It is important that you speak to a Financial Institution or Broker to establish what you can afford now and also what you can comfortably cover in the future.
It pays to shop around as lending criteria is different for each bank or financial institution. A broker is a good starting point as they see all offers very quickly from all lenders.
When it comes to understanding finance don’t be afraid to ask questions. It’s important you understand the loans available, some are principle and interest, and some are interest only. Rates are different depending on whether you want fixed or variable rate and lastly it really does depend if you have a deposit or not as this affects mortgage insurance.
So ask plenty of questions.
For more information and references to financial institutes please feel free to contact us.
Best practice when you are purchasing land, or even a house & land package you engage with a qualified legal practice that specialise in property and offer Conveyancing.
Legal conveyancing costs to purchase can vary; however budget for between $1100 to $1500.
As this is the biggest purchase you are ever likely to do in your lifetime, we also suggest doing a Will and Power of Attorney.
For more information and references to legal specialists please feel free to contact us.