Last updated 6 months ago
When it’s time to buy a home, whether you’re a first time buyer or not, there are several different processes to complete and procedures to take care of. Spend some time organising essential administration, such as your home loan, and make the process as easy as possible.
Property research
Before buying a new home, thoroughly research the area and be sure this is where you want to purchase. If you’re undecided about where you want to live, you could rent a property in your preferred area for a short time to help make up your mind.
Look at metrics such as the capital growth history and potential rental income of the property, all factors which can be fed into the decisions making process. Local real estate agents and property experts are a great source of information so enlist the help of professionals wherever possible.
Your wants and needs
Carefully consider your list of wants and needs for a property. Factors such as transport, schools, parks, beaches and proximity to city centre are all good starting points. Building a list of needs, as well as wants, will help you find the most suitable property.
Property inspections
Before committing to buy, have the usual building and pest inspections carried out. This may cost a little money but is well worth the investment in the long term.
Visit the property a few times before buying and visit at different times of the day to gauge traffic and noise levels. Look out for any interior and exterior wear or damage and check you are happy with the condition of the building before committing to purchase.
For more information about mortgages and home finance, contact Finance Funding Australia on 03 9988 9183.
Last updated 6 months ago
Buying a house is likely to be one of the biggest decisions you will ever make in your life. This can be a stressful, pressured time so avoid mortgage mistakes by making yourself aware of some of the most common pitfalls.
From borrowing too much in the first place to not choosing the best home loan product for your needs, it can be easy to make a mortgage mistake if you don’t know what to look out for. Take your time to do some research, be aware of the common pitfalls and prepare as much as possible for buying your new home.
Borrowing too much money
Borrowing more money than you can afford to pay back is a common pitfall in the home buying process. Over committing can lead to financial problems and stress, so it makes sense to sit down and work out a realistic budget before you go house hunting.
Take into consideration your take-home salary, account for all outgoings and don’t forget to include any current debt you have, including credit card bills.
Not having credit pre-approved
When it comes time to apply for a mortgage, crossing your fingers and hoping your application is approved is not the best option. Do as much as you can beforehand to ensure you will quality for a loan.
Find out what your credit score and rating is and use this information to ensure you are fully prepared when applying for a loan.
Not choosing the right mortgage product
When it comes to choosing a mortgage, it’s easy to feel overwhelmed by all the options available. Spend some time comparing offerings and ensure you choose the product that is best for your situation.
If you would like to find out more about home finance, or finance for car or personal loans, contact Finance Funding Australia on 03 9988 9183.
Last updated 6 months ago
This handy video guide from The Age, provides users with a clear and comprehensive overview of what can be expected when buying a home at auction.
The first piece of advice given is that some vendors may be willing to complete the sale before auction. If the vendor is interested and the property is set a fixed price, make an offer under the asking price to get started.
If you plan to buy at auction, make sure you have a thorough understanding of the marketplace so you are well positioned to negotiate.
Go to a few property auctions to become familiar with the processes and take note of other buyers bidding strategies. You will need to bring ID and a deposit to the property auction so remember to check what methods of payment the vendor accepts.
Legal obligations differ depending on whether you’re buying via private treaty or at auction. At auction, the highest bidder is legally bound to buy the property. In a private treaty sale, the legal obligation is validated when the contract is exchanged.
To secure a mortgage that enables you to buy your dream home, contact Finance Funding Australia on 03 9988 9183.
Last updated 6 months ago
If the time is right for you to find your dream home then follow some easy-peasy tips to help you along the way. From deciding on a list of essentials to agreeing a budget for your home loan, some forward planning will help to ensure you find the properly you’ve always yearned for.
Begin early
The housing market in Australia can be competitive so the earlier you start, the more likely you are of finding your dream home. You might not secure the first house you like so avoid panic by commencing the search as far in advance as possible.
List of essentials
Make a list of features that are absolutely necessary for you. Distinguishing between the ‘must have’ features and the ‘nice to have’ features makes it easier for you to make a decision when viewing properties and making up your mind.
Wide range of resources
When hunting for a property, make sure you use the best list of resources possible. Subscribe to property newsletters, browse property finder websites and use all the resources available to you in order to broaden the search. Remember you will have to invest time into the search so set aside time each week to look for your ideal property.
Set a budget
Setting a budget and sticking with it allows you to find the most relevant properties. Work out how much you can afford to pay each month for a mortgage and set the complete budget accordingly.
For more information about mortgages and home finance, contact Finance Funding Australia on 03 9988 9183.
