Home Loans

In the last few years, the market value of homes in Sydney has been rising. Their neighbourhoods are attracting a lot of attention, so it is not surprising that public interest is increasing daily.

If you are thinking about investing in Sydney property, here is a quick guide on securing a home loan.

Why Should You Consider Buying a Home in Sydney?

The benefits of investing in a house or property in Sydney are not surprising.

As an Australian city, it is one of the most liveable cities in all of the country. Its high quality of life and strong economic growth are among the most attractive traits that are drawing more and more people to the area.

Aside from its current attractive qualities, Sydney is expected to have an upgrade in the next couple of years. Better transportation solutions like the Sydney Metro and the Parramatta Light Rail will make Sydney a better city to navigate and explore.

What Should You Know About Home Loans in Sydney?

1. Maximum Home Loan Amounts

Sydney’s median house price is nearly $900,000, but a lot of houses in Sydney’s vicinity are priced upwards of $1 million. Many loan providers and home loan products have a $1 million upper limit based on your credit.

If you are eyeing a home in Sydney, make sure you find one that fits your budget, aside from satisfying your needs and wants. Consequently, you should find a lender that will be willing to meet the financing you have in mind.

2. First Home Owner Grant 

One of the incentives to buying a home is the First Home Owner Grant. If you are a first-time homeowner, this is a form of financial aid from the Australian government that you can apply for.

It is available for prospective homeowners that are looking to buy new or already existing homes in NSW. The program can be used for buying a new home or the purchase of an established one.

The amount of the grant varies according to different factors, such as the place where you are buying the home and whether you are using a property to build or a piece of land that is not yet developed.

3. House Auction Rules in Sydney

House auction rules vary from state to state, so make sure you’re aware of the rules if you’re planning to bid on auction properties in Sydney. Take note that in New South Wales, there’s no cooling-off period for homes bought at auction. This means that once you buy it, there’s no turning back if you change your mind. You have to be a hundred percent sure with your purchase, and one way to do that is to do the necessary research on your end. 

4. Lenders with Branch Access

Though it is not necessary, you may also want to consider lenders with physical branches in Sydney. With physical locations, it may be more convenient for you to go through the loan application process. Though mobile and online solutions increase accessibility, going to a branch may also ensure you maintain a good relationship with your lenders.

5. Transfer Duty

New South Wales, including Sydney, is subject to transfer duty. You should familiarise yourself with this before purchasing a home, especially with the concessions that apply for your type of property and loan.

Final Thoughts

Regardless of the house price, a home is a great investment. As long as you are investing in it wisely and using a reputable lender, you will always be glad you went through the process of securing a home loan for your home. The information we have provided you with in this article should help you make an educated decision on your home loan.

So, if you are planning to buy a home, contact us at Wealthy You and get access to the best home loans in Sydney. Our mortgage experts make home loans simple, and you will have a Sydney-based experienced mortgage broker that will guide you through the process. Start your application with us today!