Buying your first home


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administrator

Jul 2, 2009( 2 min read )

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Buying your first home is riddled with firsts, your first home loan, first deposit, your first dealing with lawyers, mortgage brokers, banks and real estate agents. It can be an overwhelming experience, however you can beat first home blues by getting as much information as you can from the onset and by feeling comfortable in your research.

The Federal Government’s introduction of the first home buyers grant in July 2000 injected many first home buyers into the home owners market.

However, now that the government has replaced the $7500 first home owner’s grant with a $15,000 incentive for the purchase of new homes, it is no longer a first home owner driven market but an investors market, making it more important than ever to select the right home loan.

While you may feel ready to purchase your first home it’s important to calculate all the risks and prepare yourself for the monumental lifestyle change that is heading your way. To get you off to a good start, make sure you calculate the repayments, save a large deposit and compare many home loans to fine the best one for you.

Make it a goal to over budget, rather than under budget, so you will be well prepared in the case of a rate increase. Covering all your bases will ensure you can move into your new home with ease with your only concern being what colour to paint you walls and where to place the pot plants.

If you are in the market for a new home the best way to begin is to shop around and compare products and features. RateCity has some handy mortgage repayment calculators and home loan comparison tools to kick off your home buying adventure.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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