When you think about how much money you need to buy buy a property, you’ll probably think of your deposit. While it’s true that your deposit will be one of the main costs, it isn’t the only one. Many people don’t realise the hidden costs of buying a home.
It probably comes as no surprise to hear that your income is one of the most important factors when applying for a home loan. So how much do you earn? This might seem like a simple question. But when it comes to home loans, nothing is simple. This is especially true when working out your income.
When looking for a home loan, people naturally want to find a good rate, and loan product. However, sometimes this backfires. Too many enquiries on your credit file can really hurt your chances of getting approved.
It’s notoriously hard to get into the Australian property market. With rising prices, saving up that all important deposit, can be hard. So it’s no wonder that many younger people get a little help from their families. Often this is in the form of a financial gift, which is used as a home loan deposit.
The prospect of buying your very first home is an exciting one. There are so many factors to think about. Of course, one of the main considerations is price. The amount you can afford will have a large bearing on your choice of property.