Arrange a pre approval through your mortgage broker before you find a property to purchase. You will be able to find out exactly how much you can borrow, allowing you to set a suitable limit. Your broker can also advise you how much your new home loan will cost you on a weekly / monthly basis (helping you to budget). By organising your finances you will be well positioned to commit to a purchase, either by bidding at an auction or negotiating a private sale.
Have your solicitor review the contract prior to signing. This is particularly important when special conditions apply. Most solicitors will do this as part of their professional service.
When you have found the ‘right property’ and are ready to enter into a contract to purchase, insert into the contract appropriate ‘subject to’ clauses. Ensure time frames for these clauses are realistic, ie. a minimum 14 days for finance approval (even if you have pre approval), building and pest inspections, and at least a further 14 – 21 days after this till settlement. Remember Public Holidays will impact on the available time.
If you are purchasing using existing property equity, your broker should have advised you that the mortgage provider may not require a valuation to be done (on the purchase property). You may wish to instruct a valuer of your choice to ensure you have negotiated a fair market price (at your cost).
Insurance cover is the responsibility of the purchaser from the time the contract comes into force. This is very important. The mortgagee’s interest may need to be noted on the insurance cover note, confirm these details with your mortgage broker.
Make certain all ‘subject to’ clauses are met to your satisfaction. Your mortgage broker will advise you and your solicitor of the finance approval. Once your solicitor advises the sellers solicitor that all clauses have been met satisfactorily, then the contract is unconditional (almost time to open the Champagne).
Keep in contact with your solicitor, make certain all is in order at least 5 working days before settlement is due. Do not assume that all is ok if you haven’t heard anything – it can be a very costly error if the settlement has to be postponed.
When all is said and done….. it often isn’t. Make sure your bank account details are up to date. Ensure that any new arrangements are in place and working in readiness for the first repayment to take place.
Now is the time for the Champagne……..Enjoy your new home!!
M 0402 411 065
Australian Credit License 390261
I started my own mortgage broking company in 2014 and in 2015. I joined Australian Property Finance to assist a number of the RE/MAX Offices in the Network.
My clients note my passion for finance and real estate, and comment on my professional service and friendly nature. I pride myself on integrity and trust, and have a deep respect for our industry and the people in it.
I am outgoing and always a people-person person, and as such, I have a genuine interest in meeting new people and helping them achieve their goals through property and finance.
Building relationships and customer service skills are critical as a finance broker, including building strong relationships with lenders. This keeps me up-to-date with changing policies, interest rate moves and loan opportunities, as well as a good network of personal contacts.
I am Brisbane born-and-bred and have actively followed its property market since 2008.
Having purchased property myself, I understand the process from start to finish. This experience is important to have, especially when speaking with people from all walks of life, some of whom have never purchased real estate in the past.
I have a Commerce Degree, with a Banking and Finance major, plus specialization in Finance & Mortgage Broking.
I am experienced and skilled, and will be proactive in managing all your finance needs, today and into the future.
Whether you have spent years saving and preparing to buy a home, or you still aren’t sure if it is something you can even dream of, the questions surrounding a first-time home purchase can feel endless.
You can find the answers – and peace of mind – by working with RE/MAX, the industry leader in experience and service.
Here are some tips to help you with the process of becoming your own landlord.
First Home Owner Grant
To offset the impact of the introduction of the goods and services tax (GST), the Commonwealth has requested that the States and Territories assist first home buyers through the establishment of the First Home Owner Grant (FHOG). For more information please visit www.firsthome.gov.au
Prequalify for a loan
Being prequalified for a loan determines how much house you can afford. It also allows you to move more swiftly when you find the right house, especially when you aren’t the only interested buyer.
Shop for mortgage rates and terms
A difference of even half a percentage point can make a huge difference in how much you pay over the life of a loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8 percent vs. 7.5 percent is about $35 per month. Over 30 years, that’s $12,600.
Using a buyer agent
A buyer agent is legally responsible for representing the buyer’s interest in a real estate transaction. Generally, the buyer agent is compensated by the seller at the time you purchase a new home. There are some limitations to using a buyer agent, however. Before you decide, have a Realtor explain the advantages and disadvantages of using a buyer agent.
Features that help or hurt resale value
In some areas, a swimming pool actually detracts from a home’s value and makes the home harder to sell. In neighborhoods with two-car, attached garages, a single-car or detached garage may impact the home sale and future value. Your Realtor can point out features that hurt, as well as those that help, resale value.
Rate the houses you tour
After touring each home, write down what you liked and didn’t like. Develop a rating system which will help you narrow the field down to the house that’s the best for you.