There’s a lot to love about buying a place on your own – and it can be done! Here’s how
Going solo with your first home offers some real advantages. No need to compromise on what – or where – you buy, and no toing and froing over who will pay for what. But challenges can lie ahead for the
Relish the freedom
When you’re buying alone you have absolute control over the selection of your first home. There’s no need to compromise with what a co-buyer wants either in the location or style of home.
As a solo
Having a great track record for managing debt can be a real asset when it comes to applying for a home loan. And when you buy alone you’re not lumbered with a co-buyer, who may have a less than perfect credit record.
That said, you need to take care to make loan repayments and pay bills on time so that you can nurture a strong credit record of your own.
Buying as a single person
Buying a place on your own shouldn’t mean missing out on any First Home Owner Grant entitlements. The Grant is payable per transaction, not per buyer, so if you’re eligible, the same amount applies no matter if you buy individually or with a co-buyer.
When you buy alone, you need to be able
Remember too, owning a home comes with additional costs. You need to allow for household bills like council rates, strata levies (if you buy an apartment), repairs and maintenance, and home and contents insurance. This makes it worth drawing up a budget that includes all the costs of being a
Talk to us to find out how much you can borrow, and to get a clear idea of your monthly loan repayments. It’s a good starting point when you plan to buy your first home on your own.
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- Chapter One : Getting started
- Chapter Two : Your dream home
- Chapter Three : Money matters
- Chapter Four : Ways to purchase
- Chapter Five : Understanding interest rates
- Chapter Six : Understanding home loans
- Chapter Seven : Lending sources
- Chapter Eight : Getting your loan
- Chapter Nine : Choosing a home
- Chapter Ten : Steps to settlement