no issues. Unfortunately, overestimation can be a financial sinkhole, and in the long run, end up costing more than more expensive properties on the market.
After you’ve set some clear goals and expectations for your first property, it’s recommended to visit your local mortgage broker to determine your finances. Your broker will assist in determining your borrowing power, which can then set a clear budget/savings goal to work towards.
When you’re ready to make buying your first home a reality, reach out to your local Mortgage Choice broker for Deebing Heights, Jeff Wright, on 0416 425 928.
How to select a home loan
Having an understanding of what your property needs and goals are is one thing; however, knowing what your loan options are and how they differ is an entirely different beast altogether. Home loans come in a large variety of shapes and sizes, some offering better rates while others offer more features or flexibility. Knowing what you’re looking for in a loan can help your future greatly.
The most common crossroads newcomers will face is the choice between a fixed interest rate and a variable interest rate.
Fixed interest rates are great for helping you outline a clear budget, due to the static nature of the interest rate. The caveat, however, is that you are offered far less flexibility than variable loans.
Variable interest rates are wonderful as they fluctuate by what is set by the RBA, and in contrast to the rigid nature of fixed rates, are far more flexible. This means your interest rates can decrease over time, saving you money on your repayments. However, just as easily, your interest rates can increase.
With a clear understanding of what benefits you value highly, you can set yourself up for success with your mortgage from the get-go. As always, it’s highly recommended that when you’re ready to start shopping for home loans, you visit your local broker for assistance. Brokers can source and help secure home loans that are not commonly available to the public, giving you a greater range of options to choose from.
When you’re ready to start your home-buying journey, connect with Brisbane’s best broker, Jeff Wright - 0416 425 928.
As an experienced mortgage broker across Ipswich, Jeff is available to help with a large variety of topics, including:
