Buying Your First Home
With speculation that interest rates may be lowered in May, it might be the right time for you to consider purchasing property. If you are a first time buyer, the process of buying may seem scary, and there will be lots of new terms to learn that initially may sound strange (check out our helpful glossary here).
One of the key concerns for a first time buyer will be finances, and the first consideration here will be the deposit. Saving a deposit can take a long time and it certainly isn’t the most satisfying part of buying property, however, it is essential to beginning the process. In simple terms, the greater your deposit the better off you will be (tips for helping you save can be found here).
Acquiring a mortgage is the most common way of purchasing a home. There are a number of ways to obtain a mortgage, most commonly through your bank, and the typical mortgage will be a commitment of 25+ years. It’s a good idea to make sure you are able to get a mortgage before you do anything else. The financial institution you choose will be able to give you an idea of the costs associated with the mortgage, which in turn helps you understand the initial amount you need to save (for more information about associated costs, see here).
Possibly the most exciting part of the buying (initially anyway), is house hunting. Looking through different properties and trying to imagine your furniture in a particular room or the colour scheme you would choose can be a lot of fun. Of course, you are probably going to need to look through more than one property before you get to the point where you will make an offer.
Finding someone with local knowledge can be of great assistance to any property purchase. Accrue Real Estate have years of experience with the Melbourne market and can help you to buy your first home or first investment property.