Getting started in property
In this episode of Q&, learn how much you’ll need to buy a property, what upfront and ongoing costs to expect, and some of the key terms to become familiar with before you purchase your first home.
7 min read
Buying your first home can be an emotional rollercoaster. It’s exciting and, at times, also daunting so it’s important to be well-informed about the home-buying process. Learn how much you might need to buy a property, what upfront and ongoing costs to expect, and some of the key terms to become familiar with before you purchase your first home.
In this episode of Q&, Diana Mousina, AMP Capital Senior Economist, is joined by Aarti Joshi, AMP Senior Home Loan Specialist, and Nick Stavroulakis, AMP Senior Personal Banker, to share what you need to know before you start your property journey.
"If you're thinking about buying a home, it's important to set a realistic budget to make sure you can afford the monthly repayments." – Nick Stavroulakis, AMP Senior Personal Banker
What to remember when preparing to buy property
- Use an online calculator to work out how much you can borrow and if you’re still unsure, speak to your lender.
- A pre-approval isn’t compulsory, but it can give you a maximum purchase amount to work with.
- Don’t forget other costs associated with buying property, such as stamp duty and legal fees.
- Learn terms like loan to value ratio (LVR) and lender's mortgage insurance (LMI) to help you feel more confident when you’re speaking to lenders.
- Visit amp.com.au/homeloans for handy calculators and more information.
Important information
Any advice and information is provided by AWM Services Pty Ltd ABN 15 139 353 496, AFSL No. 366121 (AWM Services) and is general in nature. It hasn’t taken your financial or personal circumstances into account. Taxation issues are complex. You should seek professional advice before deciding to act on any information in this article.
It’s important to consider your particular circumstances and read the relevant Product Disclosure Statement, Target Market Determination or Terms and Conditions, available from AMP at amp.com.au, or by calling 131 267, before deciding what’s right for you. The super coaching session is a super health check and is provided by AWM Services and is general advice only. It does not consider your personal circumstances.
You can read our Financial Services Guide online for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. You can also ask us for a hardcopy. All information on this website is subject to change without notice. AWM Services is part of the AMP group.