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Mortgage Mantra

Selling First

Selling first is a smart and secure way to be able to see exactly how much money you have to play with when considering purchasing your next property. Knowing exactly how much you can afford often settles people’s fears when buying a second property, as you won’t be wasting time looking at the wrong properties that are over (or under) your ideal budget.

The downside to selling first?

The countdown to settlement day. Once you have accepted a buyer’s offer, the clock starts ticking and you have to start searching for your new home - with a deadline. This pressure on time can force you to put a deposit down on a property that may not quite fit your lifestyle because you don’t want to not have somewhere to live come move-out day.As a First Home Buyer you may be eligible to apply for a First Home Loan which reduces your minimum deposit from 20% down to a 5% deposit. This 5% represents your contribution towards the purchase of your home. Ideally you will have saved this amount over the last 3 months or more. In exceptional situations, the lender may consider equity from a family member’s home as a deposit.

Can you stay with family or friends?

Finding the right home, or a home at all in the competitive market, within the time-frame might not be possible, so you have to consider all possibilities of what you will do in the interim when you are between homes. Can you stay with family or friends? How much will it cost to move and store your belongings until you find a new property? How many months can you afford to store them? All of the potential costs of being in-between houses should be considered to avoid being stuck with a new property that you will already want to sell the moment you move in.

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