Buying a home is an exciting experience but it can also be quite daunting. It will probably be one of the largest financial commitments you will make in your life, so it pays to be well prepared. The guide below will help you prepare and make the best choices.
How much can you afford?
Usually the first thing you want to know when buying a house is how much money you can borrow. Whilst you can find this information by using our online home loan calculator, the more important question is: how much can you afford to borrow? Your Bernie Lewis Mortgage Broker will look at your income and expenses, how much deposit you will need and help you calculate how much you can borrow.
Home loan pre-approval
Your Mortgage Broker can arrange a home loan pre-approval for you so that when you make an offer on a house you know that it is going to be affordable for you. We advise that when making an offer, you include a 'subject to finance' clause in the contract.
Thorough property research is just as important as obtaining the right home loan. With quality research you'll have a better idea of what type of home you want to buy, where it is located, what it is worth and how much you should expect to pay for it.
To assist you with your property research we can provide you with a property report that captures key information, including:
- Property sales history
- Recent comparable sales
- Suburb profile
- Comparable rents
Once you've found the right home, made an offer, and the vendor has agreed on the price, you'll sign a contract of sale. What is next? There are many activities to keep you busy before you move into your new home. Some of the key items include:
- Finalise your home loan with your mortgage adviser
- Arrange building insurance
- Arrange personal insurance
- Contact a conveyancer to act on your behalf for the transfer of ownership of the property
Loan and mortgage protection
Life can take an unexpected turn; and that could stop you from meeting your loan repayments.
Making you aware of loan protection is our moral responsibility so you can make an informed decision. It’s about making sure you can service your loan should the unforeseen occur. Loan and Mortgage Protection is offered through Ali Group. Ask your Bernie Lewis Mortgage Broker about Mortgage Protection insurance.
View Tom's Story below to see how a Bernie Lewis Mortgage Broker helped him to protect his family by implementing a Mortgage Protection Policy.
More information for home buyers
You may like to use our free calculator tools to help you get an idea of how much you can borrow and what your repayments might be.