Jamie McIntyre - October 13, 2016

Buying your first home is a significant and exciting milestone.

Finding the right house that ticks all the boxes in only one part of the process. You also need to find the right financial product to ensure that the transition into home ownership is smooth, affordable and that your new asset is protected.

Getting it right from the beginning will position you to maximise potential wealth building. For the majority of Australian’s, the family home is the biggest financial asset.

In regards to finding the right financial product, I often tell my clients that there is the cheapest, and then there is the best. The key is to find a balance between these to points that works for you, and your future plans.

Usually, you will arrange your finance before start looking for the property. This way, you know how much you can afford to spend and can be armed with a pre-approved home-loan. This will allow you to move quickly when you do find the right place.

Arranging pre-approval, involves a short meeting, where we can go through your financial position, and establish a lending profile. From here, MAC Financial has access to over 25 Australian lenders, who we will contact to provide alternative options to consider.

Lenders will want to know the following information:

• Your personal details
• Your current employment and work history
• Your taxable income
• Details of any assets you currently own
• Any liabilities such as credit cards and personal loans
• Any ongoing financial commitments (such as private school fees)

Once you have found a finance product that works for you, it is time for the exciting part – buying the house. Before the property settles, you need to arrange insurance.

Insurance is for not only the bricks and mortar, but also to protect your personal income. A lot of financial institutions do provide insurance products now as a package with the home-loan, but it is still a worthwhile exercise to shop around. Just like home-loans, there is the cheapest and then there’s the best. Insurance and adequate levels of cover are a topic that we cover at the initial finance meeting, and a service that MAC Financial also can arrange.

We love helping our clients in real financial matters and feel rewarded to see dreams being realised. As much as it can be a little daunting, home ownership is often the first and significant step toward a strong financial position, and we love being a part of the process.

Jamie McIntyre.