Buying A Home

[niki558]

My partner and I are in the process of lookin at buying our first home, we had a look at one last night and we both really liked it.
The mortgage lender that we are going through reckons we should be able to borrow around $300,000 ( I know its a lot but they are the prices up here at the moment).
Im really excited but at the same time really scared of the repayments as you can imagine they are not very low.
Should we just go for it and hope we don't fall on our faces?
I think if we wait any longer the prices are just going to keep going up and up and we will never be able to afford anything.
I really want this but I am also really scared of what might happen.
I think we can do it if we knuckle down and stop buying the things we don't need.
Any help would be great.

[andie_pandie]

Hi Niki

Thanks for post. With your first home please work out what you can afford and stay within this limit for repayments. I know the prices have gone up so much in many areas in Australia and the market is dictating what you have to pay.

It is not worth the stress if you are paying more than you can afford and hoping for the best. It can put far to much stain on families.

Take the time to organise a budget, include mortgage repayments, rates, insurance etc for the home, then all normal everyday costs. Work the budget out over a year and make sure that you have left over money in this budget. If you are in deficit then the repayments are going to be too high for you and the last thing you want to do is lose your home.

Also if you know that you will remain in the home for at least 3yrs consider fixing the loan repayment then you know exactly what you are up for and can maintain the repayments.

Once you work out what you can afford etc you will feel so much more confident and the stress will be lifted and you will be really able to look forward to your new purchase. If you need any further help just PM me. I hope that I have been able to help.

Regards Andrea