Smart ways to purchase a home with more outdoor space

As a St John Ambulance employee, you understand the importance of having space to unwind after demanding shifts. A home with more outdoor space can provide the perfect retreat – whether that's a larger backyard for family activities, a garden for relaxation, or an outdoor entertaining area.

Finding and financing a property with substantial outdoor space requires careful planning and understanding of your home loan options. Here's how you can approach this goal strategically.

Understanding Your Borrowing Capacity

Before you start searching for properties with larger outdoor areas, it's essential to understand how much you can borrow. Your borrowing capacity depends on several factors:

• Your income as a St John Ambulance employee
• Current expenses and financial commitments
• The loan amount you're seeking
• Your financial situation overall

Lenders will assess your bank statements and employment history to determine your capacity. Properties with more outdoor space often come at a premium, so understanding your borrowing limits helps you search within realistic price ranges.

Home Loan Options for Paramedics and Ambulance Workers

When applying for a home loan to purchase a property with outdoor space, you can access home loan options from banks and lenders across Australia. Different loan products may suit your circumstances:

Fixed Interest Rate Home Loans
These provide certainty with your repayments, as your home loan interest rate remains unchanged for the fixed period. This can help with budgeting, particularly when buying a home that may require additional investment in landscaping or outdoor improvements.

Variable Home Loan Rates
Variable interest rate loans offer flexibility and may provide access to features like offset accounts. These accounts can help reduce the interest you pay on your loan amount while maintaining access to your funds.

Calculating Home Loan Repayments

When considering properties with more outdoor space, calculating home loan repayments accurately is crucial. Properties with larger blocks or established gardens typically cost more, affecting your loan to value ratio (LVR) and potentially your need for lenders mortgage insurance (LMI).

Consider these factors when calculating repayments:
• The purchase price of the property
• Your deposit amount
• Whether you'll need to pay LMI
• Interest rate discounts you may be eligible for
• Additional costs like stamp duty

The Application Process

The home loan application process for properties with outdoor space follows similar steps to any property purchase, but there may be additional considerations:

1. Get Pre-approved: Home loan pre-approval gives you confidence when making offers and shows sellers you're a serious buyer

2. Property Assessment: Lenders will assess the property value, including the land component and outdoor features

3. Documentation: Prepare your bank statements, employment verification, and other required documents

4. Settlement: Complete the purchase with your legal representative

Many lenders offer a streamlined application process for eligible borrowers, which can speed up your journey to homeownership.

Property Market Considerations

When searching for homes with more outdoor space, consider these property market factors:

• Location and proximity to your workplace
• Future development potential in the area
• Maintenance requirements for established gardens or large yards
• Potential for adding value through outdoor improvements

Properties with substantial outdoor space often hold their value well, as they appeal to families and those seeking lifestyle benefits.

Using Home Equity and Offset Accounts

If you're already a homeowner looking to upgrade to a property with more outdoor space, you may be able to use your existing home equity. This can help with your deposit and potentially avoid LMI on your new loan.

Offset accounts can be particularly valuable when buying a home with outdoor space, as you may have ongoing costs for:
• Garden maintenance and improvements
• Outdoor furniture and equipment
• Landscaping projects

By keeping funds in an offset account, you can reduce interest charges while maintaining access to money for these expenses.

Making Your Move

Buying a home with more outdoor space as a St John Ambulance employee is an achievable goal with proper planning. Understanding your home loan options, getting pre-approved, and working with specialists who understand your profession can streamline the process.

Whether you're looking for a family home with a large backyard or a peaceful retreat with established gardens, the right financing structure can make your property goals a reality.

Call one of our team or book an appointment at a time that works for you to discuss your home loan options and start your journey toward a property with the outdoor space you deserve.