Buying starts with preparation.
Before you start attending inspections or making offers, it can help to understand what you can realistically afford and what your finance position looks like.
A clear understanding of your finances can give you a more useful framework when considering properties.
Start with your budget.
Your purchase budget should consider more than the maximum amount you may potentially be able to borrow. It should also reflect the repayments and ongoing costs you are comfortable managing.
What monthly repayment would still allow you to comfortably manage your other financial commitments and lifestyle?
Consider your deposit.
Understanding how much you have available to contribute towards the purchase is an important early step.
Your available savings
Potential additional funds
Expected purchase costs
The resulting loan requirement
Think beyond the purchase price.
The purchase price is only one part of the overall cost of buying property. There may be additional costs associated with the transaction and ongoing ownership.
Understanding these costs early can help you plan more realistically.
Understand your finance options.
Different lenders and loan structures can have different features, rates, requirements and suitability depending on your circumstances.
Rather than choosing a loan based on a single headline rate, it can be useful to consider the overall structure and how it fits your longer-term plans.
Prepare before making an application.
Having your financial information organised can make the process more efficient and help you have a clearer conversation about your options.
This may include information about your income, expenses, existing debts, assets and available deposit.
Thinking about buying?
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