Buying a new home is a massive step in life’s journey and one that should be exciting… not daunting! At Complete by McDonald Jones, we’ve got ready-built homes, so you can skip the building process and move straight in. You find the perfect home, and we hand over the keys. But before that magical moment, let's talk about the numbers. Figuring out how you’re going to finance your new home is the first step, and it's key to keeping the whole process stress-free.
Understanding your home loan options and budget opens up all the possibilities and potential to get the exact home you’re looking for. It helps you narrow down your search and focus on homes that are actually within reach. A bit of research now can save you loads of headaches later. And honestly, once you’ve done your research, getting a home loan isn’t a big scary ordeal. We're here to break it down step by step and show you how it all works. With the right info, you’ll be one step closer to your new home.
How much should I borrow and save when buying a house?
Knowing what you can borrow is key to finding the right home. Thankfully, our team at MyChoice Home Loans can help you figure that out. They'll give you all the information you need to help make the best choice for you.
From figuring out your budget and finances, to applying for a loan, the team at MyChoice Home Loans can guide you through the entire process. They know exactly what lenders are looking for and how you can tick all the boxes. We’re talking credit history, your income, debts, assets, and more. Having a good savings record, stable income, and keeping your debts low will help with this process.
Now, regarding a deposit, most lenders will require a 20% deposit. However, at Complete by McDonald Jones, we require deposits as a little as $15K^, with no further repayments until the settlement of your brand-new home. Plus, working with our expert team at MyChoice Home Loans, they’ll communicate with the bank on your behalf, so you don’t have to.
Here's a tip: if your loan repayments are more than 30-35% of your income, lenders might see you as a bit of a risk. If you're a first home buyer struggling to build up your home deposit, chat to our team at MyChoice Home Loans about how having a guarantor on your home loan could make your dream of homeownership more achievable sooner than you think. Plus, getting your ducks in a row financially will make the home loan process way less stressful.
What are my Loan Options?
Okay, let's discuss your loan options. There are some essential ones out there, especially if you're a first-time buyer. The government offers grants and subsidies such as stamp duty reductions, the First Home Owners Grant, and the First Home Super Saver Scheme. Depending on your circumstances, these options may help you move into your new home sooner than you think.
The First Home Owners Grant is a one-off payment that helps with the GST on your new home. It’s a national grant, but each state runs it a bit differently. Then there’s the First Home Super Saver Scheme, which lets you save for your home through your super, meaning you save on tax.
Not a first home buyer? No problem! Finding the best loan for you will require some research and shopping around. Figure out what you need in a loan and how much it’s going to cost. Always remember to ask the bank questions and request any FAQ’s or fact sheets to compare. Then lay out all the info side by side, so you can see how long it'll take to pay it all back.
Here’s another pro tip: don’t just look at the interest rate. Check the comparison rate. That rate includes all the extra fees and charges, not just the basic interest rate. It gives you a much better idea of the full picture.
Complete by McDonald Jones is here to help
Still need a helping hand? Thankfully, Complete by McDonald Jones makes navigating buying a home easy. With Complete, you can buy now and pay later. All you have to do is put down an initial deposit and wait to receive the keys…and that's it! No more payments while you wait for your new home.
While you’re waiting, our partners at MyChoice Home Loans are here to help you with any questions and information you need. They’ll get to know your situation so they can help find loans and grants that you may be entitled to.
Getting a home loan doesn’t have to be a nightmare. With the right info and support, you can move into a new home without the stress and headaches of figuring out how and when to pay off your loan. We’ve covered the basics, from savings to loan types, but understandably, there’s a lot to cover. If you have any questions, feel free to reach out to our team at MyChoice Home Loans. They’ll help guide you throughout our process and help unlock the door to your new home sooner.
Ready to get your finances in order and find your dream home with Complete by McDonald Jones? Explore our range of house and land packages today!