A Complete Guide for First-Time Home Buyers

A Complete Guide for First Time Home Buyers

Buying your first home is a fascinating time. The prospect of hanging pictures, renovating and painting the walls, and creating your paradise away from the world is exciting. After all, it is an essential factor in your lifestyle and contains a long-term investment, which makes it a tedious task.

Whether you are buying a home in Australia or in any other country, the key approach is the same. You first need to set your budget, start looking for a home through an agent or on your own, appraise the property, and then you can close the deal.

Whether you are looking for a home for the first time, upgrading or an investment, it will be a very long-lasting task. You should check your affordability, according to metropolitan cities like Perth, Brisbane, Sydney, Melbourne, etc.
So keep an eye on this article to get an idea of everything you need to know before buying a new home.


First Time Home Buyers

The reason behind buying a new home

Before you start looking for a new home, the first and foremost thing is to determine your long-term goals for your first home. Ask yourself a simple question and you can easily understand what you want from this investment.
Why am I buying a new house?
There can be countless reasons for opting for a new home.

  • I am tired of paying the rent and now I want my own house.
  • I am thinking of converting my house into a rental property. With the rent, I will pay my mortgage payments.
  • I just want to invest in a great and profitable property.

Or it can also be anything else. But the main thing is that you must know your objective before you start looking for your property.

Type of property that suits your needs

There are a number of properties available in Australia. Such as investment properties, dual occupancy, terraced house property, stand-alone house, semi-detached house, a duplex, townhouse, apartment, etc. You can choose your property based on your first home needs.

Also, whether you select an apartment or a house, each option has advantages and disadvantages. It is up to you to determine what type of property will match your first homeownership goals.

Apt Mortgages First Time Loan

How the First Home Buying Process Works

Finished with your property goals? These are the next steps you need to take.

Decide your budget carefully.

Most of the time, you have set an amount for your dream home and end up with more expenses for the same amenities. It is more so for first-time homebuyers because they are easily confused between amenities and quantity.

First of all, you need to understand what cost you are facing, and then you need to plan accordingly. Analyze your salary and monthly expenses, assets, investments that you can use to buy a house. That will help you with a realistic budget.

And then start looking for a property accordingly while also considering the amenities you need. If you find something good in terms of amenities and facilities and a slight increase in your budget does not overload you financially and mentally, you can opt for that property.

A suitable plan to pay for your house

Deploying your payment methods to finance your first home is huge. You can pay via bank accounts, and with your investments.

You can ask a mortgage company for help in obtaining a loan for your first home. Apart from this, you should evaluate the additional costs before making the final payment for better transparency.

Take the help of an agent

In Australia, generally, opting for a property follows the British way. In this model, you cannot deal directly with the owners. You can only deal with the seller’s agent. Ideally, your agent and the seller’s agent will negotiate on this part.

Your agent will help you find the best properties in all of Australia within your budget. He evaluates the property for you and then will pass the offer on your table. Now it is your decision to choose the deal and close it or move on.

It is advisable to engage a solicitor or a conveyancer to assist you and your agent before searching for your first home. It will be of great help in all the legal procedures for buying a new home.

Choose a Mortgage Broker to buy your First Home

In Australia, 95% of houses are on Home Loan.
It’s not about whether you have the capacity to buy a home on your own or not. It’s all about how you need to strategize your finances as per your income and savings. And you should have some separate savings in your hand for uncertain circumstances. That is the reason Australians opt for home loans.

A mortgage broker can help you in the best way in all mortgage services. They know the latest changes that the state government has for Stamp Duty and any grants applicable to your state. It’s also best to understand other associated costs such as Council rates, Body Corporate (If applicable), legal costs and other government regulations.

They generally act as a mediator between a bank and a customer when you apply for a home loan. Firstly, they will understand your financial situation and goals, then they will find the most appropriate and suitable home loan lenders for you.
They will support you throughout your home loan journey. From the application process for managing to submission and even, they will help you out in every hassle.

Mortgage Brokers in Australia

Final Note

We hope this article helps you in your first home buying process. It will help if you keep these points in mind before starting your procedure. If you are looking for mortgage services for your new home in Australia, we at Apt Mortgages can help you with this.

Contact Apt Mortgages for more details.

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