Throughout your lifetime, you’re going to borrow money from various institutions and until now your biggest debt is probably your credit card debt. You have found it difficult from month-to-month to make the minimum payments and now that your life has moved on from then, you are now thinking about committing yourself to your first home. Our parents and grandparents have always told us that as long as we had a roof over our heads that we would be fine and while this is sound advice, properties are a lot more expensive now than they were many years ago.
Committing yourself to a mortgage over the course of 30 to 35 years is a significant amount of responsibility to put on anyone shoulders, but it is a step that we all must take in order to provide a home for ourselves and some financial security for when we reach retirement age. If you don’t know where to start, here at https://www.wealthconnectfin.com.au/services/home-loans-north-brisbane/ is where you will get an excellent idea of the home loans that are currently available and the terms and conditions that apply to them. If you’re still a little reluctant to take the leap and to take out your first mortgage then maybe the following can help to put your mind at ease.
- It’s a growing investment – The prices of property have been going up over the last 35 years and they don’t show any sign of slowing down at this point. Many people who bought their houses many years ago are now sitting on a substantial nest egg and they have no more financial worries if they do decide to sell their properties and retire. This is the frame of mind that you should be in when signing on the dotted line for your new home loan and it isn’t just an investment in what is needed now, but an investment in your future.
- It’s peace of mind – There are far too many unknowns when you continue to stay in the rental market and your landlord can pull the property out from under you at any given time. This means that you would have to uproot your whole family from the schools and friends that they have and you would have to move to somewhere else. Many homeowners will tell you that it gives them an incredible peace of mind knowing that they are there to stay in their new property for as long as they decide and not someone else.
There is no doubt that the biggest loan in your lifetime will be your home loan and so make sure that you do your due diligence and that you sign on the dotted line with the right lender.