Once you have your deposit and know how much you can afford to spend, you can begin house hunting. We’ll work with you every step of the way to find and secure your dream home.

With our help, the process of finding and securing your dream home will be exciting, not stressful. We’ll take care of the logistics every step of the way, and always act with your best interests in mind.

Step-by-step guide to owning your home

1. Get loan pre-approval

Having a deposit saved enables you to take the first step in seeking finance for your home. When you know exactly how much you can borrow, you can begin your search. We do the pre-approval stage for you so you don’t have to worry about contacting lenders or filling out forms.

2. Choosing a home to buy

Most people have an idea of where they want to live. You can start your search by visiting real estate agents, or by going online.

3. Make an offer

Make an offer via a private sale, or bid at an auction.

4. Offer accepted

If your offer or bid is successful, the real estate agent will provide a copy of the contract for sale which you should give to your legal representative to check. Once signed by both parties, the contract becomes legally binding.

5. Final loan approval

Once your final loan has been approved, you will be required to sign the final loan documents for the balance of the purchase price. We’ll do all the work to get your loan formally approved by your chosen lender.

6. Insurance

Your lender will require you to obtain building insurance.

7. Final inspection

Arrange for a final property inspection before settlement date. Thoroughly check everything included in the contract of sale is in working order and in the agreed condition.

8. Settle the loan

Settlement happens when your deposit is transferred to the seller and when the agreed loan amount is paid on your behalf from the lender.

9. Get the keys

Once settlement has taken place, your conveyancer or agent will notify you and you can then get the keys.

Need more help?

If you’d like us to go through all the steps it takes to own your own home in more detail, please give us a call. Remember, we’ve done this many times before so we know all the ins and outs.

How to Buy a Property

The home buying process is not just about securing finance. It’s also about finding a property that you’d like to live in. Understanding how property is sold will help you in your search.

Understanding Private Sales

Private sales are usually handled by real estate agents. The vendor is the person, or persons, selling their home.

A vendor will set a price for a property before negotiating with potential buyers via the real estate agent.

Buying a property privately allows you to make an offer subject to certain conditions. This gives you time to obtain finance, review the contract of sale, and complete building and pest inspections.

Once an offer has been accepted, there may be a cooling off period. This allows you to change your mind about the property purchase, however there may be costs involved.

Understanding Auctions

Auctions are open to the public and are held on a specific date. Vendors will set what is known as a reserve price. This is the minimum amount they will sell a property for. Once a property exceeds its reserve price, the highest bidder effectively commits to buying the property.

A property sold at auction is not subject to any conditions and there is no cooling off period. This means you will need to complete any inspections prior to auction day and have a deposit cheque ready.

If you change your mind

If you have signed a contract to buy a house it may be a costly exercise to withdraw even if you have not reached settlement. If the cooling off period has passed, the contract is binding. If you wish to get out of the contract you may be liable to pay compensation to the vendor. The amount will depend on the loss suffered by the vendor and is usually based on the amount it would take to re-sell the house including any loss on the subsequent sale. Read your contract carefully to be aware of the consequences of defaulting on the contract. If you do not wish to proceed with a contract, seek independent legal advice as soon as possible.

Key questions to ask a real estate agent

Navigating the home loan market can be daunting and confusing. There are many different options available. To find a loan that suits your needs and financial situation, it’s important to understand the differences between the loan products available. Here’s an overview of different home loans and their features and benefits. Don’t worry, we’re experts in home loans and are here to help you make sense of which lender and product is right for your long-term financial needs.

If the property is a house:

  • Is it insulated?
  • Are there any planned construction works in neighboring lots?
  • What are council rates like?
  • Does the property have any special restrictions?
  • Are there potential zoning changes in the future?

If the property is a unit or apartment:

  • Are pets allowed in common areas?
  • What are the strata fees?
  • Are barbecues or other outdoor events allowed at the property?
  • Is there car parking at the building?

If you’re serious about making an offer on the home, it’s highly advisable you conduct a professional property inspection. We can help you with this.

Choosing the right loan for you

Navigating the home loan market can be daunting and confusing. There are many different options available. To find a loan that suits your needs and financial situation, it’s important to understand the differences between the loan products available. Here’s an overview of different home loans and their features and benefits. Don’t worry, we’re experts in home loans and are here to help you make sense of which lender and product is right for your long-term financial needs.

Variable Rate

A variable rate mortgage means your repayments go up and down as interest rates change. A variable rate loan typically gives you greater flexibility to pay off your home loan sooner.

Variable Rate

A variable rate mortgage means your repayments go up and down as interest rates change. A variable rate loan typically gives you greater flexibility to pay off your home loan sooner.

Fixed rate

A fixed rate mortgage gives you the certainty of knowing what your repayments will be, with an interest rate that stays the same for a set period.
Other types of home loans

Interest only

An interest-only loan is a loan where you pay only the interest for some or all of the term, with the principal balance remaining unchanged during the interest-only period. Interest-only loans reduce your required monthly payment by excluding the principal portion. Home buyers have the advantage of increased cash flow and greater support for managing monthly expenses. You still must pay the entire loan principal at some point.

Principal + Interest Loan

Repayments on principal and interest loans can seem high in the short term because you’re simultaneously paying interest and paying off the original loan balance. However, as the principal balance reduces, you end up paying less interest over time, which saves you money in the long run.

Home Loan Features

Here are some key features of home loans that you may be interested in. They have been designed so that customers can have greater flexibility with their finances. We can explain these in full detail, just ask.

Offset account

An offset account is a transaction account linked to your home loan account. Money in your offset account helps reduce the interest you pay. For example: if you have a home loan of $100,000 and have $10,000 in your offset account, you only pay interest on $90,000 of your loan.

Redraw facility

A redraw facility means you can put all your ‘rainy day’ money in your mortgage, knowing you can get it out again if you have to. A redraw facility allows you to make extra payments and then withdraw them if you need them. You can only redraw the additional payments you make, and sometimes this type of loan may attract higher costs for this extra benefit. We can talk you through whether or not a redraw facility is something you’d look for in your home loan