How much can you afford?
The first thing we will do is work out your borrowing potential.
You may have a dream home in mind but first you need to know if you can afford it. There are many factors that will influence your decision around what to buy and where – proximity to work and family and your stage of life are just a few – but the single biggest decider is nearly always what you can afford. It’s really a case of looking at the big picture and working your way back from there. Consider your household income and what you realistically can afford in loan repayments, taking into account all of your expenses (even coffees and lunches). As a guide a mortgage calculator can be a great place to start, but it won’t take into account all of your personal circumstances or eligibility for a loan. Talking to us will give you a much more accurate idea of what you can afford. We can look to obtain pre approval from a lender so you can put an offer on a home when you find the one you like. Of course, even with a pre-approval a subject to finance clause is an important protection.
Understanding the different home loan types
The first home owners grant and other incentives.
The First Home Owners Grant and other various grants and stamp duty concessions may be available to give first homebuyers a leg up.
The grants usually apply to apartments and houses up to a certain value. These thresholds can vary depending on the type of dwelling and the state or territory in which the property is located. The savings can be significant. So it’s certainly worth exploring. Visit www.firsthome.gov.au to find out what’s on offer under the FHOG scheme in your market. It is also worth checking if your state or territory offers stamp duty exemptions or concessions for first homebuyers.