5 deposit hacks to help first home buyers save:
- Join the 5% club. 95% of people spend first and save later, you want to be in that 5% of people who save first.
- Change your priorities. You have to make sacrifices when it comes to buying property, which means changing your habits.
- Start living that mortgage life now before it happens, if you start preparing now this can help set you up for the home and life you envision.
- Commit. Record low interest rates make now a good time to commit to saving that deposit and getting yourself a mortgage.
- Take advantages of incentives. There are a number of first home buyer government rebates and grants that can help you buy your first home, banks also offer incentives too.
Our tips for each of the steps in the buying process:
- Find yourself a good finance broker.
- Understand your loan and the benefits each loan type will provide you.
- Consider getting pre finance approval. This is conditional confirmation from your lender that you're able to borrow up to a certain amount of money. There are other costs you'll need to keep in mind, including stamp duty which is the tax charged on the purchase value of your home.
- Find a property! - The fun part! We always recommend to include a building and/or termite clause on the contract to have the property you are purchasing examined by an expert, to check for things like hidden pests, illegal building work and defects.
- Find a Settlement Agent. Here at Centro Estates, we have connections with some fantastic, thorough and honest Agents.
- Offer and Acceptance. When your offer has been accepted, you and the seller will sign and exchange separate copies of the contract. You will need to pay a deposit, generally within a week of signing the contract. Once settlement has taken place ie; the balance of the purchase price is paid, you will be able to collect the keys to your new home!
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