Tag: new home

Looking to buy a house? Step-by-step checklist to get into the game

apartment house home

If you’ve never purchased a home before, the process can be a little daunting. A step-by-step checklist will help first home buyers get a foothold in the property market while keeping stress levels at an all-time low. Managing Director of LCI, Gerry Incollingo, has prepared a list of checkpoints to help streamline the house purchasing process. Know your borrowing capacity Before you start dreaming of the waterfront home with 6 car garage, it’s important to know how much the bank will lend you. You’ll need proof of: 1) How much you earn and how long you’ve been at your job. If you are self-employed, you’ll need to prove you have enough money to service a mortgage 2) Any credit card balances and whether you have any other personal loans, such as car loans or hire purchase loans 3) Your credit history or credit score 4) How much deposit you’ve managed to save for the house. If the bank agrees to lend you more than 95%, it’s likely you’ll be subject to Lenders’ Mortgage Insurance (LMI), which will up the amount of weekly/monthly repayments 5) A budget showing your spending habits (How much you pay for the gym, petrol, clothing, UberEats). To get a basic idea of the amount you may be allowed to borrow, you’ll find a variety of different calculators online that let you calculate an approximate amount you may be eligible to borrow. It’s only a rough guideline, as many external factors may come into play such as interest rates, credit scores and the… Read More

Great starter homes for newlywed couples

Home interior lounge room

As a newlywed couple, the next step in making a life together is purchasing your first home. These are typically referred to as starter homes because it is expected that as time goes on and you both accrue savings you’ll eventually move into a bigger house that’ll fit the needs of your (possibly) expanding family. What are some of the main do’s and don’ts as far as starter homes are concerned, though? Well, first off you need to make sure you’re in a financially stable enough position to afford a home in the first place. This means having enough for a down payment and a few mortgage payments so you’ll always be on top of your debts. Next, make sure your mortgage payments are low enough that they won’t cut into your other aspirations like buying an even bigger house, getting a new car, or starting a family. Make sure all of your other outstanding debts are in order before you make the plunge on a new home. Now that the practical stuff is out of the way, let’s look at a few ideas for decent starter homes: The crest design This design is a fantastic option for those who want a starter home with a bit more frills than usual. It has three bedrooms, two bathrooms, and enough room in the garage to fit two cars. This design is currently offered by www.novushomes.com.au and is best for two people with upward mobility willing to spend a bit extra on a worthwhile home. The extra… Read More