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1
What are your choices?
Where will you be in five years’ time? Perhaps you’re thinking of starting a family, travelling more or even getting an investment property.
Depending on your situation, you may wish to talk to friends and family on their experiences. It’s also worth talking to an expert like a Lending Specialist who can help answer any specific questions you have. Whether this is your first home or your fourth, it’s important to understand the type of property you need. If you’re on your own, you may want something smaller.
Finally, you’ll need a deposit. If this is something you’re saving towards, check out our savings calculator to help estimate this.
2
Learn how much you can borrow
Once you’ve got a deposit and understand what sort of home you want, make an appointment with us. Your dedicated Lending Specialist can discuss what you’re looking to achieve, assess how much you’ll be able to borrow and give you some valuable tips on how to get the most out of your home loan. This includes finding out what financial help, like stamp duty exemptions and other government concessions you’d be eligible for. You can download the loan appointment checklist prior to your appointment.
Once your Lender has all your documentation, we’ll be able to assess your application to make sure it meets our guidelines, before completing a credit check. A decision is often made within 48 hours; meaning you’ll know exactly how much you can borrow, prior to any open homes you go and view. Remember, you can track the status of your application online and through our app.
“It was great to have someone who didn’t speak jargon and could relate what we were going through. We probably asked a lot of the same questions, but our lender was so patient and quick in getting back to us. We really appreciated them guiding us.” – Mel and Ryan
3
Find a home and make an offer
Now you know exactly how much you can borrow; enjoy researching the property markets online and in local media. Regardless of whether you’ve found the ‘dream home’ straight away or not, it’s important you view a range of open homes to get a real understanding of what you can get for your money.
Once you’re in a position where you’ve seen a house you like and done your research on the local area and its proximity to everything you need, you may wish to put in an offer. When you do this, it usually involves paying a 10 per cent deposit of the purchase price and signing a contract that is ‘subject to finance’, property inspections and timings – which includes the settlement date. If you’re buying at an auction, find out from the agent about your obligations if you’re the highest bidder. Usually winning bids require a 10 per cent deposit upfront and lock the buyer into the sale.
During the whole process, it’s important you don’t get too emotionally attached to any one property, as there will always be other houses available, if your offer isn’t accepted or you get outbid.
Need more information on a property? Contact us about a free Property Analysis Report.
4
Get inspections done
If your offer has been accepted, it’s recommended you now look at doing a full inspection of the property from independent specialists; making sure it is structurally sound. The number of inspections you may wish to do will depend on the type of property. This includes:
- Building inspection
- Pest inspection
- Electrical inspection
- Strata inspection
- Land/property survey
Each of these will cost but don’t be put off by the price. Given you’re already investing a lot of time and money, you want to make sure the house you’re purchasing has no major problems and doesn’t become a financial drain in the years to come.
5
Time to settle
Happy with the inspection reports? You’re now on the final stretch and can almost smell the coffee brewing in your new home! Now it’s time to organise the legal settlement of your new property.
This is certainly a process you’ll need legal assistance with, so we recommend you find a good solicitor/conveyancer, who will help you with the settlement and the formal exchanging of contracts.
6
Sign your home loan contract
Your Lending Specialist will send you the loan contract documents either via email, online through internet banking or ask you to come into a local branch – depending on what you prefer.
The contract contains all the terms and conditions, interest rates, repayments and any fees. It is a legally binding document, so as an ethical lender, we recommend you take some time to read through the contract.
Once the contract is signed, you’ll be another step closer to owning your home.
“I liked dealing with the one lender, who knew my application. They got to know me, my situation and what I was looking to achieve - which is totally different from other banks I’ve dealt with.” - Chris
7
Celebrate your new home
You’ve collected the keys - now sit back and celebrate! Enjoy a glass of bubbly or even one of our Home Loan Mango Cocktails! Once you’ve got over the high, think about organising removalists, plus talk to us about a quote for home and contents insurance cover.
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