Mayne Realty – Property Management & Sales

Brisbane, Gold Coast, Ipswich, Caboolture

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Finance Tips

If you’re looking to buy a home, you’re about to make one of the largest investments of your life. The financial implications are enormous, so it’s worth taking some time up front to square away this side of things.

At a minimum, it’s important to know your borrowing capacity before you start hunting, so you can focus your search on a price range that will fit your lifestyle.

You can get a good idea how much you can borrow and what the repayments would be using one of the many loan calculators available on the web, such as the ones posted on realestate.com.au at this address.

When doing your sums, don’t forget to factor in the costs associated with buying and moving into a home, such as legal fees (conveyancing), loan application fees, stamp duty, building inspection costs, connecting electricity, gas and telephone, and so on.

Ideally, obtain pre-approval for your loan. In the right circumstances, this could strengthen your negotiating position, since the vendor knows there’s no risk of your contract falling through due to finance problems.

Compare lenders, and as you do, consider more than just interest rates. Redraw facilities and the ability to make extra repayments can make a big difference over the life of a loan.

An experienced mortgage broker can save you time and money. With access to several lending institutions, they can often get you preferential interest rates. They are also generally available to meet with you in the evenings, and they can give you an almost immediate answer as to how much money you can borrow.

If you don’t already have a mortgage broker, give us a call and we can recommend one in your area!