Things to consider
Buying a home can be an exciting and nervous time, especially if its your first.
To make it easier here a 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 ie. 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, open a Savings account that you can split the remaining of your pay to. Watch this money grow and look at opening a Fixed term investment for 3 months that you can keep adding to. Cut back on your spending 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).
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.