The Kinnetic team have decades of experience in buying, selling, building and styling homes. We are proud of our experience and we consider our customer’s family so we decided to put together this series of advice that we have been sharing with our friends and family for years.
Kicking off the series with some invaluable advice for first home buyers that we know will help you to have a stress free buying and building journey.
A mortgage broker is an often undervalued asset in purchasing your new home. Your parents and other people offering you advice maynot have used one. Working with a good mortgage broker can open up various lending options and save you time as they do the research and make the process stress free.
Even if you feel like you are not quite ready to purchase, mortgage brokers work with you to come up with a budget and plan to assist in making your dream home become a reality as soon as possible.
The best part is that this service does not incur a cost, brokers get paid by the lenders not by you. You would be silly to not let a financial specialist help you and we know various highly experienced and soughtafter lenders that we can recommend.
This is something that seems obvious but can be often overlooked when wrapped up in the excitement of buying and building your new home. It is a great idea to buy something that suits your lifestyle now but if you think it might change in the not so distance future this should be considered as well.
Things to consider include, are you planning on adding to the family? How many children do you want to have and how quickly are you likely to outgrow your new home? Are you planning to have housemates to help alleviate the cost of the mortgage? Will this require some extra space?
All of these things may seem like they don’t need to be worried about now but it is important to consider your future when making choosing your new home.
There are a range of costs that can creep up on you when buying your first home these can include stamp duty, transfer fees, government fees, charges for building and pest reports, LMI and conveyancing and solicitor's fees that can add up to thousands of dollars.
It is important to do your research and find out what costs apply to you, if you are not sure where to start, contact one of our experienced sales team, if they don’t have the answer they will certainly know who will and be able to point you in the right direction.
Although it is often recommended to have a 20% deposit when buying your first home, it is not always a necessity. It is important to be aware that buyers with less than a 20% deposit will often be required to pay lenders mortgage insurance. This insurance protects the lender (not you) in the case that you are not able to pay the mortgage back.
It is important to speak to your preferred lender or mortgage broker to find out your borrowing options and also what extra feeswill be if you do have less than 20% in savings for you deposit.
It is often thought that options are limited for borrowing money. Often we have been banking with the same bank since our parents set up our first bank account. If this is the case it may be the straight forward answer to approach one of the big 4 banks.
It is important to know that you are not limited to the big four banks and this can be a blessing, with a multitude of lenders offering different loan products this can be very overwhelming. This is where your mortgage broker comes in, they do the leg work for you, taking the time to research options that are the best solution for your unique situation.
Buying your new home can certainly be overwhelming, with a lot of different things to consider. Our team is here for you, we work really hard to provide tailored and informative service, no question is a silly question in our eyes. Let us help you find a home solution that fits your lifestyle.