Things to think about as a first home buyer when we are your broker?

We offer a few simple thoughts for you to consider as a first home buyer -

• Know the stamp duty limits. Try and buy a home under the price point that gives you 100% concession on stamp duty. This savings is once only and wasting it is literally burning $100 bills for nothing.

• Remember that your first home is rarely your dream home, or your last home. So, try and look at your first home as an opportunity to buy your first investment, you just have to live there for a while!

• Look at what you are paying in rent and what you are currently saving. If you add those numbers together, try and stick to a repayment under this amount. Because, if you are not saving the amount of your new repayment now, then things will need to change so that you can pay it after?

• Remember that as a tenant you don’t pay rates or maintenance. Budget approx. 10-20% on top of your repayment for these things once you are a property owner.

• The lower you go in price, the lower your repayment will be and the more extra you can pay off your mortgage each week. By paying just a little bit extra each week you can save years off your loan, saving you tens or thousands of dollars and giving you the opportunity to invest that money into other things later rather than just paying more for the house by paying higher interest.

• Check in with us as your broker ‘little and often’. A 15 minute call every 6-12 months we can help you keep on top of your loan, save on interest and seize investment opportunities when they arise.