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Ensure Your Finances Are In Order Before Approaching The Property Market

By Matt Hurlston

If you’re considering buying real estate in Carnegie, Oakleigh, or any of the other suburbs in the area, getting in contact with a local real estate agent will help you to find the perfect property for you and your family.

However, before you start piling through property brochures with a highlighter, or bookmarking dream homes on the internet, you would do well to take your finances into consideration.

After all, ensuring you’re able to purchase property is one of the biggest factors contributing to your real estate success story.

For example, choosing which type of home loan suits your personal situation should be the first decisions you should make.

A fixed home loan rate is appealing for those who wish to stick to a budget and prefer to have their monthly repayment amounts stay the same for a period of time.

On the other hand, a variable rate is in tune with the market, meaning your interest rate is likely to fluctuate with the market.

While this loan offers more flexibility and the potential for lower repayments, you’re also at the whims of the property market – meaning as interest rates rise, so do your repayments.

Getting in contact with a mortgage broker will ensure you get the right advice about which home loan suits you, putting you in good financial stead from the get go.

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