{"id":2249,"date":"2022-04-01T02:09:19","date_gmt":"2022-04-01T02:09:19","guid":{"rendered":"https:\/\/royabhishek.in\/urbanbuyer\/how-to-buy-a-house-for-the-first-time-6-essential-steps\/"},"modified":"2022-04-01T02:09:19","modified_gmt":"2022-04-01T02:09:19","slug":"how-to-buy-a-house-for-the-first-time-6-essential-steps","status":"publish","type":"post","link":"https:\/\/royabhishek.in\/urbanbuyer\/how-to-buy-a-house-for-the-first-time-6-essential-steps\/","title":{"rendered":"How to Buy a House for the First Time: 6 Essential Steps"},"content":{"rendered":"

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Buying your very first home can be both an exciting and daunting process. \"economy
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Navigating the maze of finance, home loans, and the property market can be challenging for even seasoned investors.<\/p>\n

So how are the newcomers meant to get their foot into the property market?<\/p>\n

The good news is there are lots of options and support out there for first-time home buyers.<\/p>\n

The downside is there are also a lot of traps and finding the funds can be tricky.<\/p>\n

So we\u2019ve broken down the process and compiled all the things you first homeowner wannabes need to know.<\/p>\n

1. Save up with a budget<\/span><\/h2>\n

Saving up can be difficult at the best of times but if you\u2019re going to acquire your first home then you need to stick at it.<\/p>\n

It looks good to banks if you\u2019ve been saving up a decent proportion of your income over an extended period of time.<\/strong>\"offset-account-300x169\"<\/p>\n

Usually, lenders will require evidence of your savings from the past three to six months and this will become an invaluable tool when you begin approaching them.<\/p>\n

Make sure you appear prepared and organized by bringing these documents along to your interviews with lenders.<\/p>\n

The best way to save is to set yourself a budget.<\/p>\n

It\u2019s all well and good to tell yourself you\u2019re saving but unless you set solid boundaries for your spending, you\u2019ll struggle to bring your goals to fruition.<\/strong><\/p>\n

A great way to cement your budget and a good way to remind yourself of your goals is to write it down!<\/p>\n

There are heaps of useful resources online where you can punch in the numbers to get an overview where your money is going and how much you can realistically save.<\/p>\n

Try out Money Smart\u2019s Budget Planner.<\/a><\/p>\n\n

It is essential that you have a buffer.<\/p>\n

A little extra money always comes in handy for those unexpected fees. <\/p>\n

These fees include stamp duty. You can\u00a0use our Home Loan Fees Calculator<\/a> in this case.<\/p>\n

The government is offering a helping hand to those looking to purchase their first home.<\/p>\n

The First Home Owner Grant<\/a> was introduced in 2000 to offset the effect of GST on homeownership.<\/p>\n

You must satisfy all eligibility criteria in order to receive the one-off grant and this will differ from state to state.<\/p>\n

But don\u2019t get lazy in your saving efforts.<\/p>\n

Use the First Home Owner Grant as a little extra to go towards your deposit and less to pay in the long run.<\/p>\n

It\u2019s important to remember that whatever you can save up before you take out a home loan will save you close to twice as much because you won\u2019t be paying interest as you pay it off.<\/p>\n

3. Get lending pre-approval<\/span><\/h2>\n

A lot of first-time homebuyers often find the process of finding a lender and a mortgage to suit them on top of that, it\u2019s difficult to know how much you can actually afford to \"pros\"borrow.<\/p>\n

Our best advice is to talk to the experts.<\/p>\n

You\u2019ll find the pre-approval process much easier if you get your documents in order.<\/p>\n

A good first impression also makes the world of difference to your lender and gaining the approval for your funding.<\/p>\n

Documents that you will need for this process include:<\/strong><\/p>\n