Your First Home
You’ve just made the big decision: It’s time to enter the property market. Your head is buzzing with questions and you want to make sure you’re getting all the right answers.
Velocity Financial are property experts who will make the process of buying your first home smooth and stress free. We’ll make sure all your bases are covered and answer those first home buying questions.
The Financial side
Saving and borrowing - Velocity Financial will make sure you’re comfortable with how much to save and borrow. No one wants to end up on a diet of Cornflakes for their first years as a homeowner.
KiwiSaver - We’ll let you know what you’re eligible for with your KiwiSaver, as this will be the first time you’re able to get your hot little hands on those contributions.
Fees - When it comes to borrowing from banks, there are inclusive fees. It’s good to get your head around these fees and often unexpected costs before diving in head-first. Velocity will also advise on housing rates and body corporate fees if they are applicable to your new home.
The Mortgage side
Floating, Fixed, Capped, Interest Only? … Don’t get bogged down by mortgage jargon. Your first mortgage will probably be the biggest financial commitment you’ll ever make, but it doesn’t have to be the most stressful.
We’ll make sure you’re choosing the best type of mortgage to suit your financial situation and that you’re taking all the right steps to get the best deal.
The 'What, Where, How' side
What - The fun begins when you start looking at what kind of property you’re wanting to buy. Whether it’s an inner city town-house or ‘that one with the picket fence’, Velocity Financial will make sure you’re aware of everything that accompanies each type of property.
Where - While most people know about avoiding the best place in the worst street, there are other location tips to keep in mind when buying a house. Research and learn the area of your potential new home. Velocity will help you each step of the way with any location questions you might have.
How - When it comes to the purchasing part, there’s a big difference between buying via Auction, Tender and Private Sale. Velocity financial will break it all down so you’re comfortable with the buying process involved.
The ‘Where you can take a wrong turn’ side
Not to brag here, but we have all the solutions to where you could possibly go wrong when entering the property market. Luckily for you, we’ve summed these wrong turns into 10 easy ‘what-not-to-dos’;
- Conducting your accounts poorly
Don’t let your bank accounts look risky. Your home loan won’t be fully approved until the bank has seen your bank statements. Don’t risk getting declined due to silly overdrafts.
- Getting caught up with “interest free” trimmings
Your number one debt will be your mortgage. Don’t bog yourself down with paying off a brand new leopard print leather lounge suite too!
- Paying the smallest amount possible
Reduce the amount of time you’re paying your mortgage off by saving as much as you can. Once you’ve got the mortgage, you’ve got the interest too.
- Choosing the lowest rate
Is that rate too good to be true?! Probably! Know that the lowest rate often has sneaky costs or hooks.
- Not factoring in future plan?
Planning a baby? Travel? Make sure these life choices are factored in when buying your home.
- Underestimating borrowing costs
Damn those banks! You will always be approved for more than you can reasonably afford. Stay wise and make sure you can afford what they’re lending.
- Not including ‘up-front’ costs in your budget
Factor in $1,500 and $3,000 of upfront costs when buying property.
- Not checking your building out
Get to know your new property inside and out, you’re about to become very close and you’ll wanna know any faults or quirks before getting into bed.
- Not knowing when something is too good to be true
Keep a strong head on your shoulders. Emotions can run high when that dream home comes up with the attainable price tag. Do some basic checks yourself, make sure it’s not all show and no go.
- Looking in the wrong places
Don’t get distracted by the property auctions above your budget. You can put yourself at risk of ‘buyer fatigue’ which is never a good thing!