10 Useful Tips for First Home Buyers

Bree Jones • Mar 19, 2023

10 Useful Tips for First Home Buyers


We help many First Home Buyers here at FFG, and after celebrating quite a few of our clients buying their first properties over the last month we thought we would share a few useful tips for other First Home Buyers!

Amy and Andy celebrate buying their first home! Well done guys!


10 Tips:

 

1 - Set a budget: Determining a budget will help you narrow your search and avoid overextending yourself financially.

 

2 - Research the market: Learn about the real estate market in your area, including property values and trends in different neighborhoods.

 

3 - Get pre-approved for a mortgage: Before you start house hunting, come and see us and get pre-approved for a mortgage.

This will help you know what you can afford and give you more bargaining power when making an offer.

 

4 - Consider different neighborhoods: Look at what is essential to you and your family, whether that is being close to public transport, schools or the beach, and this will help you find out which suburbs interest you.

 

5 - Speak to a real estate agent: An agent can help you find the right home and guide you through buying a property.

 

6 - Get a building inspection: Remember to add a building inspection to your offer; this will allow you to check for any building issues in the home.

 

7 - Factor in additional costs: Besides the purchase price, there are other costs, such as stamp duty, conveyancer fees, and moving expenses. Be sure to factor these in when setting your budget.

 

8 - Attend open houses: Attend open houses to understand better the properties you're interested in and their price points.

 

9 - Be prepared to act quickly: In a competitive market like Melbourne, properties can sell quickly. Be prepared to act if you find a property you like and have that pre-approval!

 

10 - Stay flexible: Finally, stay flexible and be willing to compromise on some of your wants and needs. You may not find the perfect home, but you can find one that meets most of your criteria and is a good investment for your future.

 

 

In Summary


What should I do next? 

What should I do next?

Call our office on (03) 8657 8664, and we can organise a time to chat and make a plan to get you pre-approval for a home loan.

 

We can answer all your questions and help guide you on this exciting journey to securing your first home!

 

Also, we invite you to take advantage of our free resources, including our First Home Buyer ebook, by heading to our website and downloading a copy!

 

 

https://www.futurefinancegroup.com.au/ebooks

The Power of Pre-Approval: Your Key to Home Buying Success

05 Oct, 2023
The Power of Pre-Approval: Your Key to Home Buying Success

Navigating the World of Mortgages: What borrowing capability do you have?

01 Aug, 2023
Navigating the World of Mortgages: What borrowing capability do you have? Deciding to buy a house is an exciting milestone, and we're here to accompany you through the intricate world of mortgages. With the changes to interest rates that have happened over the last twelve months, it's essential that we are prepared and approach borrowing with a healthy attitude, as your choices now will have long-lasting implications, so let's ensure you're well-prepared for this homeowner journey. What should I consider when considering my borrowing limits? First, let's figure out how much you can borrow without sacrificing your peace of mind and daily joys. The key here is to measure your income against your expenses, including the potential mortgage repayments. A general rule of thumb: try to keep your mortgage repayments to no more than 35% of your gross monthly income. When it comes to borrowing generally, the higher your deposit and the higher your income, the more they should be willing to lend. The good news is we have more flexibility as mortgage brokers than the big banks, so we can look at your circumstances closer. Now, let's discuss some essential factors to consider when figuring out your borrowing limits. How much debt can you handle? Think about your lifestyle and what you're willing to give up versus what's non-negotiable. Be realistic about your dream home. Start with something affordable and gradually work your way up as your earnings grow and your equity increases. Think about the future. Are you planning to start a family, change jobs, or experience significant life changes? Factor those possibilities into your calculations. Keep an eye on interest rates and consider how further rises might affect your ability to make repayments. Reminder; A reminder that when purchasing a property, you will also need to factor in further expenses, such as, pay stamp duty, pest & building inspections, conveyancer fees, application fees, council rates, possible strata or body corporate costs, and utility bills to factor in. In Summary We'll help you evaluate your financial situation, research and compare over thirty lenders and loan options, and gather the necessary documentation to help you whether you are purchasing your first home or refinancing. What should I do next? Our dedicated team is committed to nurturing your financial well-being and helping you achieve a stronger and more secure future. Call our office on (03) 8657 8664 to organise a time to chat, and we also invite you to take advantage of our free resources by heading to our website. https://www.futurefinancegroup.com.au/

Refinancing: What Are Your Options As A Homeowner?

By Bree Jones • 19 Jun, 2023
At Future Finance Group, we understand that financial hardship has become a pressing concern for many homeowners across the country, including Melbourne. We want to help you explore the benefits of refinancing your mortgage. By assessing the right time to refinance and understanding the steps involved, we can guide you to potentially save money, access improved loan terms, and secure a more favourable financial future. What are the Benefits of Refinancing? During these challenging times, refinancing your mortgage can bring meaningful advantages. Firstly, it may allow you to take advantage of lower interest rates, reducing your monthly mortgage payments and offering much-needed relief. Additionally, refinancing allows switching from a variable-rate to a fixed-rate mortgage, ensuring stability and protection against future rate increases. By consolidating high-interest debts, you can streamline your finances and gain more control over your monthly obligations. Also, refinancing can unlock equity in your home, providing funds for essential expenses or other financial goals. Assessing the Right Time to Refinance Working out when to refinance can be challenging, mainly because we do not know what the future will bring. We are here to look at your personalised options and work with you to ensure your financial security. We can consider many factors, such as your credit score, home equity, and employment stability, to give you informed options. Steps Involved in Refinancing and Potential Cost Savings : We are here from the beginning to the end and strive to simplify the refinancing process for you. We'll help you evaluate your financial situation, research and compare over thirty lenders and loan options, and gather the necessary documentation. Our ultimate goal is to help you secure better terms, rates, and long-term cost savings to ease the pressure on you and your family. In Summary In these challenging times, exploring refinancing options can provide much-needed relief and open up financial opportunities for you as a homeowner. What should I do next? Our dedicated team is committed to nurturing your financial well-being and helping you achieve a stronger and more secure future. Call our office on (03) 8657 8664 to organise a time to chat, and we also invite you to take advantage of our free resources by heading to our website. https://www.futurefinancegroup.com.au/
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