Visit your bank to find your borrowing capacity
Knowing your financial capacity is very important. Generally, banks will lend you up to 80% of value of the purchase without the need to pay for mortgage insurance. Although , adding mortgage insurance to your home loan due to smaller deposit available may get you into property market earlier. Please talk to your bank, mortgage broker and/or financial adviser for the best possible option.
Get finances pre-approved
Having your finance pre-approved will help you to make an offer to property that you like straight away and reduce the risk of missing it out, as you will know exactly what your best offer can be.
Know what you want and need
Knowing your priorities will help to be more realistic when looking for your home . Often searching for the house is highly emotional and time consuming process, so always remind yourselves what makes that particular home right for you.
Research the area
Ask real estate agent for the suburb profile and information about the houses recently sold in the area. Make yourselves familiar with the street and talk to the neighbors. Consider the proximity to schools, shopping, transport, sport and other facilities.
Getting building inspection/Talk to the Council
Invite professional building inspector to assess the condition of the property and if it complies with existing regulations and safety requirements .
In case of land purchase for future house construction talk to the local Council to know the restrictions and guidelines for the area and particular block.
Finalising your purchase
When the contact is signed you will need to organise the insurance , appoint the conveyancer to arrange necessary documentation and in case of the purchase being subject to finance approval submit copy of signed contract and necessary documentation to your bank.
*Disclaimer: the above tips are of general nature only and should be looked at in view of your personal circumstances. You must seek for independent professional advise before you act on the content.
Eminence Real Estate will not accept any liability or responsibility arising from the possible errors of the above content.
You should assess the suitability of any purchase of the land or business in light of your own needs and circumstances by seeking independent financial and legal advise ( Form R7, warning notice)