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Financing a new home
 Owning your own home has always been the great Australian dream. So how do you go about financing a new home in an increasingly tough market?
Initial considerations
Find out more about the initial considerations, making the right financial choice or financing a new home or apartment. There's also information for first home buyers and questions you should ask your lender.
How much can you afford?
Budgeting for a new home is a serious business and there are many things you need to take into account. Firstly, you need to work out your budget. Consider your combined family income, existing liabilities, assets and savings.
Stand by your principles
The next step is to get a lender to approve your loan in principle. This means you have been pre-approved for a loan up to a certain amount.
Getting pre-approval can be more important for buyers who are looking for existing property than those who are buying a new home. Some developers have an association with a particular lender and are therefore able to assess your financial situation onsite.
However, by getting pre-approved you at least have an idea of what your spending range is. You also have a benchmark which you can compare with other assessments of your financial situation.
To get your loan approved in principle, you will have to provide your lender with a number of documents. These include:
- Proof of
income (your last three payslip's or a statement or earnings)
- Details of current assets
- Existing loan commitments
- Details of unusual expenses
- Proof of identity
Once you have your pre-approval, you're ready to start looking for
your home - provided that you've saved for your starting costs.
* The information provided here is
general only. It does not purport to be comprehensive or to provide
financial advice. You should not act on the basis of information
contained
on this site without obtaining qualified professional advice which
can be
tailored to your specific circumstances and needs. |
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