Determine your budget

Before you start envisioning your dream life in a six-bedroom mansion, you’ll need to assess your affordability. To get an accurate idea of your borrowing power, lenders will evaluate your overall financial picture, analysing your income and expenditure to ensure you’ll be able to meet your monthly payments. 

With plenty to get your head around, it may be worth consulting a mortgage adviser who can analyse your financial circumstances and help you to determine how much you’ll need to borrow and save.

Save diligently

Building a substantial deposit is also essential, as purchasing a home requires a minimum 5% deposit based on the house's overall price. For instance, a $200,000 home would necessitate a $10,000 deposit. However, striving to save more can lead to better mortgage rates, providing you with more financial flexibility in the long-term.

Search for your dream home

When you’re hunting for your perfect property, have a good think about what matters most to you. Perhaps it's the property itself, the location, or the number of bedrooms. Online real estate platforms simplify this search by allowing you to browse within your budget and save favourites. However, remain open-minded, as houses can appear quite different in person compared to the images you see online.

Obtaining pre-approval

Before you commence viewings for properties that you like the look of, securing pre-approval for your home loan is essential. The home-buying process can be lengthy, and losing a dream home due to the delay in putting in an offer can be disheartening. Our mortgage brokers can support you with the pre-approval process, so you can be straight off the bat when it comes to putting in that all-important offer.

Looking beyond the aesthetics

House viewings can be emotionally charged, and is certainly one of the most challenging aspects of the homebuying journey. It's easy to be swayed by things like decor and staging, but it’s important to gain some perspective and remember to focus on essential factors like space and location.

Make an offer

When you've found your dream home, it's time to make an offer. Communicate your interest and offer price to the estate agent. Negotiating a lower price is more than acceptable; starting lower and negotiating upward is often the most successful means of having your offer accepted - as long as it aligns with your budget.

Apply for a home loan

Following the vendor's acceptance, you can formalise your home loan application. If you anticipate any potential complications or have concerns about your application’s likelihood of being approved, our team of mortgage brokers will be more than happy to assist.

Surveys and conveyancing

After your mortgage application has been approved, solicitors, valuations, and conveyancing come into play. While your mortgage lender sends their chosen surveyor to assess the property's value, you'll need to find a solicitor to carry out the legal work. 

As they’ll act as your intermediary between you, the lender, and the vendor, make sure they possess adequate experience to facilitate a seamless transaction. Building insurance is typically required before the final mortgage completion stage, so ensure that this is all in place before your home loan completes.

The final steps

At this juncture, all parties involved in the homebuying journey should be content with the contract, price, and survey results. The only thing left to do at this point should be to sign on the dotted line. Consider necessary insurances, such as home and contents or life insurance to safeguard against unforeseen events.

Ready to move

With all the formalities settled, it's time to pack and move into your very own home. Congratulations on reaching this milestone!

Should you have additional queries about the homebuying process, don't hesitate to reach out. Our team of brokers are on-hand to provide support and guidance throughout your journey.

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