Archive for the ‘Home Loan’ Category
For most people, a house will be the most important and expensive asset they will ever own. Most first home buyers know this, but not many understand the process of settling the home of their dreams.
After finding the right property, you will need to find the right home loan and get approved. Getting the right advice is essential!
Save a deposit
When setting out to buy your first home, having a large enough deposit should be your first priority. The size of the deposit required will depend on the value of the amount and the property you are borrowing, otherwise known as the loan to value ratio (LVR).
Organize your team
Putting together a team of experts should be done prior to negotiating on the price of the property.
To get the best advice, it’s ideal to have:
– A mortgage broker (that’s us!).
– A conveyancer/solicitor (or a settlement agent in Western Australia).
– Accountant (if you are a property investor).
Because they’re the cheapest, conveyancing costs can range from around $400 all the way to $2000 but it’s important not to choose a conveyancer just.
Most people know friends or family who have bought a house so they can recommend a solicitor for you.
Better still, have a look at our list of recommended conveyancers for each state.
A pre-approval means that your home loan is basically approved subject to the bank accepting the property that you plan to buy. Not every property is accepted by the banks, so take a look at our property types page before you make any offers.
You should aim to get pre-approval six months prior to buying a house!