Taking The First Step On The Property Ladder
If you are having doubts about whether or not you are ready to purchase your first property, never fear, many first home buyers experience a similar sense of anxiety.
While it's true that purchasing real estate can be a tumultuous experience, so long as you have done your research and budgeted correctly then buying your first home should be a mostly stress free process.
The first thing you need to do is work out exactly what your purchasing power is and how much you can afford. In order to do this, you will need to determine exactly how much you have saved as well as what your home loan options are.
A 'How Much Can I Borrow' calculator is a fantastic tool in this regard, as it can give you a strong idea of your borrowing capacity based on you and your partner's current net incomes and your ongoing expenses.
Not only will you be given some idea of how much you will be able to spend on a home, but you will also be provided with a hypothetical loan term as well as ongoing interest rates.
Obviously the exact terms of your home loan will depend on your lender and a few other factors, so these results should be taken as an estimate rather than hard figures.
Once you have a strong idea of your current financial situation, you can begin the process of applying for a home loan and searching for your dream property – how exciting is that!
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.Tags: borrowing capacity, first home buyers, how much can I borrow, mortgage broker