Tools to Get Started with Home Loans If Your Only Experience Is Tom Nook in Animal Crossing
PEDESTRIAN.TV has partnered with Metricon Homes to answer your burning real estate questions.
Unless you are fortunate enough to be in a position where you can get a little helping hand in owning homeownership, a parcel of young Australians would find the notion almost impossible.
From expensive stamp duty to soaring house prices, this concern is very valid, and while there is no quick fix to getting closer to your dream home, there are certainly some ways you can go. you can borrow to make it a little easier.
To help with savings and planning
As someone who doesn’t have a defined savings plan and just tries to spend as little as possible, I can confirm that this method has multiple flaws. Namely, once I have reviewed my ‘budget’, I reject caution and keep spending because I have already broken my self-implemented plan.
Online tools like Metricon’s Loan Repayment Calculator, along with its Borrowing Power Calculator, will give you an estimate that will dictate how much (give or take) you should put aside before actually buying a home.
If you start budgeting your money based on what you would realistically pay each month for your mortgage / loan, you will likely be holding yourself more accountable than if you stick to my ‘budget’ plan mentioned earlier.
To help overcome obstacles like financial burden / financing your first home
Depending on the state and region you live in, there are various homeowner grants that will allow you to bypass standard stamp fees, so an online hunt is necessary.
To guide you in the right direction, the first place to investigate would be your state’s government website. These grants change all the time, although over the past year governments seem more committed to attracting young people to the market, so there may very well be some good deals going on.
To help you finance your first home
As is the case with countless Australians, the main obstacle to home ownership is securing the deposit and subsequent mortgage.
Metricon’s HomeSaver program offers eligible first-time homebuyers the opportunity to forgo the 10% security deposit and secure your own home and land package with a $ 5,000 deposit and a bespoke savings plan.
With this $ 5,000 deposit you will work with Metricon’s financial partners to implement a strong and tailored savings plan and as you progress towards the home deposit you are provided with incentives. including free devices, which could save you a fair amount of money in the long run.
Once you’ve reached your savings goal, Metricon works with you to build a new place.
To help understand the details
Online or in person, speaking with mortgage professionals is a great way to familiarize yourself with all the details that go into owning a home.
A mortgage – or even a security deposit – is always going to seem a lot more intimidating when you know the bare minimum about real estate, financing, and legal jargon, so the best way to feel comfortable going. before is to talk to someone who has spent their life time studying these same things.
Head here to find a Metricon display near you and chat with their team of specialists before you spread your wings and buy a nest for yourself.
Image: Animal crossing