{"id":8957,"date":"2016-08-07T07:51:21","date_gmt":"2016-08-06T21:51:21","guid":{"rendered":"http:\/\/www.realestatetalk.com.au\/?p=8957"},"modified":"2016-08-07T07:51:21","modified_gmt":"2016-08-06T21:51:21","slug":"how-to-buy-a-house-the-key-steps-for-first-time-home-buyers","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/how-to-buy-a-house-the-key-steps-for-first-time-home-buyers\/","title":{"rendered":"HOW TO BUY A HOUSE: The Key Steps for First Time Home Buyers"},"content":{"rendered":"

 
\nBuying your very first home can be both an exciting and daunting process. Navigating the maze of finance, home loans and the property market can be challenging for even seasoned investors. So how are the newcomers meant to get their foot into the property market bubble?
\nThe good news is there are lots of options and support out there for first time home buyers. The downside is there are also a lot of traps and finding the funds can be tricky. So we\u2019ve broken down the process and compiled all the things you first home owner wannabes need to know.<\/strong>
\n <\/p>\n

Save up a deposit<\/h3>\n

Save up with a Budget<\/strong>
\n\"Save\"
\nSaving up can be difficult at the best of times but if you\u2019re going to acquire your first home then you need to stick at it. It looks good to banks if you\u2019ve been saving up a decent proportion of your income over an extended period of time. Usually lenders will require evidence of your savings from the past three to six months and this will become invaluable tool when you begin approaching them. Make sure you appear prepared and organised by bringing these documents along to your interviews with lenders.
\nThe best way to save is to set yourself a budget. It\u2019s all well and good to tell yourself you\u2019re saving but unless you set solid boundaries for your spending, you\u2019ll struggle to bring your goals to fruition. A great way to cement your budget and a good way to remind yourself of your goals is to write it down! <\/strong>
\nThere are heaps of useful resources online where you can punch in the numbers to get an overview where your money is going and how much you can realistically save. Try out Money Smart\u2019s Budget Planner.<\/a>
\nExtra Costs<\/strong>
\nIt is essential that you have a buffer. A little extra money always comes in handy for those unexpected fees. These fees include stamp duty,
\nOr use out Home Loan Fees Calculator for
\nThe First Home Owner Grant<\/strong>
\nThe government is offering a helping hand for those looking to purchase their first home. The First Home Owner Grant<\/a> was introduced in 2000 to offset the effect of GST on home ownership. You must satisfy all eligibility criteria in order to receive the one-off grant and this will differ from state to state. In Victoria,
\nBut don\u2019t get lazy in your saving efforts. Use the First Home Owner Grant as a little extra to go towards your deposit and less to pay in the long run. It\u2019s important to remember that whatever you can save up before you take out a home loan will save you close to twice as much because you won\u2019t be paying interest as you pay it off.
\n <\/p>\n

Get lending pre-approval<\/h3>\n

\"150x150xpros.png.pagespeed.ic.uPtwYrTmcT\"A lot of first time home buyers often find the process of finding a lender and a mortgage to suit them On top of that, it\u2019s difficult to know how much you can actually afford to borrow. Our best advice is to talk to the experts.
\nYou\u2019ll find the pre-approval process much easier if you get your documents in order. A good first impression also makes the world of difference to your lender and gaining the approval for your funding.
\n 
\nDocuments that you will need for this process include:<\/strong><\/p>\n