Tips for buying your first home together
Buying a home with your partner can have a positive affect on your future together.
Whether it’s a unit to rent out, or a home to live in, you’ll both reap the rewards of getting a foot on the property ladder. We’ve got some advice to help make this process super easy.
Before looking at homes, or setting a budget, first check out your credit scores. There’s lots of online tools that are free to use and which give you your credit score straight away. By knowing your credit scores you’ll be able to see if you’re sitting pretty for a home loan. Just having this peace of mind will help you feel confident when speaking with a lender.
Ditch the debt
Before you start stashing the cash, speak openly with each other about your financial commitments. Do either of you have any credit cards or personal loans to clear? By removing some of your liabilities you’ll be able to save a bigger deposit without spending money on interest. This will save you lots of money in the long run.
It may pay to open a joint saving account and to agree on a savings goal. By saving together you’re more likely to stick to the plan and you’ll save money on account fees with just one account too. Win-win!
Discuss your job security, income and how much you’ll both be comfortable spending. A lending specialist can help you determine your budget and what your repayments will be each month.
Negotiables and non-negotiables
Have a chat together about what you both want in a house. Do you want room to have a pet? Do you want to renovate? Check out suburbs that you both like and remember to choose areas which will make it easy for you both to get to work and see friends and family.
Formalise the arrangement
Sometimes it can help putting pen to paper. List out your savings goal, your budget, what suburbs your like, what you need in a house, and then use this to search. If you want to future-proof your financial relationship, it may pay to speak to a legal professional who can get a document drawn up to protect you both.
The Queensland First Home Owners' Grant (FHOG) is really useful to get that extra help when saving for a deposit. If you both haven’t owned a house before, check out the website and apply for the grant when you apply for your home loan (terms and conditions may apply).