Budget Planner

Buying property is one of the largest purchases you could make in your lifetime, so it’s important to take a serious approach to your savings. By budgeting from the start, you can better focus your efforts and ensure that you have a surplus of funds for your daily life, your repayments, and any unforeseen expenses. If you're thinking of buying a new home, it's a smart idea to put a budget in place. Budgeting will assist you to identify a range of daily expenses as well as other costs that lenders will consider when assessing your borrowing capacity.

One of the biggest challenges that you’ll face is upholding your savings goals. If you really want to afford your new home, you’ll have to keep your end goal in sight. One way to help this process is to have a clear idea of the type of home you’ll want to buy as well as other purchases that you will need to make.

Repaying your home mortgage is only the tip of the iceberg in terms of all of the costs you’re going to face. Once you’ve established a realistic budget, carefully consider what these costs will be during the buying process. Consider things like mortgage registration fees, stamp duty, land transfer registration charges, and fees imposed by the conveyancer. The MyChoice Home Loans team will be able to explain this all and support you through the process.

Take an objective look at your savings regularly. If you think you’re not on track, see if there are any other expenses that you can tighten to get back on track. Buying with someone else? You need to make sure that you are both aligned with sticking to your budget.

Small expenses add up, so don’t forget to factor costs like medical care, energy bills, insurance, subscriptions and entertainment into your budget. This will help you to remain in a stable financial position once it’s time to move into your new home. Take advantage of our budget planner for help determining the costs and savings of purchasing a new home.