If you have reached the point in your life when you are ready to become a property owner, this is an exciting time. It can seem like an ordeal to navigate your way through the maze of legal red tape, especially here in Australia and with that in mind, here are a few important aspects to take into account when buying your first home.
- Check your Credit Score – Before applying for a home loan, you should check your current credit score (See Google) which can be done online and is totally free. Paying off any small loans will likely lead to a higher score and that will improve your chances of approval.
- Seeking Loan Pre-Approval – This should be the first thing you do, as no seller will take you seriously if you do not have mortgage pre-approval. How do you obtain home loan pre-approval? Search with Google for a mortgage broker, fill in the form and within minutes, you will have an answer, based on the information provided. While this is not set in stone, it is enough for the seller to take you seriously and it is very easy to get such an approval with the online lender.
- Government Assistance – If you are a first-time buyer, you will not have to pay the stamp duty, as long as the property value is within a limit and only used for housing. Your conveyancing lawyer can assist you with this, along with many other aspects of the acquisition.
- Legal Services – You will need a law firm such as CK Lawyers, conveyance solicitors who are both efficient and affordable and they will handle every aspect of the process, which is very reassuring.
- Calculate All Costs – When you buy real estate, there are many expenses; legal fees, taxes and stamp duty, new furniture fixtures, fittings and removal costs, to name but a few. The last thing you need is to get into debt over the property acquisition, so do crunch the numbers and make sure you are covered.
- Real Estate Agents – They all have an online presence and by registering with the top agencies, your input should lead to property viewing. When choosing a real estate agent to help you find the ideal home, you could use a free online agent-finder, where you can view the agent’s performance and rates of commission.
If you and your partner are sure you can afford the purchase, start with obtaining a home loan pre-approval, then you can set a budget and start searching for the right property.