Currently experiencing somewhat of a property boom, Australia’s real estate market is better than it has been for years, with more buyers looking towards buying a home due to low interest rates and a rise of first time buyers.
The last three years has seen an increase of over 150 percent in those applying for loans to buy a home. This has led to competitive loan rates with lenders and sellers helping to create a flourishing market.
Are you a first time buyer looking to get your foot on the real estate ladder? Here are our top tips for those looking for the first time.
Compare different loans
As a first time buyer, you will undoubtedly be looking for a loan to help you purchase your home in Australia. Newcastle Permanent’s fixed rate home loans offer the certainty for buyers knowing that repayments will be at a fixed rate for a period of time. With some of the most competitive fixed rates in the country, it is well worth checking out for those looking to avoid the uncertainty of variable rates.
Ensure you have good finances
Of course, as a first time buyer, it is crucial that your finances are as good as can be. For some people, this will mean delaying the purchase while you work to get your finances in better shape, and secure the best possible loan you could.
Research into your desired area
Anyone who purchases real estate without the proper research is setting himself or herself up for a fall. Good research includes looking outside of your chosen circle for a good comparison of things such as rental rates, property prices, price per sqm, and other variables that all go together in choosing a wise location for your home – even more so if you are a first time buyer, this is the house that will set you on the ladder and the only way to move up the ladder is by shrewd investment at the right time.
Are you ready to buy?
Some people have a notion that spending a few years renting a home is wasted money – it is not. For some, buying a home as soon as possible will work out and they will never experience a problem. For others, it simply does not work and they have perhaps rushed into a decision that later they will regret. If you are unsure that you really want to buy a home and commit to a mortgage and repayments, you should simply wait.
Meet with lenders
If, on the other scale, you are determined to buy a home and believe it is the right solution for you, then by all means, go for it. After conducting the right research, getting your finances in order, it is now time to move onto the real hard work. It would be wise to meet with a range of different brokers and lenders, to compare rates, to haggle, and to see who you feel most comfortable with. Comparing different loans online and through web research is a good start, however a meeting face to face will go a long way to helping you decide who to apply for a loan with.
Purchase complete – relax!
Buying a home as a first time buyer is certainly not the most stress-free period of any persons life. But if you have done everything mentioned above, it will most certainly be worth it. Sit back, enjoy a lovely meal and relax in your brand new home.