Buying your first home is a big decision and there’s a lot to consider, but we’re here to support you every step of the way. To help you get started, we’ve put together some tips to guide you through the initial steps of buying a place of your own.
You may like to place your savings into a high-interest savings account, to make sure your savings are working hard for you during this time.
While you’re saving, work out how much you can borrow for a home loan, including what your repayments will be once you buy your first home. As a guide, your repayments shouldn’t exceed approximately 30% of your after-tax salary.
You can talk to a savings specialist at your closest branch, who will help you identify your savings goals and put a plan in place to help you achieve them.
Understanding the costs of buying a home early in the process will ensure you have enough saved and aren’t left with unexpected bills down the track. Consider additional costs such as Stamp Duty, legal costs, registration fees, inspections and moving costs. You may also be eligible for benefits such as the First Home Owner Grant.
The more organised and prepared you are at this early stage, the more confident you’ll feel when you apply for a home loan and look for your first home. Check your credit rating so you can work towards improving it if necessary and find a good solicitor or conveyancer to support you through the process.Next article: Saving a deposit