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Purchasing a home can seem like an overwhelming experience, with so many decisions that have to be made. So before going out to find your dream property, make sure you first sit down with one of our experienced Mortgage Brokers, to ensure that you have a comprehensive understanding of how much you can borrow, and the process involved when signing an Offer and Acceptance.
Also, it is always recommended that you organise a pre-approval first as this will assist when negotiating the contract. To help ease you through the process we’ve outlined the major steps below – from working out how much you can spend right through to settlement on the property.
There is no point setting your heart on a particular home only to find out you can’t afford it. Equally, there’s no point settling for a lesser home that you’re not really happy with just because you think you can’t afford anything better. It is therefore vital to establish which type of finance you qualify for and work out the repayment amount that fits with your budget.
Simply call us and make a time to sit down for a chat with one of our professional and experienced Mortgage Brokers. We excel at making sure that owning your own home doesn’t compromise your lifestyle. Once we understand your situation, we’ll be able to tell you exactly how much you can borrow, how much you require for a deposit and what your repayment will be.
Now that you know how much you can borrow, it’s time to start the search for the location of your new home. It is important to take into consideration existing and future infrastructure that will potentially affect the value of your home over time. Facilities such as schools, shops and public transport are attractive to have nearby, so it’s good to know what’s coming up in the area you’re looking to build in.
You may also want to look into capital growth rates, as well as a detailed suburb profile of existing residences in the area. This information is available from many land developers, local councils and industry websites. While you’re doing all of this we’ll be busy getting your finance arranged and ready for pre-approval!
Once the bank has received and processed your application you will receive a pre-approval. The pre-approval will come with a list of criteria that you need to meet and is usually subject to a satisfactory valuation on the security property. Once you have signed an ‘Offer & Acceptance’ to purchase the property you will forward this to your Mortgage Broker so that the valuation can be ordered.
Please note that it is important to keep your financial circumstances consistent until the purchase of your property goes through. Do not take out any more financial commitments or change employment. If you have any questions don’t forget that your Mortgage Broker is available to help every step of the way.
Great news! Now that the valuation is complete your finance has been formally approved. We will notify the settlement agent and the real estate agent on your behalf.
Within a few days you will receive comprehensive loan documentation from the lender. Please make sure you read this carefully before you sign and return it to the lender. This documentation can appear extremely complicated, so please remember, if there is anything you do not understand or are not completely satisfied with, we are always here to help.
Your settlement agent will prepare a settlement statement and land transfer. These are normally sent to you to sign and return. The statement will confirm all the costs you are required to pay to secure the property. These costs do not include the loan establishment fees. These are outlined in the letter of offer you receive from the lender.
You will also need to organise home insurance as a condition of your loan agreement with the lender. Once again if you have any questions please don’t hesitate to contact your Mortgage Broker.
Your settlement agent will organise the settlement and advise you when it has taken place.
Chill the champagne and stand by the phone for the call to let you know that settlement has taken place.
CONGRATULATIONS, you now own your own home!