Buying a home is one of the biggest financial decisions you may make.
In addition to lifestyle considerations, such as choosing a location and the right type of property, there are also many finance considerations to be made, and it can be difficult to navigate your way through the minefield of information. You may not even have the time to do so.
That's why we developed the BOQ Specialist Home Buyer's Guide.
In the guide, we have made it easy for you to focus on what is important as you consider your financing options. We encourage you to read this booklet and to think about how - at the outset – you can make this purchase work best for you now and in the future.
This home buyers guides includes:
- Buying your first home
- Saving and borrowing for your home
- Finding the right loan
- Five steps to home loan approval
- Finding your first home
- Property checklist
- The buying process
- Your next home (improvement)
- Buying an investment property
- Refinancing your home loan
Buying your first home
Buying a home is one of the biggest financial decisions you’re likely to make. It’s exciting, but there’s a lot at stake. Choosing the right location and type of home for the lifestyle you want is challenging enough without also being overwhelmed by the financial choices and options available to you.
How much can you afford to borrow?
You might have a ball-park figure on how much you will need to spend on the kind of property you want, in the area you want but it’s a good idea to begin by working out how much you can afford to borrow in the first place.
How much do you need to save?
The amount you can pay as a deposit on your home will reduce the amount of the purchase price you need to borrow, but saving for a deposit to buy your first home can be difficult when you’ve just completed a long course of medical study.
Generally, lenders will want you to pay 20% of the purchase price before they will consider lending to you. Our expertise and understanding of this sector allows us to offer up to 100% home loans, without Lenders Mortgage Insurance.
Finding the right loan
Choosing a home loan can be difficult if you don’t know the pros and cons of each type. The first thing to understand is the rate of interest that will be charged, and whether that rate will change or be fixed for a period of time.
It can be hard to keep track of everything when you look at lots of properties, so we’ve created a property checklist for you to use when you inspect.
The information contained in this webpage is general in nature and has been provided in good faith, without taking into account your personal circumstances. While all reasonable care has been taken to ensure that the information is accurate and opinions fair and reasonable, no warranties in this regard are provided. We recommend that you obtain independent financial and tax advice before making any decisions.
The credit provider and issuer of these products and services is BOQ Specialist. Terms and conditions, fees and charges and lending and eligibility criteria apply. All BOQ Specialist Banking Package benefits are subject to the BOQ Specialist Banking Package Terms and Conditions and relevant product terms and conditions referred to therein. We reserve the right to cease offering these products at any time without notice. Any information is of a general nature only. We have not taken into account your objectives, financial situation, or needs when preparing it. Before acting on this information you should consider if it is appropriate for your situation. You should obtain and consider the Terms and Conditions before making any decision about whether to acquire the product. BOQ Specialist is not offering financial, tax or legal advice. You should obtain independent financial, tax and legal advice as appropriate.