Purchasing a home is a groundbreaking event for some people, and the process isn’t exactly the same everywhere you go. If you grew up in Australia, you may already understand the route from beginning to end.
If you’re a transplant, it helps to know the ropes before you dive into the process. Take some time to read through a brief look at some of the most important aspects you should know about purchasing your first home in Australia.
You have to get loan pre-approval
Before you start getting excited about purchasing your first home in the Land Down Under, you have to make sure you qualify for the funding. You’ll need a pretty hefty loan approval to purchase a home, and there’s a bit of paperwork afoot.
Start your path to home ownership by scouting out home loan lenders. A pre-approval for your home loan will help make the purchasing process easier. Also, be prepared to provide ample information regarding your financial status to the lender. It’s also wise to use a release equity calculator if you’re planning to take out an equity release loan.
Consider the added costs
Making sure you have all the financial planning in place before you buy a home is crucial. You have to consider more than just the purchase price of a property too. PR Quantity Surveyors Brisbane advise that you should consider getting a tax depreciation schedule at the beginning of the purchase as it will help plan for future costs and it can be used for tax deductions at tax time.
Purchasing a home means that you’ll need to foot the bill for home loan application fees, inspection of the property, closing costs, legal fees, and insurance. In addition to planning for all of those costs, you should always have an emergency fund to fall back on.
Do what you can to clean up your debt
Even before you head to the bank for home loan approval, you may want to take a closer look at your financial history. Do your best to pay down some of your extraneous debts, and you could get a much better deal on your financing.
Sometimes it’s important to look at the long game, rather than trying to rush the process of purchasing a home. Take special care not to overextend yourself, so you can actually lay back to enjoy your new space.
Get professional help on your search
To work out the best deal possible, it helps to have a knowledgeable FHA loan realtor on your side. Having a professional in your corner will also help to variate your options.
An experienced realtor has the inside scoop on what properties are available, sometimes even before they actually hit the market. The insight provided is priceless when you consider that you’re on the search for a place to lay your head at night.
Consider the First Home Owner Grant
In Australia, there’s a thing called the First Home Owner Grant. If it is your first time ever purchasing a residential property, you have a shot at getting a real financial boost through the First Home Owner Grant.