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Home loans: Things to consider

Home loans: Things to consider

Buying a home can be an exciting and nervous time, especially if it’s your first.

To make it easier here a few things you need to consider.
Check out the market

What is it that you want out of buying? Will it be a place for you to live or an investment property? You want an idea of where you’d like to buy, what the recent trends are in that area and what it is that you can afford.

How much can you borrow?

Your borrowing power depends on your income, current debts, family size and location.  Your living expenses will also come into the calculation. Once your loan is assessed and repayments are discussed you also need to be comfortable with the repayments.  You may need to consider if your circumstances will change in the near future i.e. your partner ceasing employment, family growing, not doing as much overtime or doubting the future of your employment etc.

Create a budget and start saving

Budget how much you need to live on a fortnight and open a Savings account that you can split the remaining of your pay to. As your money grows you could open a fixed term investment for 3 months that you can add to each time it matures. Cut back on your spending were you can and try to save more.  Speak to the friendly staff at FSCU to help you with this process.

Work out the details

It’s not just a deposit you will need to save for when it comes to buying a home. There are fees associated, the biggest being stamp duty. Other things to consider are whether you will be required to take out Lender’s Mortgage Insurance (LMI).

Loan approval

Getting your loan approved at FSCU is the easy part of this whole process, book a time with an FSCU Home Loan Specialist to learn more about getting into your first home sooner.

We’re here to help

Let us guide and help you from start to finish. Call today to speak to one of our home loan specialists.