These steps will help guide you and streamline the process
Buying a property is a significant milestone and can be an exhilarating journey. These steps will help guide you and streamline the process:
- Save for a Deposit: Begin with a budget to figure out how much you can save. Research house prices to set a realistic goal, ideally 20% of the home’s value, plus extra for other costs. If you’re a first-time buyer, investigate government incentives — we can help.
- Discover Your Borrowing Capacity: This depends on your income, expenses, savings, and credit score. It’s essential to understand your capacity to sustain loan repayments over time, especially with rising interest rates.
How much can I borrow?
Discover your borrowing capacity in just 60 seconds and take a step closer to buying your dream home or investment property.
Remember, this is only an initial estimate; for a more detailed figure, contact our FWD Financial team.
Improve your borrowing capacity
To improve your borrowing capacity, consider increasing your income or cutting expenses to demonstrate the ability to service a larger loan. Think about additional income sources, such as a second job or asking for a pay rise, paying off debts, closing unused facilities, and managing your spending. Choosing the right loan product is crucial — we can help you with this.
- Find the Best Mortgage: Small differences in rates can impact your long-term costs. At FWD Financial, we aim to find the best rate from over 65 lenders, focusing on a loan that suits your changing lifestyle.
- House Hunting: Balance your desired lifestyle with affordability. Be clear about your reasons for buying and differentiate between your must-haves and nice-to-haves. Stay within your budget and consider various locations. Extensive research is key.
- Negotiate and Buy: Stay within your budget during negotiations or auctions. Understand the differences between auction and private treaty sales, particularly regarding deposit requirements and cooling-off periods. Utilise legal assistance for reviewing contracts and conducting building and pest inspections. Decide between an unconditional or conditional offer. Our trusted partners will assist you in these steps.
- Final Steps and Settlement: Prepare for additional costs like stamp duty and explore first-home buyer concessions. Arrange home and contents insurance and adjust your budget for mortgage repayments and ongoing expenses like council rates. We can also help you explore strategies to pay off your mortgage faster.