Purchasing a new home can be both exciting and nerve-wracking. It’s exciting,
because you’re taking the first step towards owning a place to call your own, but
it’s also a significant financial investment. Here we look at how best to prepare to
purchase your new home.

Know your loan to income ratio

The biggest factor when purchasing a new home is, of course, how much you can
afford. This will often determine the size and location of your new home. As a
general rule, most financial lenders recommend that your loan to income ratio in
Australia should not exceed 30 per of your pre-tax income. When determining
how much you can afford, make sure your budget also takes into consideration
any other financial considerations you may have, including bills, groceries and
entertainment.

Get your finances in order

Financial experts recommend preparing your finances at least three months prior
to applying for a home loan. To achieve sound financial health, consider the
following:

● Pay off debts and close any credit cards or Buy Now, Pay Later accounts.

● Check your credit score.

● Reduce ongoing expenses, like streaming services.

● Establish a savings target.

By following these steps, you’ll be on track to secure a home loan with confidence.

Find the best home loan – and get pre approved.

Finding the right home loan isn’t a case of one size fits all. How much your lender
is willing to lend depends not only on your income, but also your deposit and
credit rating. Most home lenders will look for a credit score of at least 650-700. It’s
important to shop around and compare different loan options from various
lenders to find the best fit for your financial situation.
If you’re struggling to afford to save a 20 per cent deposit, but have a good rental
history, you may qualify for a low-deposit home loan, although with these loans
it’s important to note that you will need to take out Lenders Mortgage Insurance.
First-home buyers may also be able to take advantage of the government’s Home
Guarantee Scheme.

 Get conditional approval

Having your finances sorted, through pre-approval, or conditional approval,
means you have confidence in the budget you’ve set. Your lender will still need to
assess the property that you intend to purchase before final approval is granted. .
To find the best loan option for you, it’s a good idea to speak with a financial
adviser or mortgage broker.

 Choose a suburb that’s close to everything you need

When thinking about the suburb you want to call home, it’s important to consider
factors such as proximity to work, family and friends, access to amenities like
schools and public transport, and potential for future growth in the area.
It’s also worth researching the local property market to get an idea of property
prices and trends in your desired suburb. This will help you determine if it is a
feasible option for your budget.

South Morang, home to Evoke Townhomes is located just 20 minutes from the
Melbourne CBD, three-minutes to South Morang train station and close to a
schools and shopping centres.. The suburb was also named one of the top
suburbs to buy in 2023 by the Australian Property Investor. Read more about
Evoke’s location here, or discove why South Morang is a great suburb to live in our
blog.

Why Evoke townhomes could tick all your boxes

Evoke Townhomes, located in South Morang, offers modern and stylish living
options that could be the perfect choice for your new home.

Location, location, location.

South Morang is a highly sought-after suburb due to its convenient location.
Evoke Townhomes are just minutes away from Westfield Plenty Valley Shopping
Centre, cafes and restaurants, schools, parks and recreational facilities.

 Access to Public Transport

Commuting to work or exploring Melbourne is a breeze with the South Morang
train station just a short walk away from Evoke Townhomes. You can also easily
access major freeways such as the M80 and Hume Highway.

Modern Design

Evoke offers contemporary off-the-plan townhouses with quality finishes and
fittings that will make you feel right at home. With spacious open-plan living
areas, stylish kitchens and bathrooms, and private outdoor spaces, these
townhomes provide the perfect balance of comfort and style. Plus, with a variety
of townhome designs to choose from, you can find the perfect layout that fits your
lifestyle.

Low Maintenance Living

One of the benefits of townhome living is low maintenance. Evoke Townhomes
take this one step further by offering low maintenance yards and exteriors. Read
more benefits of buying a townhome here.
Want to learn more about Evoke South Morang. Discover Evoke South Morang.
Chat with our team today on 9684 8197 or discover our stunning
townhome range here. We’re open Saturday to Wednesday, 11am – 5pm.

Disclaimer: our financial advice is general in nature, please seek a
professional for additional information