Buying your first home can be a daunting process. Simplified Finance Broking will give you the extra support you need, giving you information as you need it, not overwhelming you. The following steps will ensure that the process is structured correctly, so you are well informed and don’t rush things.
Understanding the real costs of buying a home
There are many costs that need to be considered when purchasing your first home, or any home for that matter. Firstly, there’s the actual costs of purchasing your home. Being a first homebuyer there will be certain concessions and grants that I will fully explain and help you apply for. Secondly, and most importantly, you need to consider ongoing costs of owning a property to make sure these are affordable.
As part of my process I estimate all associated purchase costs to make sure you have the funds to complete the transaction, so you don’t have to find additional funds at settlement.
Finding the right loan
This part of the process is extremely important. I follow a simple process to help you understand the different products, with the obvious advantage of comparing rates and products across all my lenders. This allows you to be confident that you are receiving the right loan for your situation and don’t have to chase the banks. You will also understand your borrowing potential and not just how much you can borrow, but more importantly how much you will be comfortable in paying off.
Searching for your first home
Once we have discovered the right loan and the amount you are comfortable in paying off, I’ll provide you with a complete purchase price to help you narrow your search in line with this.
Whilst you are in this stage I will be processing your application and getting the finance pre-approved. It is generally better to be pre-approved prior to putting an offer on a property, which can give you some more bargaining power.
Making an Offer
Making an offer can be a hard thing for some people to do and I urge you to do your research. Simplified Finance Broking can provide you with a detailed report compiled by RP Data. This report will show property details, sales history, suburb statistics, matching properties currently for sale, matching property past sales and current days on market. We will happily provide this report free of charge to our clients.
Once you have found the property you want to place an offer on, I will be there to assist you with placing the correct finance and settlement clauses.
Completing the transaction
After the offer has been accepted, I go to work, proceeding with formal finance approval. Once achieved, the lender will issue the loan contracts and documentation. To make it as simple as possible, I will come out and go through the loan contracts to answer any questions you may have prior to signing them.
Finally celebrating and moving in
Once settlement has taken place you will have the exciting task of moving in. From here I will ensure that any additional rebates have been submitted and keep you updated on a regular basis with lender updates and annual loan reviews to make sure your loan product and lender is still current.