Things you need to consider before buying a house in Australia

Buying a house in Australia or a homeland is a huge financial commitment you make to yourself. The excitement of buying a house comes with a big financial responsibility. Here in Australia, there are many factors you should consider before spending your lifetime income in the property. House loan you get can make the process a little easier. Even to acquire it your credit rating should be better. Apart from it, you should be mindful of deposit you need to have, affordable amount of money to borrow.

Things you need to consider before buying a house in Australia - NepaliPage

Here are the four things you need to consider before buying a house in Australia:

Proper Credit history

For buying house, you can get a home loan in Australia. To get it you should have a clean credit history. In the case of late loan payments, bad debts your chances of getting it is slim. In past, if you have paid the mortgage on time, you have an opportunity to get it with ease. Fair credit history is your eligibility criteria for a house loan.

Evaluate your Budget

You have to evaluate your financial status beforehand. It is not necessary that you should have enough amount of money to buy a home. What is important is confidence in you to manage your income in payment of loans, interest. You should have a decent calculation of your daily expenses and repayment of loans. You should be good enough to strike a balance between your expenditure and loan repayment. You need to make a realistic calculation of your savings, amount you need to borrow and fees you have to pay.

Things you need to consider before buying a house in Australia - NepaliPage

Amount of deposit

Home loaners provide the price of the house as a deposit within a range of 5% to 20%. If you are unable to manage the deposit amount, you have to pay Lender’s Mortgage Insurance. For the minimum deposit amount, you have to borrow high loan amount and pay higher interest. It’s better you go for a bigger deposit.

Things you need to consider before buying a house in Australia - NepaliPage

How much miscellaneous fees you have to pay?

While buying a house you have to pay stamp duty which varies from state to state. Normally stamp duty is within the range of 3% to 5%. You are also required to cover fees of conveyancer (lawyer who has expertise in the legal aspects of buying and selling housing property), a builder and pest inspector.

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Writer : Nepali Page

NepaliPage.com is a striving idea to bring useful information to international students as well as newcomers recently immigrated into Australia. While writing and preparing our contents and stories we are focused to Nepalese in Australia, but our contents and stories are equally advantageous to those interested to study, live and migrate into Australia, no matter you are from India, China or other parts of the world.

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