this post was submitted on 07 Aug 2023
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I'm pretty sure I've left off some details and there's a lot of nuance in some steps that can change your experience. The state you live in, the type of place you're buying all play a factor. Co-ops are cheaper but come with their own complications. Same for condos and houses, each with their own perks and flaws. Some folks start and close in 39 days, some people spend months or years in the process. There are those who will go drastically under budget because they value their monthly income, and others who will sacrifice day to day needs to live in their dream homes. If you're buying with a partner, there's tons of factors but the biggest two are being on the same page for finances and the home itself.
Also be wary of advice you receive. Consider who benefits. A realtor only gets paid if you close, so they may try to convince you of things. Your lender, if small, may need your mortgage so might lend or offer you advice to help close that may be in their better interest. Random person on the Internet? Who knows, maybe they're helpful, maybe they're deluded from their experiences, or maybe they're an idiot.
I wish you the best of luck and try not to get discouraged if things take a little while.
Edit: crap, forgot mortgage types. TLDR for most folks a traditional 30 year fixed is safest. If this doesn't sound right for you, you'll need to do a lot more research on your own first before talking to a lender.
Just note that although much of this information is applicable it does not seem to be AUS specific, I.e. Zillow and Trulia seem to be US services with realestate.com.au or domain.com.au being the likely Aus equivalent, in addition Australian banks do not typically have the option of 30 year fixed mortgage loans, generally 5 years would be the max offered.