Things to keep in mind before buying your first home in Melbourne

buying first home in Melbourne

Buying your first home is probably the biggest investment that you will ever make. If you have found the perfect home for you then you need to know what to do next. This guide is for first time home buyers that help you to find the best mortgage broker or home loan broker in Melbourne and what you need to do to buy your first home in Melbourne.

1. Finding the Expert & Trusted Mortgages broker in Melbourne

Expert mortgage brokers can help you save money and time. Mortgage brokers, or financial advisors, are experts at finding the best mortgages deal for you. They work with a variety of lenders and can advise you on the best loan options available to suit your needs.

A good mortgage broker will have access to a wide range of different finance products from different lenders, so they can offer you a choice of mortgages based on your specific needs and requirements.

Best mortgage broker will also be able to advise you about any fees that may be associated with each product, and help you decide which product best fit for your financial situation and budget. 

With an Expert Mortgage Advisor on your side, it’s easier than ever before to find a mortgage that works for you and saves your money. 

2. Decide which home loan is right for you

The home loan offset calculator is the best way to find out if your finances can handle a new mortgage. It will help you determine which type of home loan is right for you, which gives you the information you need to make an informed decision. The loan comparison calculator will help you compare different types of loans and see which one would be best for your situation. It’s also a great way to see how much money you’ll need to put down on each type of loan. 

The Financial Planning Tool & Budget Planner is designed to help you make sure that you’re saving enough money for retirement, paying off debt, and saving for college or other expenses. You can use this tool when deciding what kind of loan might work best for you based on your current financial situation. Finally, this mortgage calculator will help guide your decision by showing what kind of monthly payments would be required under different scenarios so that they’re easier to understand at a glance! 

3. Understanding Stamp Duty

You need to dive deep to know more about What is stamp duty? How much is stamp duty in Melbourne and Victoria? Are there any exemptions on stamp duty?  

Stamp duty is a tax that must be paid when you buy a property in Victoria, Australia. It’s paid to the government on top of the purchase price.

You should hire a mortgage broker that is familiar with state and federal laws around stamp duty so that they can advise you on what exemptions might be available to you as a first-time buyer or homebuyer in general.

They’ll take the time to explain each part of the process to guide you through every step—from choosing the right lender going through stamp duty process and getting pre-approval, all the way through to closing on your new home in Melbourne.

4. Calculate how much money you can afford 

It is important that before buying any property or investing in any kind of real estate, one should always calculate how much money they can afford as well as what type of mortgage they would require based on their income and debt load.

This will help you determine your budget for a home loan. 

5. Calculate your repayments

Calculating your loan repayments is an important part of the process of getting a loan. You can use our online loan repayment calculator to calculate your loan repayments for any period of time.

Which will help you to simplify your loan decisions as you get to know your monthly repayments. This will give you a realistic idea of what you can or cannot afford, which will help guide your decision-making throughout the process. 

If you like to get advice regarding buying your first home in Melbourne, talk with the qualified Australian Mortgage experts.

Contact us and book a session with one of the best Australian Mortgage brokers.

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