Manu Feildel – the right ingredients for buying a home
Celebrity chef Manu Feildel recently bought his first home, and shares with Finder what he learned.
Buying a first home is a scary process. This holds true whether you're the average Australian moving out of your parents' house for the first time or even a successful celebrity chef like Manu Feildel.
The judge of Channel Seven's My Kitchen Rules bought his first home two years ago and he told Finder in an exclusive interview that the experience was eye-opening.
"The numbers from the banks can be quite overwhelming, and there are so many ways of borrowing money and so many ways of saving money when you want to borrow money, and with repayments there are a few choices as well," Feildel said.
Feildel urged first home buyers to seek out professional help when sorting out their home loan. And, when sitting down with professionals, to make certain you understand the home loan jargon that tends to get thrown about.
"When I speak to professionals, I almost want them to talk to me like I don't understand anything because it's easy to get lost in the conversation. Sometimes when you're overwhelmed you may pretend to understand what you don't and then make decisions you think are right that might not be right for you," Feildel said.
Consulting with professionals led Feildel to broaden his home search and consider properties he otherwise might not have.
"The location was something we were set on, and after speaking to our agent he actually asked us to look a little bit further. But we realised by looking a little bit away from where we were looking, the price was better, the house was a little bit bigger and when we discovered the house we are in now the location didn't matter to us as much because we'd found the perfect house," he said.
Speaking with professionals also helped Feildel decide on a price range he felt comfortable with. He urged first home buyers to budget wisely and make sure they aren't biting off more than they can chew.
"We've heard some stories in the past of first home buyers and the bank lends you money and it's exciting and you think you're going to be able to do that, but a few months later you realise you're in trouble and the plan you got given wasn't the right plan," Feildel said.
Feildel also highlighted the importance of doing independent research and comparing different loan options. He advised first home buyers to look at a number of different lenders to compare the products on offer.
"Do as much research as you can and speak to all different types of lenders because someone might tell you one thing and the other might tell you the opposite. If you've got multiple choices you can choose what works best for you."
At the end of his home buying process, Feildel said he was comfortable that he had found the right home for his family. Compromising on location meant that he could tick off all the other items on his wish list.
"What we wanted from our house is four bedrooms, a little bit of a garden and especially a living area where we can entertain. That's what I do for a living, and I wanted something that was big enough to entertain people for dinner," Feildel said.
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