Hello World! Welcome Friends! Buying your first home is the single biggest financial commitment that you will probably make in this life. It is really difficult to get yourself onto the first rung of the property ladder here in Australia due to the continuing increased prices all across the country. If you are lucky enough to be able to put the deposit together and a financial institution is prepared to lend you the rest then you are very fortunate indeed in these difficult times. This is why it is so incredibly important that you do it right but it’s going to take a lot of preparation on your part.
You want to be able to provide all of the necessary paperwork and the funds so that it is quite a straightforward process and you can get your property settlement without any issues. You will have the peace of mind then knowing that you can go forward and as long as you keep up with the payments and you pay on time then everything should be fine for the next 25 to 30 years. This is just one thing that you need to know about when purchasing your first home here in Australia and the following are some others.
1. Make Sure that You Are Ready
Wanting to buy your first home and being ready to be able to commit to something like that are two completely different things and just because you have turned 18, it doesn’t mean that you are old enough to take on the responsibility of paying monthly payments for the next 25 to 35 years of your life. If this is something that you are doing by yourself or you are doing it in a partnership then there are lots of things to think about and so make sure that you are ready.
2. Ask Yourself a Number of Questions
The most important one is can you afford a property such as the one that you are looking at now. Having to make a mortgage payment every single month for the forthcoming years can put a real strain on your finances and so make sure that you can afford them. You also need to find out if a lending institution will entertain your mortgage application because is no good looking at properties if you don’t have the money to buy them.
3. What Are Your Future Plans
You need to think about whether this is a property that you want to live in for the next five years and then move on, or will this be the property that you will live in for the rest of your days. If it is your intention to stay in the property short-term then it’s unlikely that you will make any money on the property if you are thinking about selling it later.
When choosing your first property make sure that it is suitable for both short-term and long-term depending on what happens in your life. Take your time and make smart decisions.
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