First Home Buyer Loans – Melbourne

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When you begin the process of buying your first home in Melbourne, you have to consider many factors to make sure that the purchase goes smoothly, and that all parties involved are protected.

Here are the most important steps to keep in mind before you start.

A Guide of Effective Tips for First Time Home Buyers

1) Know your finances

This is the most significant step you should take before buying a home. Your credit should be in good shape, and you should have established a credit line in order to have access to a mortgage. You should also consider your income if you are in debt and how much you are saving every month. If you are in a situation where you can’t pay your current mortgage or rent, you should start saving money before you even think of buying a home.

2) Research your options

There are several types of mortgage loans, so be sure to compare them all before making a final decision. Also, take the time to look into different real estate agents and their services, fees, and qualifications. You should also carefully read and understand the contract you sign once you buy a home.

3) Prepare the down payment

As a first home buyer, you should make sure that you have at least 5-10% of the purchase price saved as a down payment.

4) Know the rules

Every state has its own rules regarding the home buying process, so make sure you educate yourself about them. Also, always make sure that you can afford the monthly payments and repayments. If you are in the process of buying a home, you should always live within your means. Ask our highly experienced mortgage broker to learn about the rules in Victoria and working out finances for a home loan.

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