Talking Riverstone home loans

Thinking of moving out to northwest Sydney any time soon? If yes, then the suburb of Riverstone presents itself as a wonderful option. It is located just 30 miles northwest of Sydney and falls in the Greater Western Sydney region.

We researched this suburb recently and discovered that Riverstone has experienced rapid growth in the last 20 years, both in terms of infrastructure as well as housing.

It has its own railway station from where trains leave for Sydney every 30 minutes. One can also use the M7 Motorway to reach Sydney by his/her own car in less than an hour. Riverstone has many churches and good quality schools.

And as for property prices? The Riverstone real estate market has appreciated by nearly 165% in the last 10 years or so.

If you are interested in buying a home in Riverstone, you will need help finding the right home loan product to get you into the property market.

3 home financing tips for Riverstone property buyers

Save for the deposit

The hardest part in buying a property is saving the deposit.

Median property prices in Riverstone Sydney have reached a level of $750,000.

Home loans are available and you can get finance up to 90% of the value of the property from a bank but you will be required to put forward a deposit close to 10% of the price of the property.

To be able to buy a house in Riverstone priced at $800,000, you need to save at least $80,000 in your account.

You must make a habit of saving 10% of your paycheck every month to have a realistic chance of saving this huge amount of money.

Talk to a mortgage broker and ask the right questions

Securing a home loan to buy a house in Riverstone can be a challenging task for any first-time home buyer. There are many formalities to be fulfilled in this exercise and it pays to be prepared before approaching a lender.

You should seek help from an experienced and reliable mortgage broker and ask him/her the right questions to feel ready and confident when dealing with a lender.

If you self employed? Get support early on as it is much more complicated

Being northwest of Sydney, there are many tradies and self-employed business owners living in the local area.

Buying a home in Riverstone as a self-employed individual is more difficult if you do not have a clear and verifiable income.

With help from an experienced mortgage broker, it becomes easy for you to demonstrate that you have a stable income sufficient to buy your first home in the area.

Need help in finding local businesses in Riverstone and the Sydney Hills District?

If you are looking for reliable tradies and professional services to help you when buying, selling or moving, you can find one at Tradebusters Connect Hills District and Business Directory. The details of recommended Top 3 Local Choice businesses can be found here and you can contact them directly.