Find a repayment schedule you can afford

Finding the right home loan for you involves many different considerations.

From what kind of property you wish to purchase, whether you are buying a place to live in or as an investment, to whether you wish to apply for finance on your own or together with others.

These and other factors will determine what kind of finance you require, yet in all cases, one of the most important things to do when structuring your home loan is to take care when planning your repayment schedule.

That's because, whether you are in need of a first home buyer loan or property investment loans, making sure that you can afford to keep up repayments is critical.

This may seem an obvious statement, but it doesn't hurt to repeat it from time to time.

That's because for many planning their first loan, ambition can occasionally get in the way of common sense.

Of course you want to pay your loan off as soon as possible, but this shouldn't lead you to sign up to a repayment schedule that you can't maintain in the long run.

Your loan repayments need to be able to coexist comfortably with your other monthly expenses like utilities, groceries and the other costs of living.

In addition, rather than planning for every last cent of your income to be used towards some repayment or bill, it is good practice to leave some for savings or an emergency fund.

That way you are far more likely to succeed in keeping up with your regular loan repayments and to not feel the hardship of overplaying your finance hand.

When you talk to a mortgage adviser, they can help you find the right loan structure for your situation.