Are you planning to move out of your parents’
home and buying a place of your own? Make
sure you make thorough financial preparations, aside from the other practical
details. First and foremost, you have to determine if you can afford
everything, and you should consider all the costs of moving and home buying,
such as:
- Home and Land Packages – prices can vary depending on the suburb in Perth and the features or size of the house
- Other Moving Costs – hiring a removals company to move your belongings, using self-storage options for your other items
Of course, you can apply for a loan to buy your
first home. If you do, take note of these costs, too:
- Deposit and Home Loan Repayments – as much as 20% of the loan may be required as a deposit, while typically, home loan repayments would be made monthly
- Mortgage Fees – application fees, Lenders Mortgage Insurance (LMI), mortgage registration fee, and other expenses outside the basic loan costs
There are several ways to manage the costs. The
government offers help to first home buyers through a grant of $10,000, but you
can only be eligible if you’re buying or building a new home (not buying an
established property) and if you satisfy other criteria. You can also ask your
parents for help by being a guarantor in a home loan or by helping you earn
more income or save more money. You just have to be creative to make the whole
process affordable.
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