Buying a home is never going to be an easy process, those who have been there and done it will certainly tell you that. A stressful time as you wait for answers and information, the home buying process is one of the most important decisions one will undertake in their lifetime – and being a first time buyer is always going to be a nervy experience.
It’s often noted that buying a home is the biggest single expenditure that anyone will make in their life, so it can certainly be said that it is essential to make sure that you take out the right mortgage and loan to secure your home at a better price than you could elsewhere, after all, this is something that is going to be with you for the next 20-30 years – do not take this decision lightly.
Here are our tips to finding the best home loan rate for you today and how to avoid purchasing the wrong property at the wrong time.
Compare prices online – research online should always be your first stop; the World Wide Web is full of huge amounts of information nowadays and should never be overlooked. www.comparehomeloans.com.au help you compare thousands of options and quotes in three easy steps – entering your details and requirements, matching with your top three loans and other loans, then simply requesting a free consultation with a home loan expert in your area – now we don’t know about you, but having been there and done it all before, we know the process of buying a home can be very difficult, so any added help and advise is certainly most welcome, especially when free.
Wait – playing the waiting game can pay off handsomely due to interest rates fluctuating and changing daily, sometimes multiple times per day. Being patient while you wait to secure the perfect loan for you is a hard and testing period, but one that is certainly worthwhile.
Improve your credit rating – taking some time to increase your credit rating in the months leading up to your loan application is highly advised. Making loan and other payments on time will better your score, and the longer you wait, the better your score would be.
Save those pennies – an obviously one perhaps, but the better your down payment, the better your mortgage, it is really as simple as that. These days you can find mortgages payable over multi-years, attracting those who have not saved much into promising the next 30 years of their income into paying off the loan to purchase their house. Savvy buyers, those who wait and save at least 20% of the purchase cost will be rewarded with a lower interest rate and smaller payments – something we will all come to appreciate in the future.
Purchase within budgets – if you are a family of three, do you really need that four-bedroom house you have always dreamed of? These are times to be practical, live within your means and plan for the future with caution and careful consideration into what you want out of life. A good budget and well bought house can always be sold later for a bigger home should you make a careful investment.
Finding a loan and purchasing your first property is always going to be a new experience, something you will learn from and something you truly don’t want to mess up – use our guide and compare prices online to secure the best possible loan for you today, to secure your future tomorrow.
Are you thinking of buying a home? Been there and done it all before? We would love to hear your thoughts on purchasing your first house – what you would have done differently if you could do it all over again? Any advice you might have for newbies looking to place their foot on the real estate ladder? Let us know below!