Buy your first home
1. Think about why you want to buy a home Do you want to live in it or will it be an investment property This can help determine the kind of loan you apply for and home you buy, depending on your short and long-term plans
2. Research potential properties and loans Knowing the market is crucial, so do some research on the areas you are targeting. There are some cool tools to help with this and we can share them with you. Once you are aware of what you are looking for and the approximate price, it is then a matter of looking at whether you have an adequate deposit or whether you need to involve a potential Guarantor. You don’t need a 20% deposit but being able to show a record of good saving habits will aid in getting your loan approved. If you can show you have saved 5% of the purchase price yourself then you are off to a great start. Don’t despair if you haven’t there are other options for newbies that have the “IT” factor.