Step 1: Establish a Budget
When embarking on any major project, establishing a budget must be carefully considered and determined based on many factors including your income, lifestyle, credit and savings history, employment status and loan serviceability.
Lending institutions such as banks, building societies and credit unions have their own set of criteria when determining how much they are willing to lend you.
The finance industry is extremely competitive and it is advisable to shop around for the “best deal” in the same way that you would compare costs versus long term benefits on any other major purchase.
Finance Brokers have access to dozens of lenders and may source the best available finance package based on your own individual circumstances. As the Brokers are paid a commission by the lending authority, it is usually provided as a free service to you and can save you many weeks of personal research and “phone queue frustration.”
Once you have determined how much you can afford to spend in the purchase of your new home, you can proceed to Step 2!
