By Tim McKibbin, REINSW CEO
Buying a house, especially your first, can be stressful. And in the excitement of it all, it’s easy to make mistakes.
Not understanding your mortgage obligation is one of them.
Keep your options open, get advice from a number of lenders and be realistic about your ability to pay back what you borrow.
Another thing to discuss with your lender is pre-approval. Knowing what you can borrow will help you focus on properties you can afford.
With so much happening, many people neglect to get a pest and building report. Spending the money to get a report could save you thousands later. If you do decide to buy, you will know what additional costs you might incur post-purchase that should be factored into your budget.