The process of buying a house can bepainful and tedious. Even after tons of research, there are things that you may just miss or not anticipate. Here are some things you should know before buying a property.
1.Don't get pressured.
Don't let anyone or any circumstance pressure you into making what could be a huge mistake. The house may be perfect but if it doesn't fit into your budget, you'll have a hard time making those mortgage repayments and it may take a long time to sell if you wanted to. There'll always be new houses on the market that you may like even more than the previous.
2.Get a mortgage broker.
Working out what is on offer from each institution can be extremely time consuming and confusing. Different lenders will have different interest rates and there are many areas that can be negotiated with the lender because they have access to numerous products and lenders, a broker will source the best rates for you, manage the application process and provide tailored advice along the way. Even a small difference of 0.5% can save you a lot of money over the life of your loan.
3.Know your affordability.
Knowing your finances gives you a sense of control on spending and helps in your loan application as well as repayment capability. Look into your income, spending habits, bills, and mortgage amount. You need to know what you're comfortable paying which may be a lot lower than what the banks are happy to loan you.
4.You don't need to have all the documents ready
For most traditional loans, you will be required to provide a list of documents such as PAYG payslips, financial statements or tax returns in order to apply. But what if you are self-employed and don't have much information to tick off the traditional documentation checklist or is unable to prove your income through traditional means? In this case, Lite Documentation (Low Doc) home loans is the best option for you. They are specialized mortgage program that allows homebuyers to qualify by using non-traditional documents and assets.
5.Choose a repayment scheme suited to your situation.
It depends on the amount you borrow, which should be below the maximum loan-to-value ratio (LVR) or 95% of the total purchase price. A higher interest rate might offer some flexibility or redraw and offset facilities; and a lower rate, some hidden costs. The schemes vary. It can be a fixed rate, interest-only, or principal and interest. Choose which is best suited to your circumstances.
Looking to buy a new house or need help with finance? Call 03 9621 1450 and speak to one of our advisers today or visit www.ausfinancecg.com.au.
发表于 26-9-2019 17:55:48
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