Carnelian Projects
  • Home
  • Build
    • Build a house to live in
    • Build my investment property
    • Knock Down Rebuild
    • Packages now selling
    • Gallery
  • Services
  • Contact
  • Search
  • More...
    • About
    • Blog
    • FAQ

New Home Building and
Investment Property Tips and News

House deposit ready to go, a few extra things to keep in mind...

14/6/2012

0 Comments

 
Okay, so you have written down your budget. Your savings plan is underway and you can see those dollars increasing every week in your account. Fantastic, you are on your way to achieving your goal.

In preparation for your first property purchase there are a few more things to prepare and keep in mind other than your deposit.

Remember to keep your savings in a separate account, not just the account your pay goes into. This gives the proposed lender a clear view of your savings patterns.

It is always good to save more than your targeted amount as when you do move into your house there are always additional costs and expenses. Stamp Duty on the purchase of a house can be quite substantial as well as Conveyancing and Borrowing costs. You may also want to do additional landscaping or buy additional furniture. Your Broker can give you a full run-down of all costs involved in the purchase process.

If you do want that new lounge, TV or Fridge, it is always recommended you steer away from interest free deals or credit cards at this early stage.

Take extra care with your current Telephone and mobile accounts, and, if you are living with mates, electricity accounts. If you have a bad history in either one of these, it can stop you from getting a loan. Be responsible for your spending and bills especially mobile phone accounts as mismanagement of this could result in a default on your credit rating which makes it very tough to get finance.

You might have a good savings history however if you are overdrawn on another account this could also jeopardise your borrowing ability. It is important to keep your everyday transaction account as well as your savings account looking good.

Car loans. If your are thinking of buying a house don’t go out and spend a lot of money on a car. Lets say a car repayment is $500 per month, your car loan decreases your borrowing capacity. If you are thinking of buying a house and car, do the house first.

A few simple things to keep in mind when preparing to purchase your first property. All of these points can be clarified and explained further by your broker.

0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Opinions expressed in this blog are personal opinions and are not to be taken as financial or investment advice.

    If you have an enquiry or wish to receive further information from Carnelian Projects click here to  Contact Us

    Archives

    September 2020
    August 2020
    May 2020
    April 2020
    January 2020
    June 2019
    March 2019
    February 2019
    November 2018
    October 2018
    September 2018
    August 2018
    June 2018
    April 2018
    March 2018
    February 2018
    January 2017
    December 2016
    June 2016
    May 2016
    March 2016
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    February 2015
    January 2015
    December 2014
    November 2014
    August 2014
    July 2014
    June 2014
    May 2014
    March 2014
    February 2014
    January 2014
    December 2013
    October 2013
    September 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012
    November 2012
    October 2012
    September 2012
    August 2012
    July 2012
    June 2012
    May 2012
    March 2012

    Categories

    All
    Building
    Building Your Dream Home
    Building Your First Home
    Central Coast Nsw
    Coffee
    Colour Schemes
    Deposit
    Display Homes
    Fencing
    Finance
    First Home Buyers
    First Home Owner
    Hamlyn Terrace
    Homebuilder Grant
    Home Owner
    House Nearly Finished
    Housing Shortage
    Hunter
    Hunter Expressway
    Hunter Real Estate
    Inspiration
    Interest Rates
    Invest
    Investing In Property
    Investing In Real Estate
    Keep It Simple
    Mortgage Broker
    Newcastle
    Nras
    Property Investor
    Property Management
    Property Manager
    Property Observer
    Purchase Property
    Rental Shortage
    Secret To Investing In Property
    Sydney Work Life Balance
    Tax Depreciation
    What Happens At PCI

    RSS Feed

Home | Build to Live In | Build Investment Property 
House & Land Packages | 
 | About Us | FAQs |
 | Blog | Site Search | Contact Us
Digital Marketing Newcastle:
Website by Periscope Digital
Carnelian Projects Pty Ltd Copyright 2014-2019