How to Purchase a Home with Accessible Features

For pharmacy assistants looking to achieve home ownership, finding a property with suitable accessibility features can be a priority. Whether you're planning for future needs, have existing mobility requirements, or are purchasing for family members, understanding how to finance an accessible home is an important step towards financial stability.

Understanding Accessibility Features in Property

Accessible homes include features that make daily living more manageable for people with mobility considerations. These might include:

• Wide doorways and hallways to accommodate wheelchairs or walking aids
• Single-level living or properties with lift access
• Step-free entries and bathrooms
• Modified kitchens with lower benchtops
• Handrails and grab bars in strategic locations
• Accessible parking and pathways

When you apply for a home loan to purchase such a property, lenders assess the property value and your borrowing capacity using the same criteria as standard home purchases. However, the investment in accessibility features can provide long-term benefits and support your secure future.

Home Loan Options for Accessible Properties

Pharmacy assistants have access to home loan options from banks and lenders across Australia that can support purchasing accessible properties. Understanding the various home loan products available helps you make informed decisions:

Owner Occupied Home Loan Structures:

1. Variable rate: Your interest rate fluctuates with market conditions, potentially offering interest rate discounts when rates decrease
2. Fixed rate: Lock in a fixed interest rate home loan for a set period, providing certainty with your repayments
3. Split rate: Combine fixed and variable portions in a split loan to balance security and flexibility

Repayment Options:

• Principal and interest: Build equity in your home while paying down the loan amount
• Interest only: Lower initial repayments, though this doesn't reduce your loan balance

Each home loan package comes with different home loan features and home loan benefits. Consider which structure aligns with your financial goals and the property you're purchasing.

Maximising Your Borrowing Capacity

As a pharmacy assistant, your improve borrowing capacity can be influenced by several factors:

• Consistent employment history in the pharmacy sector
• Managing existing debts effectively
• Maintaining a solid savings record
• Understanding your loan to value ratio (LVR)

A lower LVR means you're borrowing less compared to the property value, which may help you avoid Lenders Mortgage Insurance (LMI) if you have a deposit of 20% or more. For those with smaller deposits, low deposit loans or LMI waivers might be available.

Budgeting for Accessibility Modifications

Some accessible homes come fully equipped with necessary features, while others may require modifications. When calculating home loan repayments, factor in:

• The purchase price of the property
• Potential renovation costs for accessibility improvements
• Ongoing maintenance specific to accessibility features
• Council approval requirements for modifications

If you're purchasing a property requiring accessibility modifications, you might consider combining your purchase with a renovation component. Our team can discuss renovating your house as part of your home loan application strategy.

Comparing Home Loan Rates and Features

When you compare rates across different lenders, look beyond just the home loan interest rate. Variable home loan rates and fixed interest rate options both have advantages depending on your circumstances.

Key home loan features to evaluate include:

• Offset account: A linked offset account can reduce the interest you pay by offsetting your loan balance with your savings
• Portable loan: Allows you to transfer your loan if you move properties
• Rate discount: Many lenders offer interest rate discounts for pharmacy sector professionals
• Redraw facilities: Access to additional repayments when needed

Obtaining home loan pre-approval before property hunting gives you clarity on your budget and strengthens your position when making offers on accessible properties.

Location Considerations for Accessible Living

When purchasing an accessible home, location matters as much as the property itself. Consider proximity to:

• Your workplace and pharmacy employment opportunities
• Medical facilities and healthcare services
• Public transport with accessibility features
• Shopping centres with accessible amenities
• Community support services

Properties in areas with established accessible infrastructure may command different values in the property market, affecting your loan amount and overall investment.

First Home Loan Considerations

If this is your first home loan, pharmacy assistants may be eligible for government schemes that support buying your first home. These can include:

• First Home Owner Grants (amounts vary by state)
• Stamp duty concessions or exemptions
• The Home Guarantee Scheme which may reduce deposit requirements

These initiatives can help you achieve home ownership sooner, particularly when combined with current home loan rates that align with your financial capacity.

Working with Specialist Mortgage Brokers

Navigating home loan packages and finding suitable financing for an accessible property requires expertise. Pharmacist Home Loans understands the unique circumstances of pharmacy assistants and can help you:

• Access home loan options tailored to your employment in the pharmacy sector
• Compare rates from multiple lenders to identify the lowest rates available
• Structure your loan to need lower repayments if your budget requires
• Understand the full range of home loan products suitable for accessible properties
• Secure a mortgage offset strategy that builds your equity faster

Whether you're looking at buying your next home or this is your first property purchase, having specialised support throughout your home loan application process can make a significant difference.

Taking the Next Step

Purchasing a home with accessibility features is an important decision that supports both your immediate needs and long-term wellbeing. As a pharmacy assistant, you have access to professional home loan services that understand your career path and financial situation.

The journey to invest in property with the right accessibility features starts with understanding your options and having the right support team behind you. From initial discussions about borrowing capacity through to settlement, every stage of your home loan application deserves attention and expertise.

Call one of our team or book an appointment at a time that works for you. We're here to help pharmacy assistants explore their home loan options and find suitable financing solutions for accessible properties that support your future.