A home loan is likely to be one of the biggest and most important decisions you make throughout your life. Why not be sure to get it right the first time, and experience a worry free loan application process. We recently found this story from News Limited with information from Wespac Banks head of home ownership Meanie Evans, detailing nine important tips to taking out a home loan. Here are a few valuable tips…
1. Before you even start looking for a property, figure out how much you can borrow and comfortably pay back. Visit your local bank or lender, or have a look at a few online calculators as a quick guide.
2. Make sure you budget for all the costs involved. It is not just about borrowing the price of the house. There will be solicitor fees, home and contents insurance and stamp duty. Plus moving costs.
3. Take advantage of financial boosts on offer such as the First Home Owners Grant. Your lender should be able to help with this.
4. Once you know how much you are prepared to spend on a property you can work out your potential deposit. A really healthy deposit to aim for is about 20 per cent of the property value. There are loans available with lower deposits but that can mean additional costs such as mortgage insurance.
To see Melanie’s 5 other valuable tips head on over to the original article HERE