moving house

Thinking about buying your own home?

Buying a house can be really exciting, after renting for a while it can be a great feeling to finally have a house of your own.

Here are some things to consider when planning to buy…

•    There are more expenses than just mortgage repayments. Think council rates, stamp duty, mortgage duty (NSW only) and a deposit need to be paid. Also, when it comes time for settlement you will need to pay your conveyancer or solicitor legal fees as well.
•    Draw up a budget to make sure you can meet mortgage repayments. Include all the things you pay for, like phone bills, car insurance and registration and day to day expenses like food and petrol. To afford the house you want, you may need to cut back on some expenses.
•    If you are a first home buyer, you may be eligible for the ‘First Home Owner Grant’ that the Federal Government provides. State and Territory governments may also offer stamp duty or tax concessions if you are a first home buyer.
•    Make sure you work out exactly what you want. It may help to write down what kind of things you want your house to have (double garage or perhaps two bathrooms), what suburbs you want to live in and the average prices for houses in those areas.
•    Find out how much you can borrow!
•    Start your search! Check out online advertisements as well as advertisements in your local paper. Always get as many opinions as you can, particularly from experts, as you may not want to buy a house which is structurally unsound, or which has a heritage listed tree you can’t remove.

Good Luck!

^ Paul – Lending Services Manager

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