It’s that time of the year again, when we write out our wish lists and send them off to the big man in the North Pole.
At Call2View we believe that no dream or wish is ever unattainable, no matter how big - so why not wish up something amazing this festive season?
Here’s our top tips on getting approved for buying the property of your dreams – they may just help in turning your wishes into reality.
Tip 1 – Research, Research and Research
Yes, you will need to hit up the internet to research the market! Just like anything in life, it is always best to look into things before committing – and when it comes to purchasing a property which you will most likely be paying off for the rest of your life, research is imperative.
Look into what’s on offer around the area you’d like to buy into and what prices they are going for.
Tip 2 – How much can you afford?
There will be many questions along the way, however this is one of the initial ones which will really determine where and what type of property is realistic to your budget.
All banks now have easily accessible home loan calculators which will assist you to understand your borrowing capacity, upfront costs and potential repayments.
Tip 3 – Choosing the right home loan and applying
These days, there are various home loans to fit every budget; book an appointment with your bank to explore your options.
Remember, being prepared for the appointment is always a good idea and can make the process a lot easier.
Below is a list of things to get together for the appointment:
- Proof of ID
- Documents of income (Payslips etc)
- Details of loans/savings with other banks
- Relevant personal information, such as contact details and details of other properties you own
A customer service operator at your bank will provide you with a full list of what’s required depending on your situation.
Step 4 – Buying the home
Once your loan has been approved, there are a few things that still need doing:
- Negotiate the price: the seller will set an asking price, however you have the right to ask for a better one, or agree on a conditional offer
- Arrange conveyancing: this is the legal process of transferring a property from the seller to the buyer
- Organise for a pest inspection to take place
- Exchange contracts and pay the deposit
- Keep the cooling off period top of mind: this is after the contract has been exchanged, a legal period of time is provided in order for you to get out of the contract if need be
- Get insurance on you home: just like we put insurance on all our valued investments, our home needs protection, as too does your content
- Finalise the settlement: this is usually six weeks post exchanging of contracts
Step 5 – Keeping up with your loan
So you have the keys to the property of your dreams, you’ve moved in and hosted your house warming party.
Now to business – paying off your home loan.
Your bank will provide you with information around your chosen loan, including how to manage your loan online, topping up your loan, redrawing, pausing your repayments and switching loan options.
Get yourself familiar with these things, as your loan is your responsibility.
6) You are now a home owner!
Enjoy, celebrate with the people you love, renovate…do whatever you want – you’re the boss now!
Give us a call today on (08) 8932 8858 to talk about buying the property of your dreams, as we love helping making dreams come true.
Our friendly staff are always on hand to help. Get in touch.