FIRST OF MANY

Buying a home can be thrilling and nerve-wracking at the same time, especially for a first-time homebuyer -- it's difficult to know exactly what to expect. The learning curve can be steep, but most of the issues can be resolved by doing a little homework and talking to real estate agents.

What do you need to know when buying your first home? Some suggestions below:
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1. Buying Process - Uncertain...I am here to assist you through the buying process. Of course, I cannot tell you what to buy but I can explain the different method of buying a property, terms and talk you through the necessary contracts. Have a chat with me before attending an auction or making an offer on a private sale.​
2. Check your credit - The homebuyer's credit score is among the most important factors when it comes to qualifying for a loan these days. In Australia, credit bureaus, such as Veda can  provide a copy of your credit report which you can order online. This will show you the information that is supplied to lenders when they do a credit check.
3. Evaluate Month Cash Flow -  A first-time homebuyer should have a good idea of what is owed and what is coming in, similar to how lenders will view their income. 
4. Organise Documents - Lenders would want to see evidence of solid earnings history and taxes. My suggestion is to start investigating what supporting documents you need from at least 6 months in advance.
5. Qualify Yourself -  Ideally you should already know how much you can afford to spend before the bank tells you how much you qualify for. Lenders have their own way of calculating this. Find out and do the maths yourself. 
6. Figure out your down payment - It takes effort to scrape together the down payment. Check out the State Revenue Office VIC website to understand what help is available to you. According to the website: ​If you are buying or building a new home, you may be eligible for the FHOG ($10,000) if you signed your contract on or after 1 July 2013. Your new home can be a house, townhouse, apartment, unit or similar, but it must be valued at $750,000 or less and be the first sale of the property as a residential premises.

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Finally, have a chat with friends, co-workers and neighbors to find out which lenders they enjoyed working with and ask them questions about the process and what other steps first-time homebuyers should take.

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