How to Know if You are Ready to Buy Your First Home

At Geraldton Heights Estate, we currently have blocks of land for sale that are attracting a lot of first home buyers. Thanks to the First Home Owner Grant (FHOG) and other tax concessions, there is a lot of opportunity to buy a first home or a customised house and land package in Geraldton.

In the course of talking to prospective first home buyers, we answer a lot of questions. We thought it would be helpful to provide some basic questions to help you determine if you are ready to purchase your first home.

Ready to Buy Your First Home

Do You Have Enough Money to Make a Deposit?

At the very least, you will need 5% to make a deposit. A larger deposit can get you lower interest and better terms.

Do You Have a Savings Account?

Most lenders want to see that you are capable of saving money on a regular basis. Otherwise, they feel you are too large a risk and either turn you down or charge higher interest rates. Neither of these is a good option.

Can You Afford Your Mortgage Repayments?

It is a good idea to add up your monthly debts and compare them to how much money you have coming in every month. This will help you to create a budget. Figure out how much money you can afford to reasonably pay for a home mortgage without causing yourself financial stress.

Then, talk to a mortgage broker. See if you can get pre-approved for a loan. At the very least, find out how much you can be approved for and see if the projected monthly payment fits your budget.

Call Geraldton Heights Estate Today

We can help the process go easy and help you get your FHOG. To learn more, call us today: (08) 9301 4445.