First Home Buyer’s Corner

Quite often we can draw a picture of the future, where we want to be or what we would like to happen. However, the biggest hurdle is always trying to figure out where to start and how to get to the place where we want to be.

There is no difference when it comes to buying your first home and as I have been through the process myself, I will be able to help guide you through this journey so you can achieve one of your greatest milestones.

Step 1 - Talk to a Mortgage Adviser

  • A mortgage adviser can help you understand the entire process, where to start and and will guide you throughout the journey.

  • Understand the bank’s criteria

    • Deposit - whether you have 5%, 10%, 15%, 20% or somewhere in between.

    • Affordability - Your income less expenses and potential mortgage repayments.

    • Proposed property as security - whether it will be acceptable to the bank.

  • Prepare supporting documents and apply for a pre-approval

Step 2 - Gather your team and property research

  • Now that you know how much you have as a deposit and your lending amount, it’s time to talk to a Real Estate Agent and start your house hunting journey.

  • Understand the different property Titles (Fee Simple, Cross Lease, Unit Title/Strata Title, etc.) and how they will affect you in the future.

  • Understand what you’re looking for in a home, whether it be the location of the property, number of bedroom, size of home, size of land, etc. This will help narrow down your search.

  • Team up with a Solicitor to help you understand property related documents such as Sales and Purchase Agreement, LIM report, Building Report, etc.

  • Team up with an Accountant to help you understand about your future taxation obligations, especially if you’ll receive income from the property you are purchasing.

  • Your Mortgage Adviser will be with you every step of the journey and will be able to give you advice to help with your research.

Step 3 - Final Approval from the bank

  • You’ve found your dream home, your offer has been accepted, your home loan has been approved by the bank.

  • Time to talk about your home loan structure, interest rates, etc.

  • Sign your loan documents and wait for the day to collect your keys.

Step 4 - Settle and move in

  • Decorate and design your home your way without the need to ask permission from the landlords - YOU OWN YOUR HOME now!