Read these helpful tips before buying a home:
1. Pre-approved Loan
Do your research and compare a few different loans before you decide. Once you have been pre-approved you will know your repayments and how much you can afford to spend. You’ll also be one step ahead once you’ve chosen your new home.
2. First Home Owners Grant
Check to see if you are eligible for the First Home Owner Grant (New Homes). The NSW government is assisting first home buyers by offering a $15,000 grant. Alternatively, second home buyers may be eligible for the New Home Grant scheme which provides a grant of $5,000. Get in quick, the First Home Owner Grant is decreasing in Jan 2016 to $10,000.
3. Upfront & Ongoing Costs
Before buying a home take into consideration upfront costs that may be applicable such as stamp duty, legal fees & lenders mortgage insurance. Plus ongoing costs like land & water rates, house & contents insurance & maintenance.
4. Understand the Contract
Review the contract carefully so you completely understand the terms & conditions of the contract. Take the time to make a list of questions & make note of the answers for future reference.
5. Construction Delivery
Understand the time frames around the construction delivery and read through all the information you are given. Remember that your New Living Homes construction Supervisor and our staff are all here to answer any questions you have along the way.
6. Home & Contents Insurance
Start researching and comparing home & contents insurance. Almost all homeowners will need insurance as part of their home loan arrangements. Make sure you understand exactly the level of cover you will be receiving.
Our friends at Mortgage House offer a competitive Home Loan rate, if you would like to know more please call us on 1300 366 766.
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