1. The reason for buying a property
Is this going to be the home you live in, or an investment property? Or even, over time, both? The kind of loan you apply for is impacted by this.
The next step is working out how much you can contribute for the deposit and to cover costs, and how much you can borrow. From here, we can show you what your property price bracket is. The other important part is working out what you can afford in repayments.
Knowledge is important. Research your target areas and properties. Look at recent sales, auction results, price trends, vacancy rates, days on market, etc. This information is easy to find on the internet and in property magazines.
At this time we can organise applying for pre-approval.
It is important that the loan you seek suits you now, AND has the flexibility to last for several years even if life changes. While we may not know what the future holds, experience shows some things to consider are: a change at work, a return to study, and changes in home life. Also, on a positive note, is this property potentially your first step in creating a portfolio to provide a strong financial future?
With so many things to consider, professional help is highly recommended. There are many experts in the industry and it is in your best interest to use them for tasks such as property checks, pest checks and any other legal queries. Going it alone can prove costly. Avoid nasty surprises down the track by getting the right people to do the appropriate checks for you from the beginning.