Before you buy
Budget and save
Your deposit is one of the biggest factors in determining your borrowing power. Setting a budget in order to save as much deposit as possible will reduce the amount you need to borrow.
Talk to a mortgage broker or credit professional who will explain the home buying process, including aspects you may not be aware of. They’ll provide their opinion on your current situation and advise you about the costs of borrowing (such as Lenders Mortgage Insurance (LMI) and stamp duty). They’ll also let you know how much you can borrow and advise you about suitable loan products. Once you’re comfortable you’ve found the right loan, your mortgage broker or credit professional can get the application process started with you.
Do your research
Find out if you qualify for any first home buyer benefits, and how much you’re entitled to, on the Federal Government’s first home buyer website. Also make sure you know what other fees are payable when purchasing a property including stamp duty, solicitor’s fees etc.
Set a price before looking
Work out the amount from each pay you can set aside for repayments . Your mortgage broker or credit professional will help you get to a figure you’re comfortable with.