Television's Shelley Craft hosts MoneySmart tips for home buyers

Television personality Shelley Craft has appeared in a video series from ASIC to help consumers make better decisions when buying a home.

The five videos feature tips on the key decisions involved with a buying a home including:

• How to get a home loan;  
• Working out how much you can afford with a mortgage;
• Saving to buy a home;  
• Understanding the hidden costs of buying a home and;
• Being a guarantor for a home loan.

Peter Kell, ASIC's Deputy Chairman said for many people, buying a home is likely to be their biggest investment.

"We encourage home buyers to take the time to understand their individual financial position and be aware of what they are committing to with a home loan. And it is always a good idea to shop around for the best deal', he said.

"It can be challenging to build a home deposit, a good place to start is to create a budget to understand how much you can comfortably afford to save, borrow and repay.

"ASIC's MoneySmart offers a range of useful calculators and resources, including the savings goals and mortgage calculators, to help Australians take control of their money and reach their savings goals.

Shelley Craft said buying a home is full of excitement but it can also be stressful, especially the financial aspects.

"it's important to take your time, consider all your options and be sure to ask lots of questions, so you understand what you're signing up for," she said.

Don't rely on just one source when you're shopping around for a home loan because saving even half a percent on the interest rate can save you thousands of dollars over tim"', added Ms Craft.

To see ASIC's financial tips for home buyers visit ASIC's MoneySmart website.