Are you ready to buy?
Buying a home can be daunting especially when it’s your first time. There is a lot to consider and if you aren't prepared it can quickly become overwhelming. To make it easier here is our guide to buying your first home.
Set a goal and start saving.
Once you have found the type of property you like and know what it is likely to cost, set yourself the goal of saving a deposit. Creating a budget is one of the most effective ways to determine how much you can afford to save each week, fortnight or month without compromising your lifestyle. Traditionally lenders required a 20% deposit to cover the purchase price and costs. Although it's beneficial to save as much as you can, not all lenders require a 20% deposit and some lenders accept deposits as low as 5%. If your deposit is below 20% you may have to pay Lenders Mortgage Insurance (LMI) or use a guarantor to offer their property as security. As your local brokers we will guide you through the process and work out which solution is right for your situation to help you get into your dream home sooner.
Speak to us, we are here for you.
Before you start actively looking for a property it's worth knowing how much you can borrow based off your income, assets, living expenses and the type of loan you are looking for. Although buying a home is exciting, it’s good to keep a level head and be realistic about what you can afford. We provide you with an assessment of your borrowing capacity, determine your eligibility for government grants and consider any additional costs such as stamp duty, legal costs and registration fees.
If you find a property, and you just want to make it yours having a pre-approval puts you in a stronger position to make an offer. Some agents won’t take your offer seriously until they know you have a pre-approval behind you, in case the finance falls through. The good news is that we can help you get pre-approval on a loan, so you know how much you can spend which gives you the confidence to bid at auctions or make an offer if you find your dream home. The best part is that obtaining a pre-approval is free and it lasts for 3 months.
Close the deal, settle and celebrate!
However you end up securing your dream home, whether it's through an auction, by private treaty or off-the-plan, it is a cause for celebration! Before you are able to pop the champagne and move into your dream home there are a few important things that need to happen. The great news is that because you chose us to be your mortgage brokers, you can relax while we organise the last of the formalities. We follow the progress of your loan and keep you informed the whole way to settlement.
Once your loan is set up and you have moved into your home, we will keep in touch so that no matter how your circumstances change in the future, we ensure you are in the right loan for your situation. As part of our lifetime service we review your loan annually, and send you updates on what the market is doing and how you can potentially benefit.
Image courtesy of Ray White Yamba