They say that it’s better to own than to rent. The idea of paying monthly home rentals is not quite as attractive as paying monthly mortgage fees. Home rental is like throwing your money down the drain. You spend a specific amount of money but you will only place a roof over your head temporarily. Paying mortgage fees, on the other hand, is much better with the knowledge that the money you will spend will actually place a roof over your head permanently.
Even with the high prices of home rentals in Perth, many residents are still daunted with the thought of owning a house. Why?
- High Mortgage payments
- Down payments
- Credit history
- Council rates
- Utility fees
- The list goes on
Now is a great time to buy a home in Perth and its the best time to look into Perth mortgage rates. Brokers at Smartline Mortgage Brokers Rockingham want to help you look at each of these areas a bit closer to put things into perspective.
If you want a home loan, Perth banks can assist you with it or you can also seek the services of mortgage brokers. The problem is going to the wrong mortgage provider will cost you a big amount of money. That is why Perth and surrounding area residents often come to Smartline Mortgage Brokers Rockingham for advice about the best mortgage plan. Your monthly payment could be less than you expect, particularly if you can get a decent down payment together.
Having a down payment of 5% or 10% of the property price might be acceptable but a 15% to 20% down payment will make a big difference. You will be paying lower monthly mortgage fees thus saving you money. It’s not always easy to come up with a bigger amount of down payment though; this will require an aggressive budgeting campaign on your part.
Your credit history can be a barrier to securing favourable terms for your mortgage. Brokers in Perth and the surrounding area are often willing to check your credit situation. They recommend that you personally check what you look like on paper before you apply for home loans to any mortgage provider. There may be options for people with a poor credit history but the truth is, the better you look on paper, the higher odds for getting a home loan approved.
Perth Council Fees and other Extra Expenses
It is but natural to be paying Perth Council Fees and other extra expenses when acquiring a property. It is also wise to stash away a large sum for unexpected home repairs or even renovations. You might see this as a liability in owning a home. But just bear in mind, 100% of your rental will never be retrieved while 100% of your mortgage payment will give you a house which can add up to your financial asset.
Now is the perfect time to look into different options when buying your first home in Perth. Mortgage brokers at Smartline Mortgage Brokers Rockingham are available for your needs. Take time to review your options to save a lot of money on home loans. Come to us, we can help.