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.
Today, we’d like to talk about the importance of getting an early pre approval. Often clients come to us needing urgent property finance. They may have signed a contract months, or even a year earlier. This is common with off the plan, or unregistered land purchases. People lose track of time, or think getting finance will be easy. So they leave it to the last minute.
Unfortunately, this can lead to a lot of stress.
If you ask people what they want in a home loan, a good interest rate is probably high on the list. Lenders may use a great interest rate to attract customers. This happens so often, that many people think the interest rate is the most important thing about the loan.
There’s nothing quite like building your own home, or even building an investment property. It can be very exciting and rewarding! Getting a construction loan however, isn’t always as much fun. Construction loans tend to be trickier than regular home loans. There are a number of pitfalls to avoid.
Saving up a deposit for an important step before applying for a home loan. For many people, a deposit represents a lot of hard effort and careful budgeting! So it’s important to use your deposit effectively.
