Qantas Credit Union
AFTA@Work August Newsletter
Buying a home or investment property is both exciting and nerve-wracking. It is a major decision that takes planning, research and careful budgeting. Here are some tips to help you get started.
You are ready to become a homeowner if you have the following things in place:
A good way to find out how much you can afford to spend on a property is to review your household budget.
One of the bigger upfront costs you may have to pay is stamp duty or transfer duty on your property. If you are a first-home buyer, check what stamp duty concessions you are entitled to in your state.
Be realistic. Once you've set your price range, identify the suburbs that have properties in that range - it will save you a lot of legwork.
Then comes the fun part: finding the house or unit you want. Take your time and consider things like proximity to schools, transport, shops, and the condition of the property. Does it need major repairs and get some quotes on how much you’ll need to spend to repair it - take all these costs into consideration.
Before you buy, arrange for building and pest inspections, and have the contract checked by a conveyancer or solicitor before you sign. Make sure the person inspecting your future home is qualified to do so, such as a licensed builder, architect or surveyor.
In some states you can also have inspections during the 'cooling-off period', or the 5 days after you sign the contract, as long as you don't buy at auction - where there is no cooling-off period - and you're prepared to lose part of your deposit if you withdraw during the period.
Buying a home for the first time can feel like a giant leap into the unknown, but there are plenty of things you can do to make sure you don't fall into a financial abyss. Keep to your budget, put some money aside for emergencies, and take your time to find a place that feels like home.
For more information on our competitive home loans visit us at www.qantascu.com.au
The information in this article is of a general nature and is not intended to be a substitute for personal advice. It has been produced without taking into consideration your personal financial circumstances, objectives or needs. You should consider the appropriateness of the information to your financial situation and seek personal advice before acting. Loans are subject to approval. Terms and conditions and normal lending criteria apply. Terms and conditions available on request. Qantas Staff Credit Union Ltd trading as Qantas Credit Union | ABN 53 087 650 557 | AFSL / Australian Credit Licence 238 305