Mortgage & Finance
When buying an off the plan property it is really important to make sure your finances are in order. Depending on what type of property you are buying, Apartment, Townhouse or House and Land Package, their will be different finance and mortgage requirements that you need to be aware of.
Read the articles below to become familiar with what may be required when you decide to buy an off the plan property and then get in touch with your mortgage broker or bank. If you don't have a contact, contact an iBuyNew Property Consultant you can point you in the right direction by providing you with access to our exclusive independent panel of mortgage brokers that can assist you for free!
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14 Mar 2017
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19 May 2015
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One of the most important things to think about when buying a property, whether it is off the plan or established is the finances and the right type of mortgage to suit your circumstances. It is important to remember that every buyer will have different goals that they want to achieve, whether it is to buy a home to live in or to purchase an investment property to help them retire more comfortably.
At iBuyNew we provide some guidance as to the difference finance and mortgage options available, but we do advise that you speak to a reputable and independent mortgage broker that has your best interests at heart.
Knowing what your financial circumstances are right from the beginning will allow you to narrow down your options and allow you to look at properties that are well within your budget. The last thing that you want to do is overstretch yourself by buying right on your maximum budget and facing financial difficulty later on down the track.
A good mortgage broker will be able to help you work out your borrowing capacity and whether or not you will be able to afford to buy a property right now. It might turn out that a lender will not be able to lend you enough money required for the property you are looking at, so you will have to re-work what you can buy, or delay your property purchase for the time being.
Our mortgage and finance articles above will provide you with some helpful advice that will allow you to start thinking about your finances and the best way to save a deposit. It’s best to start researching and saving as early as possible, especially if you are looking to retire in comfort from property.
We also have a collection of finance articles that appeal directly to property investors and why you should be investing to your own circumstances as well as the reasons why you should be using an offset account.
Finances as well as mortgages will be different for both first home buyers and investors as both buyer types are likely to have different goals. A first home buyer might be more interested in finding a property that is more affordable and within budget, whilst an investor is more likely to want to take out an interest only loan rather than paying down a mortgage in order to gain enough equity to purchase their next property.
No matter what your property goals are, we are here to help you find the right path for you. Take the time to read our above articles to learn about any financial requirements as well as what incentives you could be eligible for such as stamp duty discounts or government grants.
If you would like more information about sorting out your finances or would like us to recommend a mortgage broker, feel free to get in touch with us. We have a number of reputable mortgage brokers that we can recommend and closely work with. Call us today on 1300 123 463 and speak to one of our friendly Property Consultants today.