... Said no one ever.
First home buyer, fear not...
Our mortgage brokers are here to do the heavy lifting and laborious task of setting up your home loan so you have more time searching for the dream home.
Steps to buying a property
So you've researched properties until your brain explodes. Then you need to work your budget. On top of your 5%, 10%, or 20% deposit, you’ll need to take into account the other costs associated with buying a house - Loan set up costs, conveyancing/legal fees, LMI, & stamp duty. Our finance engineers can work out these costs for you if you want to Drop Us A Line. Or check out our Finance Workshop
You'll want to obtain a pre-approval so you know exactly what the bank is willing to lend you before you put an offer on a property. A pre-approval done in advance can also take the stress out when you're in a hurry to jump on a property. We do this for you at no cost, Click Here to start our online application process. Once our Finance Engineers have your details we can assess your position, work out your borrowing capacity and advise on best rates and loan options.
Building & pest inspection are a must. They cover the condition of the building and identify any potential problems including structural issues, cracks, rising damp, plumbing, termite infestations, etc. While your sorting out finances it’s a good idea to engage a solicitor or conveyancer. They will take care of the legalities and amongst many other things they will handle the bulk of the settlement process.
4. Make an offer
With the pre-approval in place and the inspections checked out you are now in a position to put an offer in on your dream home. Work with the agent to negotiate price and make a conditional offer on the property subject to finance. Make sure you have a good agent and solicitor to review everything. Contracts are signed and exchanged, and this is where a holding deposit is paid - usually 10% of the purchase price.
5. Finalise Loan
Once the valuation has been complete and you have paid your deposit it is time to finalise your loan documentation. Your Finance Engineer will let you know if any additional information is required. Once complete, you will receive unconditional loan approval. The bank will send you a ‘Letter of Offer’ which is your loan contract. We recommend you review this documentation with your solicitor/conveyancer.
Once loan contracts are signed and returned, you'll obtain formal approval and proceed to settlement. The date of settlement is the date you take legal ownership of the property. The balance of the purchase prices must be paid this day. Settlement is usually 6 weeks (30 days in QLD) and can be negotiated as part of the contract of sale documentation. This is where you solicitor does a lot behind the scenes. Once settlement occurs, you commence house party preparations.
We expected you'd have more questions. Check out our frequently asked questions page and you should find what you're looking for and if not, send us an email and we'll get back to you within the hour. That's right one hour. You'll soon find out efficiency is our forte.
Ready to submit an application through us? You're at the right place. Our method means less time out of your day on paperwork and less of us drilling you with questions. Overall, it allows for more efficiency, and us engineers can't get enough efficiency.