As a first home buyer, you should be aware that there are various types of residential real estate loans, which have different repayment terms and interest rates.
You should first talk to a finance specialist to find out what properties you are qualified to buy. If you don’t do this, you won’t have an idea of what your purchasing power is.
Even if you could purchase with 100% financing (which these days is nigh impossible), there are still inspection fees, settlement costs, purchasing expenses (including legal fees and stamp duty) and appraisal (buyer’s agent) fees to pay for.
You may also need to spend a significant amount of money to make your home right for you and your family. As well you need to you have sufficient cash flow to ensure that all your payments are promptly paid.
If you can manage it, it is better to wait until you are on top of your financial servicing commitments before spending further money on a new car, expensive furniture, appliances or equipment.
To become pre-approved or pre-qualified, you have to talk to a reputable specialist.
What can you do?
If you would like to know more about real estate loans, you can click here to know more about Chan & Naylor services. You can leave your details here and we can schedule you for a free consultation. We’ll contact you to explain more.
Whether you are a beginner, seasoned investor or business owner, we can give you guidance to maximise the financial areas of your life. We can give you an integrated and tailored solution of your superannuation, taxation, property investment, asset protection, estate planning and more.
Chan & Naylor Group has nationwide offices in Brisbane and Capalaba in Queensland, Melbourne and Moonee Ponds in Victoria, East Perth in Western Australia, and South West Sydney, Parramatta, Pymble, North Sydney, and Sydney in New South Wales.