Buy your Dream Home in 5 Easy Steps
Here is how you can Buy Your Dream Home in 5 Easy Steps
Our promise to you is this; if you follow the steps, you will buy your first home whether it be tomorrow, in three months, or sometime in the future. We promise to point you in the right direction and always be with you.
Step 1: Speak to an expert like us to plan your journey
Planning is always one of the key elements to any success. The same applies to you as a First Home Buyer, therefore it is particularly important that you plan before you start your home buying journey. I am sure you have heard “the 7 Ps” – Proper Planning Prevents Piss Poor Performance”.
This is where a Mortgage Specialist like us comes into play, who has been practising in this field for more than 12 years and have helped thousands of others in the past to achieve the same result of owning their home that you are seeking today.
Step 2: Understand property buying process and cost involved
Buying property involves legal work, you can do this legal work yourself, but is not recommended. It’s a far better idea to employ service of a solicitor or conveyancer.
When buying a property, there are significant costs associated such as stamp duty, LMI, legal cost, bank fees, building and pest inspection, building insurance, removal cost etc. All these costs will determine how much money you need to save as a deposit to buy your home.
Step 3: Create a budget and set your savings goal for home deposit.
No matter what type of home you want to buy, you will need to save a deposit.
We often get asked – how much deposit do I need? We are sure you have the same question.
Although the question sounds easy, and the answer is really complicated and it depends on so many things, but most importantly on your circumstances and price of home that you like to buy.
In some cases, deposit as little as 2% could be fine to buy your dream home, in another case 5% deposit could be enough or you may even need as high at 13% deposit. So, unfortunately there is no one answer that will cover everyone circumstances.
The size of your deposit is a really important factor in your first home buyer journey. A larger purchase deposit may mean a lower interest rate, as you become less risky to the lender. It may also mean you avoid Lenders Mortgage Insurance (LMI).
Step 4: Get a pre-approval & choose the right loan
Purchasing a property is a bit of a balancing act, and before you start looking at properties and areas to buy in, it is a MUST that you need to know your home loan borrowing capacity ( that is what is the loan amount that a lender is willing to give you to buy your home). And a pre-approval will do just that.
A pre-approval is a tick from the lender that you’re eligible to apply for a home loan up to a certain limit. The lender will look at your income and your expenses and decide whether you can afford the loan amount and its repayments. The lender will also consider your savings deposit versus the amount you’re requesting the bank to lend to you.
Having a pre-approved loan in place will give you confidence about how much you can borrow, the lending limitations, and how much you can spend on a purchase.
Step 5: Become an expert in the area you’d like to buy.
When you purchase your first home to occupy, it’s likely you’ll be living there for a few years. With this in mind, it’s important you do your research to ensure it meets your immediate and future needs in terms of location, the type of home, and also the repayment amount. The key to achieve this is through thorough research prior to attending any home inspections.
When considering various locations, think of its proximity in terms of your workplace, schools, transport, local shopping centres and amenities. Do you want a house or an apartment? Or perhaps a townhouse? How will this impact your future goals.
One tip we always tell our clients is to attend local property auctions or open home inspections in the area you have in mind. This will give you a very clear idea around what the reasonable market price is for the properties you like and will also teach you how to manage an auction without bidding too high.

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