Introduction Buying a home is an exciting time. Whether it’s the indoor-outdoor fl ow, veggie patch or proximity to cafes and shops that you’re looking for, fi nding your dream home is a special experience. However, negotiating with home loan lenders, insurers and vendors can take patience and skill. What starts out as an exciting experience can often become blighted with frustrations, complications and nerves, as we try not only to clearly understand what our options are, but to make sound, informed decisions. Understanding the fi nancial implications of home buying is a critical part of the process. You need to be able to answer questions such as, what are your living costs? What can you afford? How much would a bank be willing to loan you – and how much debt are you prepared to take on? Interest rates, changes to the offi cial cash rate and loan structures can determine how much interest you pay over the long run, and ultimately, how long it may take you to repay your loan. This booklet is intended as a reference guide to help take you through the process. As mortgage advisers who deal in this industry on a daily basis, we’ve pulled together the most important aspects of what we think you need to know. We’ve also included plenty of tips from our mortgage advisers from across the country to help inform your decisions, and make the process as easy as possible.
Home Buyers Finance Guide V2
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