First Homebuyer? Start here!

With rising interest rates and increasing living costs, many first homebuyers will be wondering whether now is still the right time for them to get on the ladder, and could be put off making their first purchase.

If you are in this position, here are some key tips to help you make the right decisions:

Budget!
Before seeking finance, it’s essential to know exactly what you can afford. Deep-dive into your spending and finances to see what you are spending and where. If you are struggling to get started, check our Budget Blog HERE for some useful tips and tricks.

Once you have a budget in place, you can work out what impact rate rises might have on your finances and make informed decisions on the level of borrowing you are comfortable with.

Get your pre-approval
This document will show exactly what you could borrow from a lender. Pre-approvals generally last up to 30 days, but be sure to ask your lender or broker what will happen if interest rates increase during that time.

Some lenders may assess you at the time of pre-approval, and others may factor in rate rises. Make sure you know the facts.

Be prepared
Things are still moving fast in the property market, so don’t let admin delay your deal.

Check with your broker/lender what paperwork they are going to require so you can pull it together as quickly as possible – think pay slips, bank statements, evidence of your deposit.

Working swiftly will enable your lender to get the process moving sooner rather than later.

If you are first homebuyer and want some advice on finding the best deal, then get in touch today and let us help!