Here are some of the key topics discussed in the podcast. We’ve also created a checklist to help you begin your home buying journey.
Are you ready to buy your first home?
The first step to success is to ensure you’re ready for homeownership. It goes beyond having a deposit ready. Ask yourself if you’re prepared to take on a mortgage and if your current income is likely to change in the next 5 years. Consider your family size. Do you have kids or are you planning to? It’s also important to know about the added costs of buying a home. Things to think about are stamp duty, conveyancing fees and insurance fees. All these considerations are important because they’ll impact your home buying decision.
Preparing to buy a home
Before you begin house hunting create your own selection criteria. This will prevent emotional decision making (like buying a property you can’t afford) and help make the process smoother.
To begin, consider the locations you’d like to live and make a list of must-have conveniences like close proximity to train stations and schools. Our hosts recommend doing your research and then creating a shortlist of five suburbs that suit your budget, needs and preferences. As our host, Dora says, “it’s all about having an end goal.” Our First Home Buyer's Checklist is designed to help you determine yours.
Getting a mortgage
The amount of money you can borrow will impact the type of homes you consider. Mortgages can be a murky area, prevent falling prey to mortgage myths by seeking advice from qualified experts early in the process.
Our guest, mortgage broker Rebecca Jarrett-Dalton, says the first step in the process is finding out what your path to a mortgage looks like. Often people misjudge their borrowing power or are unaware of the different options, like family guarantees, that are available to them. There can also be confusion around deposit sums. Some first home buyers can secure loans with a five to six per cent deposit, a far cry from the 20 per cent we are taught to believe. Rebecca also discusses Lenders Mortgage Insurance, average borrowing amounts and the pre-approval process.
The process of buying a home
Our guest, Emma Brown-Garrett, an auctioneer who works with Better Homes and Gardens Real Estate, shares her top three tips for first home buyers. Spoiler alert, preparation is key.
Then she lifts the lids on auctions and how they work. If you're a first home buyer, don't be intimidated by buying at auction, as Emma is here to talk you through it. First things first, make sure you show up on time, have ID, are smartly dressed and ready to bid confidently. It's a competition after all! You'll also learn the auction no-nos and hear about the time Dora accidentally bought a property she didn't want!
To learn more about buying a home read The BHG guide to homeownership.
To get started on creating your personal buying criteria: