Every home ownership journey is different depending on people’s individual financial situation and their objectives. However there is one thing that all potential home buyers must do - this is to gather all the information they need on the options available to enable them to make an informed decision that suits their lifestyle and other financial commitments.
When people understand the make-up of their home loan, including their obligations and entitlements, they will be better placed to continue managing their loan or perhaps find a better deal. They can also pass this knowledge on to family members and help them make responsible decisions.
But where should you start? There is a lot of choice and information out there in terms of loan providers and products, so the best place to start is to talk to some of these lenders about what you need, what you can afford and what they can offer.
When people understand the make-up of their home loan, they will be better placed to continue managing their loan or perhaps find a better deal.
Some lenders hold information sessions where people can go along and find out about the home buying process and talk to experts.
HomeStart holds a number of free home buyer seminars
throughout the year in which a range of industry specialists, such as real estate agents and conveyancers
, present. Our seminars cover topics such as the steps to buying a home
, applying for a loan and your legal rights and responsibilities.
There is a wealth of information online, just make sure that you obtain information from a reputable source.
Comparison websites such as infochoice.com.au
will help you compare various loans available, and the majority of lender websites have learning and information tools such as calculators that can help you estimate how much you can borrow and how much your repayments are likely to be.
As well as having a number of online calculators
to help you with estimations, HomeStart also has this money education website, that provides valuable tools to help you learn about managing your money and financial goal setting.
While looking into the cost of buying a home it is also worth looking into the cost of maintaining a home, for example rates, bills and ad hoc costs such as repairs, to give you an indication of other related expenses.
Gathering information from a number of reputable sources and understanding the information you receive will set you up to start a responsible and achievable home ownership journey.
Links to websites operated by third parties are merely provided for your convenience and do not imply an endorsement or approval of the site, information or service. HomeStart shall not be held responsible or liable for any third party content.