5 Ways to Afford Your First Home

Yes, having a property will cost you. However, this doesn’t mean you need to give up your dream living in your own home. Here are some tips on how you can comfortably afford to buy a real estate property:

Get Help From Your Family

Talk to your family members and some friends about your needs. They might lend you money helping you buy a home. If they can’t do that, just ask them if they could be a consigner for a mortgage.

Take Care of Your Credit Card Rate

Boost your credit card score. Before you apply for a loan, you must fix any errors in your account as the lenders won’t give you a mortgage unless you have a good rating. If you still have debts, just make sure that the balance you are paying is not exceeding 40% of your gross monthly income.

Have a Mortgage

Once you fix your credit history, it’s now time to look for a financial instruction that can help you. There are lots of companies that can give loans with flexible payment terms. Just make sure that you will meet all of their requirements and get approved first before you scout and talk to a property owner.

Have a Savings

No matter how long it will be, saving money from your income will help you buy the home that you want. You can open a separate bank account or save the year -end bonus and tax refund that you will get every year.

Apply for First-Time Buyer Grant

If you are an Australian citizen, it will be easier for you to buy your first house. This is because there are many incentives and home-buying programs the government has. One of these is a first-time home buyer grant.

Whether you are buying or building your first property, the government can offset the amount of tax you need to pay. To help you with the Perth home buyers grant program, contact Opal Finance.