The first step towards home ownership involves a little introspection. You need to take a long, hard look at yourself and determine what you are planning in the years ahead and how much you can afford to repay.
Begin with your total monthly income. Use the after-tax income of both you and your spouse (if applicable),...
Now that you know your budget, it's time to determine how much 'home' it's likely to buy you - and the suburbs you can afford to live in. The real estate section in newspapers, local papers and real estate agents themselves are all useful sources of pricing information, but when it comes to getting comprehensive...
Determining the type of loan that suits your needs is the best way to begin.
It's important to consider which loan features are appropriate to your lifestyle. If you'd like the security of knowing exactly how much your regular repayments are going to be for a given period, then a fixed loan may be for you. If you want...
The next important step in obtaining a competitive deal from your lender is to know what's out there. Television and radio advertisements, newspapers and magazines such as Your Mortgage are great places to find out what deals are currently on offer. Be proactive and contact lenders directly if the advertisement details...
Having found a suitable deal, it's time to find out if your lender of choice wants you as badly as you want them! Find out exactly what hoops you are required to jump through in order to get home loan approval and ensure that you have the required documentation.
Procedures vary from lender to lender but it is likely...
With your finances under control, it's time to find a suitable partner to perform the eventual transfer of property from one person to another, through the process of conveyancing.
Once you've found the property you want to purchase, the agent looking after the sale (or vendor themselves) will provide you with a...
Having put all of the pieces together, it's finally time to buy. While the preparation up to this point may seem like over-kill, once you find the property you want, the last thing you need is to be rushing around tracking down a lender, waiting for a loan approval, negotiating with solicitors and determining whether the...
Once your bid on the property has been accepted and you're given the green light on the contract, it's time to break out the chequebook and pay the pre-requisite ten per cent deposit. This is typically given to the real estate agent, who holds it on behalf of the vendor until the sale is finalised. Note that this ten per...
Take a deep breath and relax, you've earned it. The pace slows a little now as you wait for your legal team to do some tyre kicking. For the next six weeks, sometimes less and sometimes more, enquiries will be made about the property. Survey and drainage will be examined, government departments will be written to,...
Settlement day is the day that you (or your representative) meet with the vendor to swap your cheque with their title of ownership. Cherish this moment, because with most people this certificate will quickly go to your lender, unless you are lucky enough to purchase the property outright.
Government departments need...
