(Whyalla News)

For many people,buying their first home is guaranteed to be a reasonably stressful
experience. Like most things you haven’t done before, there is a bit to learn and
mistakes can be costly. The best strategy is to systematically do your research and be prepared!

Deposit: Where do I get it from?
This is a fair question, especially if you live in one of the more expensive metropolitan cities. You do have options, and some you may not know about: Save for your deposit in the traditional way equity from another property (usually your parents), pledges from relatives or gifted money.  If you have a good income you may not need a deposit. Use your first home buyer’s grant

Deposit – how much do I need to buy a house?
It used to be that lenders looked for a 20 per cent deposit on a house. These days, lenders will accept as little as zero per cent deposit and include some or all of your fees in the home loan (effectively taking you to a 106 per cent loan). And the loan terms and interest rates might be more competitive than you think.

Honeymoon rates – are they good value?
“Honeymoon” or introductory rates are widely available and are offered to entice you with a low advertised rate. They are often more than 1 per cent below the standard home loan rate and the rate can be fixed, capped or variable for the first six to 12.

For more information on X Inc Finance and home loans, go to http://www.xinc.net.au/