First home buyer activity to be lifted by interest rate cuts: Aussie CEO James Symonds' top tips

First home buyer activity to be lifted by interest rate cuts: Aussie CEO James Symonds' top tips
First home buyer activity to be lifted by interest rate cuts: Aussie CEO James Symonds' top tips

First home buyers are the big winners from the latest RBA rate cut, says James Symond, chief executive of mortgage broker Aussie.

Symond said first home buyers now have an even greater opportunity to break in to the market.

"While there are thousands of low rate home loan products available for first home buyers, ranging from basic loans to more sophisticated offerings, first home buyers need to be properly informed before committing themselves to a long term financial commitment", Symond says.

Symond has shared his seven top tips for first home buyers.
 
1. Work out how much you can afford to spend before you start, research price ranges in the suburbs where you want to purchase and ask an expert to help you
 
2. Speak with an Aussie mortgage broker to help you decide what loan product suits your needs – especially your borrowing limit. When finding the best home loan for you, check out the ongoing payments, especially in the fine print for monthly service fees and other charges, and what they could become when rates inevitably rise
 
3. If you are worried about potential rises in interest rate and repayments, you could split your loan between variable and fixed rates
 
4. Remember a low start-up interest rate or honeymoon rate does not necessarily mean you will be paying less for your property in the long term
 
5. Make sure you can still enjoy a great lifestyle after regular mortgage repayments.
 
6. Get assistance and pre-approval for a loan, which Aussie can provide, so you know exactly what you can afford. 
 
7. Be aware you can get a loan under the Federal Government First Home Loan Deposit Scheme, allowing property purchases with a deposit of just 5 per cent. Another allocation of 10,000 loans in the scheme is expected to be made from 1 July 2020. 
 

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

Tags: 
First Home Buyers Aussie Home Loans

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