Getting started in property

Buying your first home is exciting but can also be overwhelming. It’s one of the biggest purchases you’ll ever make in your lifetime, so it’s critical that first-home buyers are informed about the home-buying process that lies ahead.

AMP Senior Home Loan Specialist Aarti Joshi and AMP Senior Personal Banker Nick Stavroulakis join our host AMP Capital Senior Economist Diana Mousina to discuss what you need to know before you start your property journey.

Watch to learn how much you’ll need to buy a property, what upfront and ongoing costs to expect, and some of the property lingo to become familiar with before you purchase your first home.

0:47 – Understanding how much you can borrow to buy a home
1:18 – Using online home loan calculators to understand your budget for buying property
1:39 – Calculating upfront costs involved in the home buying process, such as stamp duty, legal fees, conveyancing fees and building and pest reports
2:19 – Ongoing costs that prospective first-time property buyers need to consider include council rates, strata levies, as well as utility costs and home and contents insurance
2:42 – How to know if you’re ready to speak to a lender or mortgage broker
2:54 – Understanding home loan pre-approval
3:49 – Breaking down some key property buying terms such loan to value ratio (LVR) and lender mortgage insurance (LMI)
4:29 How to find the right mortgage lender for you
5:02 Summary: four things to know when getting started in property

Find more information on preparing to buy a home: https://www.amp.com.au/home-loans/buying-a-home

Original Author: Produced by AMP and published on 27/08/2020 Source