Circle Alliance Bank

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Home Buyers Blueprint

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News & Updates

Buying Property Is Good Debt

You’ve heard it before, that buying property is quite possibly the largest single investment you will make in your life.  And for most of us, this statement is true.  So if you are going to commit yourself to years of paying off a home loan and have been looking to buy in the Deer Park, Caroline Springs area, you will want to ensure you are buying the right property to suit your budget, your lifestyle and your foreseeable future needs. 

Property investors must also choose carefully to ensure their investment choice is an asset they can afford to maintain, depending upon the investment strategy. Once you know what kind of property you are looking for you can then get realistic about the budget you have to spend. 

Most lenders expect a 10% to 20% deposit based upon the purchase price.  It is wise to develop a budget to ensure you can afford to pay your usual expenses plus the added expenses of the property, and also the mortgage repayments which should not exceed 30% of your pre-tax income. 

Your CIRCLE Alliance Bank Loan Manager is local to our branch in Deer Park and can help you to prepare your budget, with this being a particularly useful exercise for first home loan borrowers to gain a thorough understanding of their true financial position. Finding the right property is very exciting and so when found, it is wise to move quickly to secure it. 

CIRCLE Alliance Bank branches can be found around Australia including in Melbourne at Deer Park, which is closely located to Caroline Springs in the Western Suburbs of Melbourne where a CIRCLE Alliance Bank loan manager can guide you through the varying home loan options such as variable home loan, fixed interest home loan, split home loan, and investment only home loan, and discuss which home loan is the right loan for you.  CIRCLE Alliance Bank can also advise on government incentives available to first home buyers, such as the First Home Owners Grant.

When you have your Contract of Sale from the vendor or agent, you are at “pre-exchange” and may now choose to involve a conveyancer or solicitor to carry out necessary checks and to complete the transfer of the property.  It is at this stage that your lender will arrange finance based upon the agreed price stated in the contract.  Once checks are done and details of the sale are clear, the contracts are “exchanged” and you will be required to pay a 10% deposit, but there is still a 5 day cooling-off period if you do choose to change your mind.  The next stage is “settlement” where your lender provides the full loan, the title deeds are transferred into your name and you officially become a home owner! Finally, you have your prized possession and probably a big debt... but this debt is considered to be “good debt”.  Bricks and mortar will hold you in good stead over the following years as your asset improves in value, you pay your mortgage down and your equity increases. 

This equity can be used to fund other purchases such as home renovations or even to purchase an investment property. CIRCLE Alliance Bank offers professional advice and support to help reduce your mortgage debt and to help you grow your wealth.  Their loan rates are lower than their big bank competitors due to low cost structure allowing them to pass on savings on to you.  They can also help with a range of insurances to protect your assets and your lifestyle. To find out more about how CIRCLE Alliance Bank can help Members in the Deer Park, Caroline Springs and Western Melbourne area who are looking to buy a home or get a mortgage or home loan simply contact our Loans Manager who will be happy to discuss the options you have.