First Home Buyers
Thinking of Buying Your First Home? Want to Know What to do and Who to talk to?
Let the team at Loan Market in Shellharbour manage the process for you. More than just mortgage brokers, we assist our first home buyers by guiding them through every step of the process. In our opinion, it makes sense to speak with your broker first to establish your affordability, which lenders and which products are best suited to your needs. In those meetings we will cover
- The Deposit Required
- The Lender panel available to you
- The difference between products within each lender including the differences between fixed and variable interest rates
- Family Guarantee Options
- Gifted Deposit Options
The end result of these meetings is that we will have a Pre-Approval in place with your chosen lender for a specific loan amount that both you and the lender are comfortable with. This gives you the peace of mind and confidence to continue looking at potential homes and begin the process of inspecting these properties and making offers.
Of course, the process does not stop there. Once a suitable property has been located the price needs to be negotiated. In our opinion, there are no hard and fast rules for negotiating the price of the property. Factors outside of your control, like the market conditions and the personal circumstances of the vendor will impact the negotiation process. Once a price is agreed upon, a number of items happen within quick succession
A copy of the Contract of Sale is sent to your chosen Legal Representative. We have great relationships with several Conveyancing & Solicitor firms within the Shellharbour area and are happy to pass these details on so you can pick a firm to represent you
You need to meet with your chosen Legal representative to review the Contract of Sale
Our office will require a copy of the Contract of Sale to pass onto the Lender so they can begin a valuation of the property to confirm it is acceptable for them to hold as security for your loan
A pest & building inspection may need to be conducted depending on the style of property you are buying. Once again, we have contacts with industry experts and are happy to pass these details on for you to engage their services
This busy time will ultimately end in a final loan approval and an “exchange of contract” confirming your purchase and booking a proposed settlement date, usually 6 weeks after the exchange of contracts.
The process then continues as the bank issues their Letter of Offer, which we will review with you to ensure all is correct and sign accordingly.
Our office will return the Letter of Offer to the lender for you and confirm all is ready for settlement.
Once settled, you will receive verbal and written confirmation from our office that settlement has taken place and you can pick up the keys to your new home.
As you can see, the process of buying a home is very involved and therefore quite scary for the first time buyer. Allow us to take the headache out of the process for you and allowing us to manage the process and find the right loan for you by simply completing the form or calling Lee.