Owner Occupied
If you’re an owner occupier, chances are that you have gone through the buying process before and have an idea of what is required. But to make sure you have all your bases covered here are some steps to follow.
Make a plan to buy
Think about what you will do with your current property? Will it be an investment property or will you sell to make way for the new property? Your answer to this question will determine your borrowing capacity.
Understand the cost involved
If you haven’t yet found the right home, your broker could help to organise pre-approval so you can shop for your new home with confidence, knowing exactly what you can afford.Whilst you’ve done this before, make sure that you factor in all or some of these; Lenders Mortgage Insurance, Lending Fees, Moving Cost, Stamp Duty, Legal and Conveyancing Fees, Utilities and Connections, Building and Pest Inspection, and Home and Contents Insurance.
Secure your loan
At this stage you would have either short listed properties to buy or after a pre-approval. It’s a good idea to start thinking about what you want in a loan before speaking to a mortgage broker. If you are not sure have a think about your long term goals i.e. paying off the loan early, renovating down the track, consolidating existing debt etc. Legals and conveyancing – If you haven’t arranged this it’s time to get this in place now prior to signing a purchase contract.
Prior to settlement
Great news you would have either been pre-approved or in the process of getting a formal approval. The purchase contract has been signed, deposits paid and now we’re counting down to the finance due date. Generally this is set at 14 days though depending on the sale type can be negotiated. Prior to the finance due date you need to arrange a building and pest inspection. Your solicitor or conveyancer would also be completing the necessary documents for the transfer of property and getting ready for settlement once formal approval is in place.
Settlement
Up until now there would have been a lot of work behind the scenes but if you chose the right professionals rest assured settlement will be completed and the keys to your new house will be available soon.