Preparing your finances for home buying
Buying a new home in Penrith is a milestone for anyone but it is also a major financial step that needs to be thought of and planned.
It does not have to be as scary so long as you are financially prepared.
We’ve prepared a short guide to help you do this.
3 Ways to get financially prepared
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Understand what you can afford around Penrith
It all begins with what you can spend and how much you can keep on paying. Unless you can pay for the property in full cash, you have to plan out your expenses because buying a home is a long term commitment.
Consult with your penrith local accountant and a financial planner on how you can manage the deposit and repayments well before starting your property search.
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Speak to a Penrith mortgage broker about a pre-approval
Having a loan pre-approval is good assurance that your loan will be approved when you find that perfect property.
Ask a local mortgage broker to help you scout around for the right lenders and deals.
Understand their requirements and offerings so you know your mortgage plan suits your lifestyle and finances. Work with your broker to narrow down which lenders and plans make the most sense for you.
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Try a financial trial run
Consider trying a routine which involves saving a part of your income to see if you can really manage the payments for the property.
Total your monthly expenses then include the projected mortgage payment, tax and insurance estimates. Also consider home maintenance costs. Get the sum and see if you can manage with what’s left of your cash flow.
You can always talk to your financial planner on the best ways to keep up with payments and standard expenses. The results of your trial run will tell you what property you can afford and how you will afford it.
Need help with other local businesses in Penrith?
If you want to find other reliable local businesses in Penrith to help you through the buying, selling and moving process, you can also try one from our Tradebusters Connect free Penrith trade and business directory.
All details are listed on our website.