1. Start The Savings Early
It is important to know most lenders will require a 5% deposit. A larger deposit will help avoid costly Lenders Mortgage Insurance which is charged when the purchaser borrows more than 80% of the properties value. Developing a savings habit early will make obtaining finance down when looking for a property.
2. Have Finance Pre-Approved
There is nothing worse than finding your dream property and then getting knocked back by your financial institution on the amount you can borrow or serviceability of the loan. It is always better for purchasers to have their finance pre-approved before searching. You can then search for properties based on the amount you have been preapproved for, giving you confidence to buy at auction or negotiate on price.
3. Know What You're After
Note down locations that suit your requirements and important must have features of the property.
- Property must have side access.
- Property must have house access from garage.
- Timber floor boards over cupboard
- Weatherboard or brick veneer
These are just some examples but the list can go on. Once you know the features you are after you can then narrow down the list of homes that meet your criteria. Don't waste your time inspecting properties that don't meet your requirements.
4. Use Professionals & Save Time
When buying a property it is always best to leave it with the professionals. Use a mortgage broker as they provide a stress and hassle free approach to your finance. They do the leg work for you. You just have to prepare all the necessary documentation they require for putting through a finance application. Also note mortgage workers will work in your best interest and find you a product that suits your requirements and also provide you a list of different lending rates.
5. Do Your Inspections
When you have narrowed down the list of properties that meet your requirements, attend inspections and is always handy to bring down a list of questions to ask the agent. You are better off leaving that inspection with a clear mind than having to worry and question yourself. It is also a good idea to conduct building and pest control inspections prior to making a decision.
LOOKING FOR PROPERTY?
If you have find a property on this website that suit your requirements, please give us a call to arrange an inspection. Please note Waterfront Real Estate also offer brand new off the plan properties that are sometimes not listed here due to marketing agreements with developers. If there is a particular property you are after please click here to submit a property match report and one of our friendly consultants will get in touch with you to discuss possible properties that meet your requirements.