Arranging Finances

In Domain’s survey of Australian property buyers, 41 per cent of respondents thought “finding the best mortgage” was a stressful experience. For 14 per cent, it was the most stressful part of buying their home. Being armed with all the right information on home loans will not only help you make the right decision, it will also help relieve some of the stress of the process.

It’s certainly hugely exciting purchasing a new home, but it can also be extremely stressful. The better you can arm yourself with knowledge – about your own finances and the world of lending and property transactions – the more likely you are to have a successful, stress-free purchase.

Unless you have unlimited cash, meticulous budgeting and vigilant saving is essential before you buy your new home. It’s also worth spending the time to shop around for the best home loan, and we’ll give you an overview of what to look for. Take care to avoid the common traps of mortgage agreements too – these are long-term contracts, so you don’t want to sign up for the wrong one.

Read on for in-depth advice on budgeting for and financing your new home, including:

Property purchases involve big financial decisions and long-term commitment. You’ll want to base these decisions on rock solid information, this will help avoid unwelcome surprises down the track. ‘Forewarned is forearmed’ is an excellent motto for any prospective home buyer about to assess their finances.

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