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Top Tips for Buying Your First Home in Darwin!

By Korgan Hucent

So, you’ve reached that point in your life where you’re ready to buy your first home, but you’re just so overwhelmed on where to start to make this happen? We agree that it can be an overwhelming process, but this is why we are here! Here are a few of our top tips to get you on your way to being a home owner.

  • Tip 1 – Get yourself a Mortgage Broker: There’s a lot of confusion and uncertainty around borrowing money for your mortgage. With a Mortgage Broker, they are there to provide you with the support you need and will help you find the right home loan for your individual situation. They’re pros for a reason and can fully advise you on the borrowing ins and outs, and all of the features available. This is their job after all!
  • Tip 2 – Plan a budget and save the biggest deposit you can: This is probably the single most important thing you need to do when considering buying a home. Plan a budget and stick to it! Yes, it may be tough, but that way you will get a clear picture of what home loan you can afford and it will show your potential lender that you can exercise financial discipline. Plus, the bigger the deposit you have, the bigger the equity you have in your property right from the start, which means you’ll pay less interest!
  • Tip 3 – Take full advantage of the First Home Owner Grant: And do it early! The best time to apply for the grant is at the same time you apply for your home loan. It is important to get it in at this time so that the government authority administers it in time for your settlement. If you do not do this, you will still have 12 months to wait from settlement to apply – and sometimes even longer!

There are of course many other factors to consider when buying your first home, but starting with these tips will set you up on the right path. For more advice and information, call into the Ray White Bayside branch for a chat, we will be happy to help you.

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