ASIC has launched a series of videos to help consumers make MoneySmart decisions when buying a home.
TV personality Shelley Craft hosts five videos featuring essential tips on the key decisions involved with a buying a home including:
- How to get a home loan
- Working out how much you can afford with a mortgage
- Saving to buy a home
- Understanding the hidden costs of buying a home and;
- Being a guarantor for a home loan.
“For many people, buying a home is likely to be their biggest investment. We encourage home buyers to take the time to understand their individual financial position and be aware of what they are committing to with a home loan. And it is always a good idea to shop around for the best deal,” said Peter Kell, ASIC’s Deputy Chairman.
“It can be challenging to build a home deposit, a good place to start is to create a budget to understand how much you can comfortably afford to save, borrow and repay. ASIC’s MoneySmart offers a range of useful calculators and resources, including the savings goals and mortgage calculators, to help Australians take control of their money and reach their savings goals,” added Mr Kell.
Shelley Craft emphasised the importance of the issues addressed in the video series including the real costs involved with buying a home, saving for a deposit, the first home owner grant, interest rates and mortgage repayments.
“Buying a home is full of excitement but it can also be stressful, especially the financial aspects,” said Shelley Craft. “It’s important to take your time, consider all your options and be sure to ask lots of questions, so you understand what you’re signing up for.”
“Don’t rely on just one source when you’re shopping around for a home loan because saving even half a percent on the interest rate can save you thousands of dollars over time,” added Ms Craft.