One of the things I love about living in the Hawkesbury area is that home prices in Richmond and Windsor can be so much more affordable than many parts of Sydney. It means the team at Mortgage Choice Richmond often help first home buyers into a home of their – and that can be especially rewarding.
Nonetheless preparing to buy your first home in Richmond can be a lot easier when you follow five key steps.
1. Start saving
Most lenders require a deposit of at least five per cent of your Richmond home’s value. However you’ll be doing yourself plenty of favours if you can save more. A bigger deposit means taking on a smaller Richmond home loan, or buying a better place.
2. Know your borrowing power
Our online borrowing power calculator can give you an idea of how much you can afford to borrow for your home loan. But for a more accurate figure, talk to the team at Mortgage Choice Richmond. It’s a great starting point in narrowing down the hunt for your Richmond home.
3. Understand exactly what you’re up for
Some of the Richmond first home buyers I work for are surprised to discover the range of upfront costs that can go hand in hand with buying a home. In particular, stamp duty can be an often overlooked expense. Having a clear idea of the total costs associated with buying your first home in Richmond will leave you better placed to decide if you are ready to buy now or need to save a little longer.
4. Check out your entitlements
The First Home Owner Grant in NSW has changed considerably in recent years and it is now largely restricted to first home buyers who build a new home or buy a newly constructed home. If you are keen on the idea of building from scratch that’s great but the big decision should be about buying a home that you can afford and want – rather than looking at ways to access the FHOG.
5. Partner with an expert
The home loan market is not just competitive, it is also extremely broad and there are literally dozens of home loans to choose from. Making the right choice can have a significant impact on your ability to buy a Richmond home and comfortably manage your repayments.
At Mortgage Choice Richmond we have helped many first home buyers - just like you, achieve their goal of home ownership. Our in-depth knowledge of the Richmond home loan market means we can advise you of the loan that is both competitively priced and best suited to your needs.
To take important steps towards buying your first home in Richmond, call me, Andrew Heath at Mortgage Choice Richmond on 0411 550 600 or call in and see us at Shop 1/37 Lennox Street Richmond, NSW.