, at Knowledgebank IQ | 04 April 2014 |

Buying your first home

Buying your first home? You’ll be familiar with endless trips to real estate agents, scouring real estate websites every week, and attending an endless parade of inspections and auctions. Let alone the "deposit saving barrier".

But when you finally find the right place, the one you know you can call home, the initial feeling of excitement turns to the realisation of the magnitude of the financial commitment you have to make.

  • How much can you borrow?

  • What are the repayments and are they affordable?

  • How much deposit will I need?

  • What happens if you get sick and can’t work? How will you make your repayments then?

  • Will you still be able to afford a few luxuries like holidays and new cars?
     

How can a Financial Adviser help?

A financial planner can help you reach your goal of owning your dream home sooner by:

  • Budget planning and implementing a savings plans.

  • Calculating how much you can borrow and show the repayments required

  • Work out how much of a deposit is needed

  • Ensuring that you have appropriate insurance cover in place

  • Loan repayment strategies such as:

    • Additional repayments

    • Changing payment frequencies

    • Utilizing offset accounts

    • Debt recycling

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