Insights

Buying your first home can be tough, but it’s not impossible. Check out these three simple tips to help make your dreams of owning property come true.

1. Now is the time to get into the market. As reported in The Sydney Morning Herald today, three of the major banks – The Commonwealth Bank, National Australia Bank and Westpac have slashed their fixed mortgage rates in a fight to win new customers by allowing borrowers to lock in longer-term interest rates of less than five per cent.
2. Offset your mortgage with an offset account. An offset account is a transaction account that can be linked to your mortgage. The balance of your transaction account is offset daily against your outstanding loan balance, therefore reducing the interest payable on that loan.
3. Do your homework. Thoroughly research the area you want to live in to identify if it’s the right fit for you and your lifestyle. The same can be said for when you find a property you’re interested in. Visit the property on various days and during busy times of the day to get a feel for traffic and the local demographic.

Paul Bond, Director of Hodges Real Estate Sandringham advises, “once you have picked an area you want to buy in and know your budget, pick an agent that genuinely cares about helping you find a property and who has the expertise and knowledge to make your experience a positive one.”

* The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is relevant to you, and where appropriate, seek professional advice from a qualified finance professional.