While buying a home can be incredibly rewarding, it can also be one of the most stressful times of your life. For those buying for the first time, the process is especially overwhelming with ambiguity of what to do next.
To ease some of that stress, we’ve come up with a quick guide that will get you from search to settlement with as little stress as possible.
1. Set yourself a budget
Before you head to an inspection, it’s important you have a clear idea of what you can afford. Take a look at your expenses each month and decide how much you could spend while still remaining
comfortable. There are plenty of calculators online that can help you in the early stages to give you a rough guide.
When coming up with a budget, don’t forget about all of those fees and extra payments that will push your budget up, such as conveyancing fees, loan applications, insurance and stamp duty (if
If you require help understanding all the associated costs, feel free to call and speak with one of our friendly team. We can also point you in the direction of our trusted professionals in the industry. 1300 553 007
2. Narrow down your search
Chances are you’re not going to find your perfect home straight away, so it pays to start the search as early as possible. To get started, come up with a list of suburbs you’re interested in and decide on your non-negotiables. For example, do you have to have a certain amount of rooms no matter what? Do you have to have an outdoor space? Figuring out the most important boxes to tick will help narrow down your search quickly.
If you would like some resources to assist you. Please email the our team [email protected]
3. Compare home loans and get pre-approval
Unless you’re one of the lucky few who have the funds to purchase outright, you’re going to need to find a lender. There are a few ways to do this and it pays to use a mix of these to ensure you’re
getting the best deal. Online comparison sites are a great place to start to give you a broader overview of what’s out there and the interest rates. You may choose to pick a couple of these and
then contact the banks directly to chat about your options.
If the list of lenders is a little overwhelming, you might also want to contact a mortgage broker that can help walk you through it and apply on your behalf. ASBIR have trusted professionals in the
industry we can put you in touch with.
No matter how you go about it, be sure to get pre-approval for your loan amount so you have a clear idea of what’s possible before you bid or make an offer.
4. Organise extra services before your offer/bid
Found a place you’re interested in? Fabulous! Now it’s time to make sure that everything is just as it appears to be. Before making an offer, organise a building inspection to highlight any potential issues. Request a copy of the Section 32 and have a thorough read, you may also want to have this looked over by someone in the know like a solicitor or conveyancer to protect yourself.
If you would like a free contract review by a conveyancing solicitor, please call our friendly team on 1300 553 007 and we can put you in touch with one of our partners.
Once an offer is accepted, a lot of the next steps will be handled by the conveyancer/solicitor once you’ve signed all you need to. This waiting period can be the most stressful as you’re eager for it to be processed and finalised.
6. Insurance and utilities
While you’re waiting, do your research and start looking at things like home and contents insurance. If you’re moving into the property, you’ll also want to set up your utilities so they’re ready to go once you move in.
On settlement day the funds are finalised and you get your keys to your new place!
Call us on 1300 553 007 during business hours, Monday to Friday from 8:00am to 5:00pm & Saturday 9:00am to 4:00pm to speak to one of our friendly team. Request an obligation free quote 24/7 via our Free Quote Form