Home Loans Australia

Help Center (8am-7pm Mon-Fri) 1300 190 429

5 things first home buyers need to know

Important considerations for first-time home buyers in Australia

Congratulations! You’re ready to buy your first home. It probably seems like there are a million things to get your head around, but the end is in sight. Now is a great time to shop around for a loan and lock in a great rate before it’s too late.

Before you sign a loan contract, here are five things first home buyers need to know.

Here’s How You Do It:

Step 1: Select your type of property below.
Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.

  1. Think with your head, not your heart.

    When you’re house hunting it can be tempting to let your heart be your guide, but choosing a home calls for a healthy amount of pragmatism. Think about what you need out of a house, not what you want. Consider your long-term goals: do you plan to live in the home or rent it out? Move straight in or renovate? All of these questions will help you find a home that meets your needs.

  2. Don’t max out your budget.

    When you are initially pre-approved for a loan, you might be surprised by the amount a bank is willing to loan you. However, just because you can get a million-dollar mortgage doesn’t mean it’s a good idea. Map out a budget to determine what you can realistically afford while living the lifestyle you want, and stick to it.

  3. Shop around for a better deal.

    The powers of comparison cannot be emphasised enough. Visit HomeLoansAustralia.com and select the amount you wish to borrow; you’ll instantly see a quote comparing the top 3 deals from a panel of lenders. Have a quick chat with one of their loan experts to find out the details so you know you’ve done your homework before committing to a 30-year mortgage.

  4. Understand your loan options

    It’s not enough to understand the difference between a fixed and variable loan, or interest-only vs. principal + interest. The way you structure your mortgage can have a big impact on how much you spend or save over the life of your loan. Talk to an expert at Home Loans Australia for advice on the smart way to split up your loan and how to make the most out of an offset account.

  5. Inspections are everything.

    Don’t skimp on the building and pest inspections. An inspection may deliver good news or bad news, but it’s important to read the report. You can save yourself a lot of heartache with an inspection, because it’s much easier to save yourself from a problem house before you buy as opposed to after.

To find a great deal on your first home loan, visit HomeLoansAustralia.com.

Get Started Now:

Step 1: Select your state below.
Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.

What Is Your Approximate Property Value?