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Consider pre-approval

If you’re ready to make an offer on your dream home, by now you’d no doubt have your deposit saved and burning a hole in your pocket.

Before you go flashing the cash to your real estate agent though, it’s a great idea to speak to a lending expert and get pre-approved for your loan, so you can make an offer with confidence.

1. Know your borrowing power

First things first. You’ve got a ball-park figure for how much you’ll need to buy your home. Give yourself five minutes to take advantage of our handy Borrowing Power Calculator. Simply punch in a few numbers about yourself and get an idea of how much you’d be able to access to finance your purchase.

Borrowing power calculator

2. Know your deposit amount

Knowing exactly how much you'll need for your housing deposit gives you the correct savings goal to work towards. Take into amount whether of not you'll need to apply for Lender's Mortgage Insurance.

Savings goal calculator

 

Research and strategize

Failure to prepare is preparing to fail.

This process isn’t as simple as buying some gum at the checkout, so it’s recommended you do your homework.

1. Do your homework

In the lead-up to making your offer, consider the asking price of your potential property. Ask your agent or get online and look into the selling history of the surrounding streets.

Look for houses with comparable block size, building structure and property features to yours. Be sure to consider whether the market in the area is on the up or is cooling. These factors will help you devise your strategy.

2. Finalise your game plan

Based on your research, you should be able to arrive at a figure you think is reasonable for the property you want to buy.

For example, you may wish to make an initial offer 10-15% below the asking price if you think that the agent and seller have added on 5-10% due to the suburb being on the up. Or you may be willing to offer slightly over the asking price, but with some stipulations that the owner make a number of changes to the property before you exchange contracts.

Avoid the pitfalls

To give yourself and your offer the best chance of success, there are a few behaviours you should avoid during the process.

Don't play games

Be up-front about your interest in the property. Being honest and open is a two-way street.

Be flexible

If you really want the property, you may have to be willing to meet the agent and seller halfway.

Have perspective

Try to understand the vendor’s motivation to sell, and how that may be influencing their decision-making.

Make your offer

When you’ve ticked all the above boxes, approach the agent and make your offer. After all the prep-work, it really is as simple as throwing a number out there and seeing if you get a bite.

Unfortunately, it’s at this point when you’re at your most excited where patience is most crucial. Be sure to give the seller and agent some space, and to avoid disappointment, be prepared for the possibility of further negotiation.

If you’re looking for a way to use this time productively, why not start thinking about the right insurance for what could be your new home? You’ll need your Home Insurance in place for when contracts are exchanged, so be sure to get a quote that’s both great value while suiting your needs.

Celebrate!

With the right prep, your offer will hopefully be accepted and you’ll be the owner of a brand new home!

Here’s what to do next:

1. Buy Champagne

Preferably the best you can get your hands on and afford.

2. Chill it lovingly

Then, remove the foil and wire cage from the bottleneck.

3. Pop that cork

Propose a toast to your brand new home - congratulations!

Compare Home Loans

Compare 5 products
Ultimate Home Loan
Our ultimate in loans. Our Ultimate Home Loan offers the flexibility of fixed or variable rate, or a mixture of both. What's more, it features a linked offset account and unlimited free online redraws.
Great Rate Home Loan
Our simple, low rate loan that’s perfect if you’re after great value and no ongoing fees. Our Great Rate loan lives up to its name and offers flexible repayment and loan term options.
Line of Credit
Our Line of Credit helps you make the most of the equity in your home. Great if you’re thinking about renovating, investing, or just want more flexibility.
Ultimate Investment Home Loan
Our Ultimate Investment loan combines great value with a range of extra products designed to make investing easier.
Great Rate Investment Home Loan
With low-interest rates and no monthly or annual fees, we've made investment simple.
Interest Rate 1.69 % p.a.
Comparison rate 3.72 %^ p.a.
~1 year fixed, owner occupied, principal and interest
Interest rate 1.69 % p.a.
Comparison rate 3.49 %^ p.a.
~1 year fixed, owner occupied, principal and interest
Interest rate 4.00 % p.a.
Ultimate Line of Credit home loan base rate
Interest rate 2.19 % p.a.
Comparison rate 4.10 %^ p.a.
~1 year fixed, principal and interest
Interest rate 2.69 % p.a.
Comparison rate 3.51 %^ p.a.
~5 year fixed, principal and interest
Key Features
Great if you want a packaged home loan with a low rate and added benefits.
Key Features
Great if you want a low-rate no-frills home loan.
Key Features
Great if you want a continuous credit facility to access the equity in your home.
Key Features
Great if you want a great value packaged loan to invest in property.
Key Features
Great if you want a simple, no-nonsense investment loan with competitive rates.
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20% of purchase price (plus costs)
Maximum loan term
30 years
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Yes. Available once loan reverts to a variable interest rate.
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
$395 p.a. Package fee
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20% of purchase price (plus costs)
Maximum loan term
30 years
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20%-25% dependent on security taken
Maximum loan term
N/A
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
$10 per month
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20% of purchase price (plus costs)
Maximum loan term
30 years
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Yes. Available once loan reverts to a variable interest rate.
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
$395 p.a. Package fee
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20% of purchase price (plus costs)
Maximum loan term
30 years
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
Enquire now Ultimate Home Loan Enquire now Great Rate Home Loan Enquire now Line of Credit Enquire now Ultimate Investment Loan Enquire now Great Rate Investment Loan

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Conditions, fees and charges apply to all loans. Subject to meeting Greater Bank's lending criteria. Greater Bank Limited ABN 88 087 651 956. AFSL/Australian credit licence No. 237476.

~At the end of the fixed rate period customers can chose to re-fix their loan for another fixed rate period or let the loan revert to the applicable variable interest rate based on the loan and repayment type.

^Comparison rate is based on $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

#Discounted rates include a discount on Home Loans of $150,000 or over and Home Loans with an LVR 80% or below and apply to new borrowings only. Discounted rate not available for Line of Credit facilities.

+Additional costs may apply if your loan has a fixed rate.

All new interest-only home loans, attract a 0.10% p.a. margin above the applicable Principal and Interest base rate. All new Line of Credit home loans, attract a 0.10% p.a. margin above the applicable Line of Credit base rate. The all-up interest rate which includes any margins, will be set out in your credit contract. View our Terms and Conditions.