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Home Buyers Finance Guide V2

A Guide to Buying a House – for first home buyers 1. Decide what you’re looking for in a home • Determine a wish list for what you require in a home. This could include factors such as size, location, aspect/view, proximity to schools, shops and transport, garaging etc. 2. Work out finances • Consult with a Mortgage Express mortgage adviser to seek advice on the buying process, determine your borrowing power, and help arrange pre-approval. 3. Choose your real estate agent • A good real estate agent will keep you well informed, provide you with information, and find appropriate properties for you to view. 4. Determine overall costs involved • Consider additional expenses, such as property valuation, solicitor’s fees, insurance, moving expenses, property inspection reports, LIM reports etc. 5. Find the right home • Work with your real estate agent to find the right property for you. • Keep your mortgage adviser in the loop with your progress -they can assist with advice on smart buying, how to purchase at auction etc. 6. Make an offer • Once you have found the right home, you can make an offer. Make sure you allow enough time before finance date to arrange valuations and building inspections if required. Your mortgage adviser will provide guidance on this. Your real estate agent will work with you to complete an Offer to Purchase. • Let your mortgage adviser know about your offer so they can be ready to assist. 7. Finalise the legal requirements • If your offer is accepted, your solicitor will check all the details and prepare the necessary documentation. You will need to sign mortgage documents and arrange for payment of the balance of the purchase price. • Your mortgage adviser will assist with liaising between your lender, real estate agent and solicitor. 8. Finalise insurance • Most lenders require house insurance to be in place before advancing the loan. An insurance adviser will be able to provide advice on your options. 9. Pre-settlement inspection • This is your last opportunity to view the property before you instruct your solicitor to release the funds to the seller’s solicitor. Check for any changes or damage that may need remedy before finalising the sale. • Your real estate agent will accompany you on your visit. 10. Settlement and possession day • Settlement is when you collect the keys from your solicitor or real estate agent and you now have legal ownership of your new home.


Home Buyers Finance Guide V2
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