Your first home is one of the biggest financial decisions you will make. Understandably, it can be very exciting but confusing at the same time.
You may have questions including
- What is involved in buying a home?
- How much deposit is required?
- How does the First Home Owner Grant Work?
- Do I need Mortgage Insurance?
- Where do I even start?
There’s a lot to take in! We have therefore prepared the following First Home Buyer’s Guide to help you understand the normal home buying process.
Step 1, Pre-Approval
Know exactly how much you can borrow so you’re not looking outside your budget. Make sure you get your pre-approval in writing, not over the phone. Remember, your pre-approval is normally valid between 6-12months, if you haven’t bought a home within the period outlined in your pre-approval letter, then you will need to start a new application. Read the one mistake many home buyers make after getting a pre-approval so you can avoid it yourself.
Step 2, Find Your Dream Property
- Do your research
- Get a shortlist
- Talk to real estate agents & get professional advice
Step 3, Arrange A Solicitor Or Conveyancer
It is important to ensure your lawyer checks all the contracts and information about the property. If you don’t already have one, Mortgage Corp can recommend a reliable solicitor or conveyancer.
Step 4, Finalising Your Purchase
- Ensure your solicitor receives a copy of the contract
- Request a settlement date that is convenient for you and the vendor, making sure you’ve got enough time to sort out your finance
- Pay your deposit- usually 10% or as arranged
- Send a copy of the Contract and deposit receipt to Mortgage Corp to finalise your finance
- Arrange building insurance and protect your asset
Step 5, Settlement
- Receive and sign off on the Loan Agreement – your Mortgage Corp loan specialist can assist in completing it correctly the first time
- Conduct a final house inspection
- Arrange the balance of funds for settlement
Mortgage Corp will usually arrange a bank account with your new lender for settlement or your solicitor will request a bank cheque. Settlement will be usually booked within seven days of the contract date to ensure all is in order.
We understand buying your first home involves more than just these steps, when you’re ready to take the next step or if you want to actually build a property portfolio, book a FREE Finance Consultation Session with our director and senior lending specialist Neil Carstairs.
During this efficient, 30-minute phone session, he will personally analyse your current situation and give you his specific recommendation helping you grow your property portfolio faster so you can reach your financial goals sooner.
About Mortgage Corp
Based in Mt Waverley, Melbourne, Mortgage Corp specialises in helping successful professionals and property investors access discounted premium rates, minimise loan approval red tape and apply strategic loan structuring for long-term investment success.
Unlike many mortgage brokers that may be able to help you with general loans but simply don’t have the skills, experience or resources to genuinely help property investors maximise long-term wealth, Mortgage Corp loan specialists help investors develop a strategic approach to property investing for long-term investment success. Book a FREE Consultation today to discuss your financial goals!