5 Tips for First Home Buyers

When buying your first home there is so much to learn. Being prepared and learning about the process at the start can make the process so much easier when you have saved your deposit and you are finally ready to start home shopping!

Tip 1 – Speak to us when you start saving.

Many first-home buyers start saving a deposit and come speak to us when they have almost enough to make their purchase… come and see us sooner! There is so much to learn about the home-buying process; it’s hard to take it all in during one meeting. Come see us at the start of your savings journey, and by the time you are ready to start home shopping you will be able to make educated, informed decisions.

Tip 2 – The banks want to see genuine savings.

Genuine savings is money that you have saved in a bank account over time that continues to go up or money that has been deposited into your account that has not been touched for 90 days. Save your deposit in a separate account that you do not withdraw money from; this will help demonstrate to the bank that you have genuine savings.

Tip 3 – Get your pre-approval in place before you start home shopping.

Your pre-approval is not a guarantee that the bank will approve your loan, but it is a step in the right direction. From your pre-approval, you will know your maximum purchase price and it will speed up the time to formal approval when you do have an offer accepted.

Tip 4 – Get the contract of sale reviewed by a conveyancer or property lawyer BEFORE you sign.

Once you make an offer and sign the contract, you cannot make any changes. It’s important to get the contract reviewed by a professional before putting any pen to paper, so you know your rights, understand the terms and conditions, and know you are protected.

Tip 5 – Surround yourself with qualified professionals.

Finally – Family and friends are wonderful and may have done this before, but they are not accredited professionals. It is important to get advice from a range of professionals as you move through the home buying process, including your mortgage broker (of course), but also a conveyancer, building inspector, pest inspector, and accountant if required.

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