Buying your first home should be one of the most exciting experiences of your life, but you need the right advice to make sure the process runs smoothly.
Before you start looking to find the house of your dreams, you should get to know your borrowing power to avoid disappointment.
Generally you’ll need to have saved a minimum 5% of the purchase price as a deposit. A high-interest savings account, such as The Greater Bank Bonus Saver, is great for accumulating a deposit as it rewards your good saving habits by paying interest rate when you make a deposit and no withdrawals in a given month.
If your parents are happy to give you a hand in providing security for your loan, our Family Pledge option may mean you can reduce, or even eliminate, the deposit amount you need to contribute.
Use our borrowing capacity calculator to see how much you could borrow, then simply complete our form and speak with one of our lenders.
With your borrowing power in mind, you can get out there and see what the real-estate market has to offer!
Be sure that you do your research, identify suburbs that have properties in your price range, and view a number of houses to get a feel for the market.
Did you know: you're able to borrow up to 110% of the property value by asking your family to guarantee the home loan by using their property as security on your mortgage.
When you find a home that matches all your criteria, you are able to make an offer to buy.
Before making your offer get a copy of the contract that you can supply to your solicitor or conveyancer.
Using the tools available to you online, check out the recent sale prices of homes in the same area, and if you feel that an asking price is too high, don’t be afraid to start a conversation in the hope of getting a better deal. If you are planning to buy a house at auction, be sure to consult the listed agent for the property to confirm exactly what you will need to bring on the day. This way you will be able to finalise the sale should all go to plan.
Once you have agreed upon a sale price for your first home, you can complete the loan application process.
You should take the time to consider which loan is best for you and your financial situation.
At Greater Bank, our expert lenders will do all the hard work for you, so that you can relax and plan your moving-in day.
Before you sign and exchange contracts you should also arrange to get a Pest and Building inspection.
Once your loan is finalised, organise your compulsory home insurance, then you’re all ready to sign your contract. After this, the funds will be transferred and you can complete the sale.