Before deciding to purchase your first property there are a quite a few points to consider, most importantly including your current personal circumstances and financial status.1 Think about the reason you want to buy a home
Will you live in the property or rent it out? This can help determine the kind of loan you apply for and home you and it will also impact on your borrowing capacity. If it is for investment you can include the rental income you will receive in your borrowing capacity but you will also need to include what you are currently paying in rent.2 Research potential properties and loans
It is important to not just jump straight in, you shoud do some research. Knowing the market is crucial, do some research on the suburbs you are targeting, check out auction clearance rates and recent sales, as well as price trends in the area. Once you are aware of what you are looking for and the approximate price, the next step is saving a deposit.
CBM Mortgages have access to a wide range of lenders and many will allow you to purchase with less then a 20% deposit. If you are providing less then a 20% deposit most lenders will want to see that you have held the equivalent of 5% of the purchase price for more than 3 months in your name. This would normally be in a bank account but could also be in shares. It is important you can demonstrate this so check with CBM Mortgages if you are unsure of the savings process