Owning your own home is the Australian dream and one of the biggest financial commitments you will make in your life. Ensuring you do your property research and organise your finances with a Mortgage Broker. This will put you in a great position to make an offer and realise your property ownership dream.
Budget – Understanding your budget will give you the confidence in researching the right property for you. Use the Mortgage Choice Calculator as a tool to assist with your budget and more.
Savings - As a homeowner, you will need to comfortably afford the mortgage repayments at the same time as other expenses. Managing your savings will get you that step closer to a deposit for your home.
Deposit - The general rule is to provide a minimum of 5% of the purchase price. Also allow for the potential costs to purchase such as Conveyance / Legal fees & government fees and Lenders Mortgage Insurance (LMI), if borrowing more than 80%.
Government assistance – The Great Start Grant is the First Home Owners Grant initiative from the Queensland government to help you get you’re your first home if decide to purchase or build a brand new home. Am I eligible for the FHOG?
Pre-Approval - Before putting an offer on a home make sure you have received a Pre-Approval with Mortgage Choice Bundall. This will provide you confidence in putting an offer on a home and knowing you can fund the purchase price.
You have found the right home
Loan submission – Once you have received an accepted contact your Mortgage Broker will do all the leg work for you. Submitting your loan application on your behalf, with your chosen lender and managing your application from approval to subsequent settlement.
Settlement – On the day of settlement your Solicitor will attend on your behalf and will swap cheques between the lenders, you’re Solicitor and the vendor’s Solicitor.
The purchase of your new property is complete!
Mortgage Choice Bundall will standby you throughout the life of your loan. Ensuring you are receiving the right home loan product, we keep in regular contact, as life circumstances change, the loan market is constantly fluctuating; we need to make sure your loan is working hard for you.
NB: this blog is a brief detailed summary of the property buying process and recommend seeking professional advice prior to purchasing your first home.
Your local Mortgage Broker at Mortgage Choice Bundall is an obligation free service, with professional financial advice, who will guide you through purchasing your first home and any further future financial goals you aim to reach.
Call 07 5504 5569 to arrange an appointment today!
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