First Things First: A First Home Purchasers First Person Account

Posted by allanmadams on September 26th, 2011 at 03:09pm

Purchasing your first home is one of those pivotal times in your life. You’re growing up, you are moving on and making decisions that may affect the remainder of your life.

For some people this is a frightening time, a time to do research and bother to make the correct selections. For others it’s full of thrills – making snap choices and going with your instinct.

For me it’s a bit of a rollercoaster ride. Realising that I was at that point in my life to take a new big step into first home purchasing was initially thrilling, but taking a look at the diversity of loan options and rates quickly sent me back down to earth.

Realising this series of calls were ones that might dictate the remainder of my life was a daunting one. What was I intended to do? Should I put my cash in a term deposit and wait for the estate market to turn around? Should I check out a First Home Saver Account? Where do I make an application for a loan? What loan do I make an application for? Am I even eligible?

The best news is, there are a lot of companies, mortgage brokers and resources out there to assist you to make the correct decisions. The directions you take when taking off on your adventure into first home ownership largely relies on your private situation, revenue and future plans, so you preferably need to seek out personalised solutions instead of just merely following what you get on bank commercials.

A good place to start is a First Home Saver Account. An initiative introduced by the Australian Federal Government back in October 2008, First Home Saver Accounts are available from a good range of banking corporations, building societies, credit unions and even life insurance companies and are designed to help you save cash speedier by lowering tax rates and offering financial contributions. Again, this option isn’t for every body and it is an excellent idea to consult a pro before applying.

Another great initiative of the Australian Govt. is the provision for the First Householders Grant. Available in all states and territories, the First House Owners Grant isn’t discriminating of earnings or area in which you are choosing to live, which is a bonus for those with low-income or out of work.

Like me, most folks wanting to buy their first home are likely to need to take out a loan to help them cover the original purchase cost plus all the associated hidden costs and charges. While mortgages are a mandatory and great resource to get you moving, picking a mortgage with the incorrect monetary institution could see you paying an entire lot extra in the future.

My most important piece of information to you: ensure you do the research. Borrowing rates on home loans can change significantly from company to company, and be sure to be aware of contracts, secret charges and penalties and ALWAYS read the small print before signing your life away.

Prior to making a commitment to choices about your first home, take a look at the extensive variety of mortgage brokers, home loan providers and finacial investment planners on dLook.

Under mortgage refinancing Tags: Australian Federal Government, Australian Govt, Banks Financial Institutions, Best News, Building Societies, Correct Decisions, Credit Unions, Financial Contributions, First Home Buyers Grant, First Person, Future Plans, Home Ownership, Home Purchasers, Instinct, Life Insurance Companies, Loan Options, Mortgage Brokers, Person Account, Personalised Solutions, Private Situation, Real Estate Agents, Rollercoaster Ride, Savings & Loans, Tax Rates

First Things First: A First Home Purchasers First Person Account

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