First and foremost you need to know how much you can borrow. We recommend getting a pre-approval in which you can find out exactly how much you can borrow, and be preapproved by your preferred lender even before you begin your search.
When your offer has been accepted by the vendor it is recommended you seek independent legal advice prior to signing any contracts of sale. We recommend not exchanging until after your loan has been unconditionally approved. Unfortunately this is not always an option in which case your legal representative can advise you on your options.
Your legal representative will advise you on what relevant inspections and searches are required at this point such as pest and building inspections or strata reports. The lender will also arrange a valuation of the property at this point.
We will inform you once your loan has been unconditionally approved at which point you can be confident to you have secured the loan and thus can exchange on the property if you have not already done so.
As well as explaining the purchase contract, your legal representative will may go over your loan contracts with you and satisfy any settlement conditions the lender may have. Your legal representative should advise you of your estimated contribution amounts.
You will receive the keys to your new home today and your loan is now established.
LOAN APPLICATION PROCESS
EXPLAINING THE LOAN PROCESS
With so many things to consider when buying your first house, and a seemingly endless list of expenses, we can point you in the right direction, with tips on the First Home Owner's Grant, how much you can borrow, and the home buying process.
Post settlement we will contact you to ensure your accounts have been established correctly and you are familiar with how to operate them. We will be in regular contact with you for the life of the loan to ensure that you are happy and the loan is still best suited to your needs.