First Home Builders/28.07.21
A Guide To Buying Your First Home
Domaine Homes understands that the process can be chaotic, difficult and confusing at times, so we're here to support you!
Buying your first home can be one of life's most exciting adventures, until you are faced with an overwhelming list of things to do. Domaine Homes understands that the process can be chaotic, difficult and confusing at times, so we're here to support you! That's why we’ve provided a first time home buyer guide to help you move along in your journey with ease.
We recommend seeking advice from a mortgage broker who will help you determine what sort of home loan you can afford, what amount will be required for a deposit and your monthly mortgage payments. Your mortgage broker can also help you apply for home loan pre-approval which will allow you to make offers on properties that you know are within your budget. Before contacting your broker, we would suggest saving approximately 10% of the price of a home so that your loan application has a good chance of getting approved.
Although you may already have a pre-loan approval, this doesn't guarantee you a home loan. It is important to prove that you are financially dependable by ensuring that your credit rating is decent, your employment is stable and that you are capable of repaying your loan! If your financial situation has currently changed since your home loan approval, there's a possibility that you may not be approved so it's important to commit to your financial goals.
Additionally, the good thing about getting your home loan pre-approval is that while you wait for your formal loan approval, you'll have a clearer idea about your estimated budget. In this time, it may be a good idea speaking to one of our consultants to receive a free sales estimate. This will allow you to determine which extra costs you need and which ones you can additionally afford, so that once you have your finances are ready to go, you can put down that deposit!
If you haven’t already settled on land and are wondering where to start, it may be worth looking at any potential house and land packages available. House and Land packages tend to be much more affordable than buying existing properties and can give you a good idea about which area you may want to live in. Additionally, it saves you time and kick starts your building journey with more ease.
We understand that the process ahead may still feel daunting. Luckily for you, Domaine Homes has a team of experienced professionals who are here to guide you through your journey to owning your first home.