1. A deposit
Depending on the lender, the amount required for a house deposit varies. Many lenders will allow you to borrow up to 95% of the property value if you take out lender’s mortgage insurance. As far as deposits go, the bigger your deposit, the better. It’s painful and not always possible, but saving a larger deposit will save you thousands in the long run.
2. Home loan finance
It’s a good idea to organise the finance for your home loan before your find your dream house. Not only will this give you peace of mind that you are in a position to afford paying for your dream house, you’ll also have an idea of what you can afford to offer a seller if you do fall in love with a property. Remember, a home loan that will work with your lifestyle is as important as how low the home loan rate is. Paying a bargain basement rate will lose its appeal quickly if you have to constantly chase your lender for answers or support.
3. A home worth buying
This sounds obvious, but is easy to overlook. Consider your reason for purchasing the house. Is it an investment property? A house where your children will be raised? The house you will retire in? Your motivation for purchasing a property will greatly influence what you pay and what kind of property you will buy.