When you’re buying a home there’s a lot to think about, but it doesn’t need to be stressful. These tips can help you steer in the right direction if you’re considering a move in the near future.

CEO Richard Suttie

By Richard Suttie

  1. Determine how much you can afford by calculating you income and expenditure.
  2. Once you know how much to devote to mortgage repayments- you can calculate how much you need to borrow. This will vary from lender to lender so speak to one of our mortgage brokers to give you a good idea for which lender will offer you the best result. Pre-approval are typically valid for 6 to twelve months.
  3. What are some factors that affect your loan’s interest rate?
  • Amount of Loan
  • The term of the loan
  • Current market rate
  • Credit Report Assessment
  • Whether you will be paying interest only or principals and interest.
  • Whether you will be living in the property or renting it out.
  • Whether you are a first home buyer

      4. Know what other costs are factored in like the stamp duty that will vary by state and circumstance, bank and legal fees. If you don’t have the deposit or the stamp duty, you may need to pay loan mortgage insurance.Following to step 3 is knowing what deals work for you, what you are eligible for that can save you thousands of dollars.                         

 5. Once you have an idea of the amount and have all the right documents – speak with your lender or broker to get an approval.                                                                                   

 6. Last but not least – find the home that suits your budget. This will vary from suburb to suburb, type of home and more. You can find heaps of information, online, through real estate agents and newspapers.                                                                                                                                                                                                                                                                   

 7. If you already picked a home of your dreams and wanted to know next steps– check out this article where it explains various offers, contracts and legal work.



Richard E Suttie Pty. Ltd. Trading as Suttie Financial Group.

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