Please note - Due to the holiday season, builders and developers may be slower than usual in responding to any queries Close

Tips On How To Finance Your New Home 

Buying a home is one of the biggest financial decisions in someone’s life. This decision is a complex long-term commitment which should be based on solid information and planning. Here are some tips that will hopefully uncomplicate the process of financing your new home.

Tip #1: Set a budget 

When setting a new home budget, it is wise to split the budget between upfront costs and ongoing costs. Upfront costs include the house deposit, stamp duty, legal fees, mortgage and lender fees and moving fees. Ongoing costs include interest and loan repayments, home maintenance fees, insurance costs, council rates and utility bills. Take into account all costs and ensure their accuracy to prevent financial trouble down the road.

building a new home

Tip #2: Check on your current finances 

Before jumping into any large purchase, especially the purchase of a home, do an in-depth analysis of your finances to determine if you can afford to buy, and if so, what kind of property and/or location you can afford. When financing your new home, take into account your current income, savings and the value of your assets as well as your debts and unpaid expenses. It is also important to consider future expenses and lifestyle changes that may affect your financial well-being. It is also imperative to keep track of external financial factors such as the interest rate, the economic climate and the general forecast of the real estate market in your prospective locations.

Tip #3: Seek professional help 

Regardless of how financially and economically competent you are, it is always a good idea to consult professionals before purchasing a piece of property, even if just for a second opinion. When seeking professional help, it is important to take into account the quality and price of various professionals before fully committing to someone’s service. Property professionals with the means to assist include financial advisors, lenders, mortgage brokers, buyer agents and solicitors or conveyancers.

financing your new home

Tip #4: Continue saving for your home 

Even if you are on track to meeting your new home budget, it is always a good idea to save some money in case something unexpected happens or you’re considering upgrading your options. There are many things you can do to save money. Consider using less electricity, water or gas to cut down on your current utility bills. Opt to eat in more often, shop a little less and if you must spend, do your research to find the best sales and bargains!

Tip #5: Find an appropriate home loan 

When financing your new home, it is important to secure a good deal on a home loan. Over time, even the smallest differences in fees and interest rates will pile up. Comparing and contrasting different lenders and mortgage deals is a worthy time investment that will secure you a loan with the best features, benefits, fees and interest rates. It is also important to find out what qualities lenders are looking for to ensure that you are approved for the loan that you are after.

Whatever you are looking for in a new home, make sure to speak to our independent consultants. They are here to help you 7 days a week and assist you with all of your queries regarding the new home building process or even investment opportunities. Call them on 1800 184 284, or book a call online.

Grace Wang

Grace is a recent graduate of Monash University, where she studied Arts and Science. She is a property, architecture and interior design enthusiast.

About

iBuildNew is the market leading aggregator dedicated to residential home construction and land development. As an independent platform, iBuildNew helps Australians identify and compare new home designs, house and land packages and land estates. It’s the smart way home buyers, who are considering a new build, can find the ideal options to match their individual needs. Home building is a big decision, we make sure you get it right.

You may also like

Jan 07, 2021

First Home Buyers: Securing A Home Loan Isn’t As Imp...

While the very thought of securing a home loan leaves many feeling intimidated and more...
Read More
Sep 21, 2017

The Difference Between Buying a Home and Investing i...

Whether you are building your dream home or are interested in investing in property, th...
Read More
Apr 21, 2020

Tips On How To Finance Your New Home 

Buying a home is one of the biggest financial decisions in someone’s life. This decisio...
Read More
Mar 29, 2017

Understanding Stamp Duty Concessions for Your New Build

Stamp duty is a tax that everyone buying assets, such as real estate, is required to pa...
Read More
Aug 18, 2016

Strategies to Take You From Renting to Building

Getting into your first home can seem like an uphill battle – or an impossible dream. B...
Read More
Jan 28, 2016

Finance Your New Home – How To Guide

Buying a house is probably the biggest financial decision you're going to make, so it's...
Read More
May 27, 2019

Buying a House and Land Package? Here’s How To...

House and land packages are one of the most convenient and affordable ways to get a foo...
Read More
Mar 03, 2017

Thinking About Fixing your Interest Rate? Read this ...

This post was originally published at unohomeloans.com.au Choosing to build a new house...
Read More
Sep 30, 2020

What Is A Mortgage Broker And Do I Need One?

A mortgage broker is an authorised financial adviser who can guide you through the fina...
Read More
Jul 10, 2019

Tips To Prevent Homebuyer’s Remorse

The journey to buying a house is an exciting, emotional experience that will surely lea...
Read More
Jun 30, 2017

Do You Know The Changes Being Made To FHOG & St...

With a new financial year, comes new budget measures. There have been several changes m...
Read More
Apr 06, 2017

Good News For Housing Affordability

Everyone wants a place to call their own, somewhere they can build a foundation for the...
Read More
Oct 27, 2019

When Is The Right Time To Buy Or Sell Your Home?

When entering into the real estate market, it is all about getting the correct timing f...
Read More
Sep 21, 2016

New Home Finance: How To Choose a Mortgage Broker

There are so many options available when it comes to choosing home loans and mortgage l...
Read More
Jun 24, 2019

Different Types Of Home Loans And Choosing The Right...

Securing a home loan isn’t really the daunting task it’s made out to be. While a strong...
Read More
May 31, 2017

You Can Own Your First Home – Shared Equity Pr...

With traditional methods of saving a deposit and purchasing a first home seems to be ou...
Read More
Jan 08, 2018

No Land for Sale Near You? Here’s how to Finance a K...

Finding vacant land for sale in Melbourne is near impossible. And if you have your hear...
Read More
Aug 30, 2017

Can the Super Saver Scheme Help Get You in to Your N...

The issue of housing affordability does not seem to be fading for many first time buyer...
Read More
May 06, 2016

Building A House – How Do Construction Loans W...

If you are thinking of building a house, then you will also have to start considering y...
Read More
Sep 10, 2019

Securing Your Dream Home: How Much Can I Really Affo...

Australians love to fear-monger about housing affordability. The key question when buyi...
Read More
Feb 26, 2020

Your Handy Guide To Understanding Stamp Duty

When it comes to purchasing properties, experienced homebuyers understand that the cost...
Read More
Dec 12, 2017

Our Top Tips to Save For a House Deposit Faster

If you have decided that you want to build a new house, but don’t yet have enough saved...
Read More
Jul 25, 2018

How Much Does It Cost To Build a House: Creating A B...

The big question when it comes to building a new home is "how much does it cost to buil...
Read More
Feb 21, 2018

Could a Low Deposit Home Loan Be an Option for Your ...

Whether you’re just starting to look to buy your first home, or you are looking for an ...
Read More

Get more from

Browse New Home Designs