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Want to go from renting to ownership in 2022?
How to make your journey to homeownership successful.
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- Want to go from renting to ownership in 2022?
If your new year’s resolution is to leave the rental market behind, now is the time to start making it happen.
Shifting from renting to ownership is a big change and there’s plenty to do before you begin searching for a property to buy.
Here are some important steps to take on your path to successful homeownership.
Understand your borrowing power
Calculating your borrowing power is an important part of applying for a home loan that can be as simple as using an online borrowing power calculator.
Lenders typically determine borrowing power by considering factors such as the size of your deposit, your income and any ongoing financial commitments.
More borrowing power means more options and actions such as reducing the limit on your credit card can help you increase your borrowing power.
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Get home loan pre-approval
Home loan pre-approval can help make sure you don't miss out on securing your dream property when the time is right.
Most pre-approvals will be subject to you finding a suitable property. While you’re not obliged to take the loan, having pre-approval shows sellers you’re serious about buying.
Some lenders offer an indicative pre-approval online. While this isn't a formal pre-approval, it can be a useful guide as to whether the lender is likely to pre-approve you for the loan.
Be prepared to wait
With demand outweighing supply in the current property market, those looking to buy this year may need more patience.
And because buying a home is a big investment that comes with high changeover costs, you want confidence in your purchase decision.
Seek advice
From upfront buying costs to taxes, mortgage applications and settlement requirements, there’s a lot for first home buyers to learn before making any big decisions.
Speaking with a mortgage or finance broker can help you understand the buying process, get your finances in order and find the right home loan for your circumstances.
If you’re ready to step on the property ladder in 2022, contact a Liberty Adviser today.
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