A Financial Checklist for First-time Home Buyers

The decision to buy a house for the first time can be considered as one of the biggest moves that a person can make in his or her life. The action would involve the use of large amounts of financial resources or the adoption of financial schemes that could make monthly amortisations much more bearable. It is then understandable that people would want to be financially prepared for such transactions as even simple mistakes can have significant repercussions. Here’s a financial checklist that first-time home buyers can use as a guide to prepare for their investment:

  1. Check personal finances. As someone who is considering buying a home, you should start saving up for your real property purchase. Adequate savings should cover for down payment and other incidental expenses.

  1. See if you qualify for government grants and other financing schemes. First home buyers in Western Australia can qualify for a $10,000 grant from the government. You can contact your home builder or the appropriate government agency about this. Homebuyers are also encouraged to check with their banks to see if these can offer flexible terms for home financing.

  1. Contact homebuilders regarding promotions. Many established homebuilders often have special offerings for first-time homebuyers. Approach your trusted builder and see what such promotions include as some companies give away plenty of freebies and bonuses.

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