You can probably picture it – that wonderful moment when you walk up to your brand new home and turn that key for the very first time.

As you rush inside, you imagine where you will put the furniture and how you will arrange your belongings.

Room by room, you sweep through the property and are filled with the hope and promise of new memories and events to share.

As far off as this may seem at the beginning of your journey toward property ownership, getting to this point is not as difficult as it may seem.

All it takes is a little bit of planning, some useful financial advice and the right home loan.

Plan for a mortgage              

Similar to the saying, ‘don’t plan for the wedding – prepare for a marriage’ aimed at newly engaged couples, goes this advice for prospective first time buyers- ‘don’t plan for the purchase – prepare for the mortgage’.

While this is not flawless logic, it does help you to picture not just buying the house but also the responsibilities associated with long-term ownership.

As soon as you start thinking about buying property, it is advisable that you set up a budget for yourself.

This will help you to save up for a substantial home loan deposit when the time comes and will also help to prepare you for making mortgage repayments for the next several years.

Prospective lenders may also take your saving strategy into account when determining your borrowing capacity – another great reason to get into the habit sooner.

As the largest financial commitment many Australians will make in their lifetime, it is also recommended that you seek professional advice.

A Trusted Mortgage Broker is well-versed in the borrowing requirements of lenders and all of the various products out there that may suit your personal situation.

Trusted Mortgage Broker has a great range of mortgage calculators to help with all those tough decisions that come with finding the right loan. Have a look at our calculators on our website to help you further. www.trustedmortgagebroker.com.au/calculators/

About the Author

Sue Hayter

Sue's service commitment is fantastic. At Trusted Mortgage Broker we work with our clients to ensure they understand their options, know exactly how much they can borrow and ensure they choose the right home loan and the right lender that is not unsuitable to their individual needs.

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