Buying your first home is a time full of anticipation and great excitement. Right from the first house you look at until you are settled into your new home, first time home buyers often feel like they are on cloud nine. There is a lot to consider as a first time home buyer and making sure that you make wise choices is critical. Here is some great information that you can use to help get you started in the process of home ownership.
Know Your Benefits
First time home owners can look forward to numerous benefits when they make the jump from renting to buying. Here is a look at the some of the benefits you will enjoy.
Preparing For The Big Purchase
Before making the jump to homeownership, make sure you are prepared. Here is what you can do to get ready.
What Will Lenders Look At
When you are ready to get a home loan be prepared to verify for lenders:
Additionally, you will need to demonstrate to the lender the ability to repay your home loan. Lenders rarely will approve a home loan that is above 40% of your gross income.Back « Your First Home Loan in Australia - What You Should Know
Can you tell me where in the tax law it states that I can claim mortgage deductions for my private residence? As I have always been told I can't
I am first home owner in Melbourne,Victoria(australia). I have recently taken home loan of AUD $ 1.80 from commonwealth bank and paying a mortgage of $2280 per month.Kindly let me know the Victorian tax provisions under which I could claim the mortgage deduction for my first home out of my tax paid.
Where under ATO laws can you claim interest paid on a private residence as stated in the article? Please detail! As far as I have been made aware, I cannot claim interest paid on a private residence under Australian tax laws
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