LOANS

BUYING MY FIRST HOME

Exciting, scary, expensive….prices seem to rise faster than anyone can save but there are still ways to get into your first home and make a start up the property ladder if you do your research, plan well and understand that your first home is unlikely to be your ‘dream home’.

Some tips:-

  • if you want land or space to improve try looking at emerging newer estates or subdivisions – further from the city centres but with potential to suit your lifestyle for many years into the future
  • if you want to live close to the heart of town, look for a small property that can be rented out later as you build up some equity and savings and are able to leverage into a second, larger home. Proximity to shops, transport & lifestyle makes a property all the more appealing to tenants.
  • Pool resources with a friend or relative to get into your first home purchase, but always draw up a legally binding agreement to deal with issues such as what to do if one person wants to sell, if one partner stops paying their share of the mortgage or even how to deal with renovation issues.
    Remember if one person defaults on their half of the loan the other one will usually be liable for the entire repayment burden – seek legal advice before signing any contracts.

Some of the topics you may need help with are listed at left or below, just click on the link for further information.

Helpful links:

At LoansInsurance.com.au we know how to help get people into their first home so whether you need help working out how much you can afford to pay, getting loan pre-approval or advice about the most suitable loan, complete our Express Loan Application and a LoansInsurance.com.au Loans Consultant will contact you within 24 hours to help.