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Preparing for a Successful Home Purchase: Expert Tips from Aqwasun Estate Agents

Jan 10, 2024

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Preparing for a Successful Home Purchase: Expert Tips from Aqwasun Estate Agents

As homebuyers traverse the unpredictable terrain of today's surging property market, financial preparedness is more important than ever to seize timely opportunities. Aqwasun Estate Agents, with their wealth of experience and extensive industry knowledge, shine a light on key strategies to solidify your financial footing before you embark on the journey of buying a home.

Managing your expectations
Understanding the implications of rising interest rates on your borrowing capacity and subsequent monthly repayments can help set realistic expectations. Amid the fluctuating landscape, it's crucial to reassess pre-approvals and explore alternatives. You may need to consider different price ranges, suburbs, or dwelling types to align with your financial capabilities.

Reduce Credit Card and Buy-Now-Pay-Later Debt
Credit card debt can significantly dampen your borrowing power. Consider paying off or minimizing your credit card balances, and contemplate closing unnecessary accounts. With lenders increasingly scrutinizing buy-now-pay-later services, it's advisable to settle outstanding balances and avoid using these services prior to applying for a loan.

Give Yourself Time
Building a robust savings strategy over several months conveys financial stability. Consistency is key - sudden lump sums may not illustrate the same level of financial diligence. Before approaching lenders, review your bank statements and ensure they exhibit responsible financial behavior.

Cut the Extras
Analysing spending habits can illuminate potential areas for cutbacks. Lenders may scrutinise expenditures, including food delivery services, streaming subscriptions, and even gambling apps. Temporarily scaling back on non-essential expenses can substantially improve your financial standing.

Give Your Credit Score a Health Check
Credit scores play a role in loan application assessments. Timely bill payments, reducing debts, keeping credit inquiries minimal, all contribute to a healthier credit score. Assess your credit score frequently and initiate improvement strategies if necessary.

Go See a Broker
A broker can provide personalised guidance, offering a far-reaching understanding of the financial landscape. They can assess your financial situation, recommend adjustments, and connect you with the most suitable lenders based on your circumstances.

Embracing these financial preparation steps can put you in a stronger position to secure your dream home. With Aqwasun Estate Agents by your side, you can navigate the complexities of home buying with unwavering confidence. For personalised advice and assistance, contact our expert team today on 08 9537 1220. Your dream home awaits!