Business

A few home truths when purchasing

THINK AHEAD: Buying a property is likely to be one of the biggest financial commitments most people will make in their life.
THINK AHEAD: Buying a property is likely to be one of the biggest financial commitments most people will make in their life. LUKAS COCH

ENTERING the property market can be very exciting, but it can also be quite daunting.

Buying a property is likely to be one of the biggest financial commitments you make in your life and whether you're a first-time buyer or experienced investor, it's a decision that requires saving, planning, research and, of course, a reliable budget.

Saving for a deposit is the first step in purchasing a property and a workable budget is integral during this process. A realistic budget will help you understand your limitations and identify how much you can afford to spend on a property.

When setting a budget, remember to factor in all the additional costs that come after buying a property, such as insurances, repairs, maintenance, body corporate fees and rates.

Whether you're a first-time or fourth-time buyer, you should discuss your financial profile with your financial institution or mortgage broker to gain a further understanding of how much you can afford to borrow and repay.

Many investors, especially young or new investors, use rental income to support their loan repayments.

It's important for investors to consider that if for whatever reason they stopped receiving regular rental payments for their investment property for a certain period, could they continue to service their loan?

There has also been a recent shift in interest rates for investor loans, so it's equally important for investors to consider potential rate changes when calculating their budget. A 1% interest rate rise from 5-6% on a variable $300,000 investor loan could cost some investors nearly $100 per fortnight more in repayments.

Also, remember that what's important in a property and its location will vary between buyers. Investors, first home buyers and those downsizing will all have different criteria for what they're looking for in a property and community facilities.

Make sure you research the suburbs you're interested in to get an understanding of what properties are available, the suburb median pricing and nearby facilities.

Finally, once you become a property owner, it's important to remain engaged with your financial profile and seek additional support and information in regards to your individual situation if you need it.

For all your banking needs, visit your nearest Suncorp Bank branch or phone 131175.

- Suncorp Bank's Lynne Sutherland, executive general manager of stores and speciality banking

Topics:  buying a home finance talk financial advice property market



Brisbane's arts and culture events centre stage

A CITY drenched in culture, Brisbane is again flaunting an arts and culture events calendar fit for a queen.

Homewares stores to fulfil your Instagram dreams

No Caption

You too can become an Insta-star with these fab stores.

Date nights under $50

Nothing is more romantic than a picnic with a cracking view.

NOT every date has to cost you a bomb.

Top 10 Brisbane experiences to cross off your bucket list

Do yourself a favour and get amongst the food truck scene. Eat Street is a great place to start.

A GOOD bucket list doesn’t have to span continents or cost millions.

Six mega sporting events you need to be at this year

Don't miss all the action trackside this season.

IF THERE is one thing Brisbane does damn well, it’s play host.

Six reasons to get to Brisbane this Autumn

The Brisbane Powerhouse has free comedy on Friday nights.

AUTUMN has to be up there with one of the best seasons of the year.

The best things to do in Brisbane are FREE. Yes, FREE

Mt Coot-tha is a seriously gorgeous way to start your day.

HEADING to the big smoke doesn’t have to come with a big price tag.

Donated clothing has homeless man looking smooth for court

HAPPY: Duncan Monaghan is grateful for the assistance provided at Homeless Connect.

Rockhampton's community spirit was on show helping the homeless

Investor travels 1500km to bid for bargain Rocky homes

McGrath Property Agents Rockhampton and Capricorn Coast Principal Todd Brandon.

Competitive bidding at in-house auction of deceased estate

REVEALED: Rocky's $13M flood repair and protection bill

Cr Tony Williams with flood mitigation in North Rockhampton.

Rockhampton Council prepare NDRRA funding applications

Local Partners

Runners warm up for 10th Rocky River Run

The 7 Rocky River Run is just two days away but it is not too late to take part in the popular charity event, which this year celebrates its 10th anniversary.


Win a $1000

GROCERY GIFT CARD!
Learn More

Musical favourite hits the Rockhampton stage

STEPPING UP: The new kid Ren, played by Joseph Lewis with the town folk (from left) Ben Childes, Jack Kelly, Patrick Reddy, Mackenzie Ralphs and Nicholas Marxsen. Footloose will hit the Pilbeam Theatre Stage Friday, May 26 and Saturday May 27.

The Cathedral College gets 'Footloose'

ACROSS THE REGION: Your weekend of events in CQ

STAGE: The Cathedral College presents Footloose at the Pilbeam Theatre on Friday and Saturday.

Find out what's happening across CQ right here.

What to expect at Birds of Tokyo's Ipswich gig

The band will perform at the Racehorse Hotel on Friday.

BAND member Glen Sarangapany talks music, pub grub and doing shoeys

Model Bella Hadid's see-through dress shocks in Cannes

JUST WHEN you thought you’d all of Bella Hadid’s supermodel figure — she gets her Cannes out on the red carpet of an AIDS gala dinner in France.

No room for morbid fans

Chris Cornell.

Fans want to stay in the hotel room where Chris Cornell died

Star Wars' 1977 Stormtrooper head banger confesses

A Stormtrooper is responsible for the biggest blunder in a Star Wars movie. Picture: Supplied

Man in most famous blooper in Star Wars history breaks silence

Musical favourite hits the Rockhampton stage

STEPPING UP: The new kid Ren, played by Joseph Lewis with the town folk (from left) Ben Childes, Jack Kelly, Patrick Reddy, Mackenzie Ralphs and Nicholas Marxsen. Footloose will hit the Pilbeam Theatre Stage Friday, May 26 and Saturday May 27.

The Cathedral College gets 'Footloose'

Lyn's knock-out show gets her to next round on The Voice

ONWARDS AND UPWARDS: Lyn Bowtell is through to the battle rounds on The Voice.

'It was bitter sweet to win like that'

Is this the talent you get when you limit electronics?

Cassidy Kilburn in the Get the Beat International Dance Competition.

Cassidy, 11, preparing for national dance championships

Investor travels 1500km to bid for bargain Rocky homes

McGrath Property Agents Rockhampton and Capricorn Coast Principal Todd Brandon.

Competitive bidding at in-house auction of deceased estate

Report reveals progress on $319m airport upgrade

Aerials of the Sunshine Coast.Jetstar plane in front of the Susnhine Coast terminal, Sunshine Coast Airport.

Over two dozen government approvals needed for airport expansion

Lost dough leaves sour taste after company collapse

Kathleen and John Mahoney from Sugar and Spice Bakery were stung after the collapse of Cantro Pty Ltd and are still owed money.

Supermarket operator collapse leaves sour taste for bakery

Open for inspection homes May 25-31

Check out this weekend's homes open for inspection

How Toowoomba house prices compare in Australia

For sale sign in front of home.

Here's what $700,000 will buy you in Toowoomba, Brisbane and Sydney

Ready to SELL your property?

Post Your Ad Here!