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From Renting to Buying - A First Time Guide

Taking the step to buying your first home can be a daunting one. Don’t fear! Here’s your three step guide for everything you need to know about going from renting to buying your first home. 

Step 1: Set a budget. 

It’s important to take the time to understand your spending habits and finances, and review your debts. If you have multiple credit cards or personal loans, you may want to consider consolidating them into one debt, or if possible, paying them off completely.

Here are a few tips to help you stick with it: 

  • Create a budgeting spreadsheet and review each month - were you over or under budget that month? 
  • Download a budgeting app 

If those tips don’t work for you, don’t worry. I can also help you find that ‘something’ to sacrifice for a little while so that you can save a bit extra. 

Step 2: Consider your options. 

I’d start off with your “how” and “why”. These can easily become lost when you start the search for your first home so make sure you know the answers and keep them top of mind. Next, consider your options.

Do you: 

  • Want a variable or fixed rate? 
  • Fortnightly or monthly repayments? 
  • Want access to redraws? 
  • The list can go on! I can help you understand other factors that you’ll need to consider. 

Step 3: Talk to a mortgage broker (like me!). 

We get it, looking for your first home can quickly become overwhelming. As your local mortgage broker, I’ll help make the process seamless and do the legwork for you. This includes things like helping you understand your borrowing capacity, scouring the market of over 60 banks and lenders and comparing 1000s of loan products so you don’t have to.

Published: 20/6/2012


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