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Tags: Home Loans, CalculatorFirst Home Owner | 11.11.13

A first home buyer's guide

You’re ready to take the plunge and buy your first home. You know you have to find the perfect property and get the right home loan but where should you start? Simplify your journey with our simple guide.

Research

Make finding the right home easier by looking at a variety of properties. Real estate websites are a great way to get a feel for the market and allow you to filter your options when you’re ready to narrow your search.

Budget

Once you know what you’re looking for, get loan pre-approval so you know how much you can borrow. You should also check out first home owner grants to see if you’re eligible. If you don’t have a 10% deposit saved you might need to delay your property search until a savings plan is in place.

Home loan application

Once you’ve found the right property, use our online home loan comparison tools to find your best home loan. At this stage you can arrange meetings with mobile bankers to discuss the application process and get the ball rolling. Plan ahead and have identification documents, proof of income and records of existing debt ready to go.

Exchanging contracts

Once your loan is approved and your conveyancer/solicitor has reviewed the documents, you can exchange contracts. You’ll pay the 10% deposit at this point and a settlement date will be set.

Settlement

At settlement you’ll be charged stamp duty and registration costs, the title deed and mortgage will be registered and you’ll get the keys to your first home. Other fees are also payable at this point, including your conveyancing/legal fees and registration costs.

Moving day

Don't get further into debt before your first repayment by making sure you set aside money to cover any removalist’s fees as well as costs for electricity, gas, water and phone/internet connections.

For more first home buyer's tips, click here.

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Eeleon
19/12/2014

I am looking for a home loan around $650,000 in Sydney. My 1st home and I have $30,000 savings.


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