July 17, 2015
Have you saved your deposit? It’s best to have saved 10% of the purchase price plus expected acquisition costs eg. 5% of the purchase price is a rough ‘rule of thumb’ to cover such things as Govt fees (stamp duty, transfer fee, registration of title fee); Lender fees ie 1st annual package fee or application fee, and their settlement processing fee) plus an allowance of approximately $1,250 for conveyancing and the adjustment of Vendor’s paid council & water rates. This way we can find a good loan based on your circumstances, where you want to buy, your income & any liabilities (credit cards, car or personal loans, any HECS balance).
Let us help you look with confidence. As your personal mortgage broker in Port Melbourne, I can quickly assess your borrowing capacity against our panel of more than 25 lenders and find a home loan that is right for you. I will tell you how much you can borrow based on your savings, and can advise on the purchase price and even with advice on properties in the surrounding areas. I’ll let you know what documents you need so we can apply for a home loan on your behalf; put the application and all details together, and lodge it on your behalf with the lender of choice whose policies fit in with your situation.
Then you have your “ducks in the row” – all in place with the finance; you keep up your savings plan in case the property of your dreams goes higher at the auction than the agent “says”; and we supply you with RP Data Research Reports on the properties you find you like along the way.
Always do your own “research” on properties in your chosen area by attending auctions, reading the Sunday papers on properties sold; keeping in close tabs with the local agents – so you know the “right” price of the properties in your band.
Your Pre Approval will last for 3-months while you look around. If you don’t find your new home in this time-frame, we can re-do your Pre Approval with updated payslips, evidence of savings & debts.
Then the magical day – you purchase the property; we secure your formal Unconditional approval and confirm with your Conveyancer/Solicitor – and before you know it, you’re on your way to the Real Estate Agent’s place to pick up your keys!
And…. you’re standing with the magical key in your hand ready to slot into the key space of your own home J