First home buyers

Buying your first home is a major milestone, but it can be a daunting process. By focusing on these five essential areas, you can set yourself up for success:

 1.  Get Your Finances in Order

Before you start house hunting, ensure your financial foundation is solid. Check your credit score, reduce any outstanding debt, and build a healthy deposit. Lenders typically prefer a deposit of 20%, but we understand in today's world this isn't always possible and there are other ways around it. Government schemes can also help. Also important to budget for upfront costs like stamp duty, legal fees, and inspections such as strata, pest or building.

2. Get Pre-Approval 

Securing a home loan pre-approval gives you a clear idea of your borrowing power. It helps you avoid wasting time on properties outside your budget and signals to sellers that you’re a serious buyer. Compare different lenders and mortgage products, considering both interest rates and features. A mortgage broker can help you navigate these options and find the right loan for your needs.

3. Get to Know the Market

Research is key. Understand the current property market in the areas you’re interested in. Look into recent sales prices, suburb growth, and future development plans. Consider factors like transport, schools, and amenities, as these can affect the long-term value of your home.

4. Get the Right Professionals

Partner with experienced professionals to guide you through the buying process. This includes a mortgage broker, a solicitor or conveyancer, and a property inspector. Our team of mortgage broker can assist you with:

- Finding home loans with competitive interest rates and terms.

- Explaining various loan options (fixed vs variable rates).

- Negotiating on your behalf with lenders.

- Navigating government schemes and grants, like the First Home Owner Grant (FHOG).

- Handling the paperwork and streamlining the approval process.

5. Get Your Emotions in Check

It’s easy to get emotionally attached to a property, but stay grounded. Be prepared to walk away if it doesn’t meet your needs or exceeds your budget. Make decisions based on long-term financial security rather than immediate desires.

Government Support for First Home Buyers

There are several programs available to assist first home buyers with deposits and other costs. Check out the [Australian Government's First Home Owner Grant (FHOG)](https://www.ato.gov.au/Individuals/First-home-super-saver-scheme/) for more information on eligibility and application details.

Speak to Mosman Mortgages

Whether you’re looking for a home to live in or an investment property, the team at Mosman Mortgages is here to help you start your property journey. With expert advice, access to a wide range of loan products, and personalized support, they can guide you through each step of the process to find the best solution for your needs. 

Reach out to Mosman Mortgages today to make your first home dream a reality.