• Navigator Home Loans

First Home Buyers

Buying your first property is an important part of your life. For many, it can be quite an emotional and stressful process. This is where Navigator Home Loans can help with one of the most important decisions of your life.

Regardless of whether you are buying for your own occupation or for investment. For many, it can be quite an emotional and stressful process as you deal with real estates, banks, solicitors and the like. This is where Navigator Home Loans can help. We act as your key partner, we can assist with all third parties (including answering any of your parent’s questions) and ensure the entire property purchase is as easy and enjoyable as possible. We will always go the extra distance for our clients. Before you begin to look for properties, speak to us to understand the process and find out your maximum purchase price. This will give you added confidence when you step out into the marketplace.

Here are some tips for First Home Buyers:

Factor in additional costs
Remember it’s not just the cost of the property that you will be paying. You also need to consider the additional costs including solicitors, settlement agents, surveyors, moving costs, service connection fees and insurance. Establish a good saving pattern before buying. Track your expenses and train yourself to think about where your money is going. Set yourself a budget and cut down on your expenditures. Small sacrifices along the way help, for instance using public transport instead of taxis.

Set yourself a limit
So saving doesn’t seem like a lengthy ordeal set yourself a time limit to save for a deposit (say, minimum six months) for your property. Get advice early.

Live at home
If you are lucky enough to have generous parents, this is a great way to save money. Put aside the money you will be saving on rent for your first deposit and don’t spend it.

Start with a lump sum
Saving is always easier if you have something to start with. Before you start you may want to sell anything you don’t need. Make it a fun experience – maybe hold an auction or garage sale and invite friends and family.

New account
Start a totally separate savings account to the one you use on a daily basis so you are not tempted to use it for everyday life. Think of it as a deposit account and choose one that rewards savings with a high interest rate return such as a term deposit or cash management account.

Borrow within your means
Speak to Navigator Home Loans and your accountant to work out what monthly repayment you can really afford. Your first property should add to your happiness – not be a burden.

Be aware of your other loans
Any other loans you take out, such as a car or personal loan, will decrease the amount you can borrow for your property. Consider your goals carefully before committing and be aware of implications. Talk to Navigator Home Loans about how other loans affect your borrowing power.

Consider buying outside the area you want to live in
Although you probably have a good idea of where you would ‘like’ to live, properties in that area may be selling at a premium. If saving for a deposit is proving to be a challenge, consider buying in an area that may not be quite as developed or as ‘popular’ as some for an initial purchase to get into the market – work hard to put a dent in the mortgage and, together with capital growth, use your equity to move into the suburb of your dreams.

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