When
getting ready to purchase a home and land package, a potential home
buyer’s first point of order is often how to organise the finances.
But where should you begin? To help you get started, below are three
of the most frequently asked questions about this aspect of home
ownership.
Do
you qualify for a home loan?
A
bank will first have to make sure you qualify for a home loan before
you they approve you for it. They are going to look at your financial
history and assess whether you make the cut or not. Employment,
steady income, savings, and ability to handle debt are some of the
things they’ll look at
How
much can you borrow?
In
home ownership, this is the wrong question to ask. The better
question would be, how much can you comfortably pay given the
repayment schedule you choose? To answer this question, you need to
take a closer look at your income and expenses, including any other
debt you may have, such as credit card or car loans.
What
is a First Home Owner’s Grant?
In
WA, first home buyers are entitled to a $10,000 First Home Owner’s
Grant (FHOG) for newly constructed homes. FHOG can be a great help
when it comes to budgeting for the purchase of your first home.
Leave reply