First home & financing

		First home and financing
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Getting started & controlling your debts	Do a budget - click for a budget calculator Understand where you can cut back, save and the reasons why. If you have 'expensive loans' today, target to get rid of them.
Set your goals	Match your goals to what you can afford. Mortgage repayments should not exceed 30% of your gross income.
Work your money	Compare the benefits of where to build up your saved dollars. The Commonwealth Bank like most banks have a wide range. Police & Nurses is WA's biggest credit union with 100,000 members. Generally, the more the banks do for you, the less money you make.
Check credit rating	Avoid any 'nasty surprises' before approaching a financial institution. Errors may be resolved if you know if there are 'issues'. Check with Veda Australia (previously known as Bayside Advantage) They supply information to some 400 institutions in Australia
Do your homework	To get the best possible home loan at the right price you must do your homework. Consider your immediate and near future needs, lifestyle choices, pets, travel and whether a house or a unit is better. Now, determine what are the appropriate suburbs to start your search.
Get your entitlements	If you qualify, first time home owners may be entitled to a Federal Government $7000 payment. It can be supplemented by various State Government plans. (See Vic)
Buy & don't move in	If you can live rent free with the folks or friends (or maybe take a low cost holiday every now and then) while on leave, then the idea of buying a home and not moving in, could be the go. Negative gearing may also be of advantage. (Check out the calculator).
Fees & charges	Fees and charges do vary from State to State. NSW http://www.osr.nsw.gov.au NT http://www.nt.gov.au/ntt/revenue QLD http://www.osr.qld.gov.au SA http://www.revenuesa.sa.gov.au/index.html TAS http://www.treasury.tas.gov.au VIC http://www.sro.vic.gov.au WA http://www.dtf.wa.gov.au
Auctions	If you are buying a home at an auction, understand the conditions. Typically, you will need a bank cheque in your pocket to hand over when the hammer drops. (This can be around 10% of the FULL PRICE). Click here for the 2006 Victorian Government revised auction rules. Similar rules apply in other states.

Other useful stuff ....

Who is BAYCORP ADVANTAGE .. now VEDA ADVANTAGE?

What is a credit file?

It’s basically a dossier on every person or business
who has been ‘credit-active’ during the past seven years.

It records details of the type, purpose of, and amount of credit
you’ve applied for during that time, as well as outlining overdue
accounts, bankruptcy details and other personal information.

Your file can be accessed by credit providers when you make an application for credit, or providers of goods and services when the payment is deferred by a minimum of seven days.

No-one can access your file unless you give them permission.
Baycorp Advantage (now Veda Advantage) is Australia’s leading provider of credit reporting information with detail on over
14 million Australians.


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