GET YOUR DUCKS IN A ROW - BE BUYER READY!

Buying a property is a major decision in your life, whether you are an owner occupier or investor, it comes with much emotion and trepidation.

It’s very important for you to get your ducks in a row before you start looking to purchase.

We want to share with you some ideas that we tell our buyers; so you can hit the ground running and start that property journey and purchase your next home or investment property.

ENSURE YOUR FIANACES ARE IN ORDER. This is the number one key, you really need to understand your numbers. You need to be comfortable with what your mortgage payments might look like. You need to understand what you can afford. What’s going to happen when the market adjusts with more interest rate rises.

Really look at your own personal figures and see what you’re comfortable with before you even start the process with a mortgage broker or bank

UNDERSTAND YOU LOAN STRUCTURE - When we move on to look for mortgage brokers or lenders, again you really need to understand the structure of the loan. How are you going to make those payments? What that loan looks like? Is it going to be principal and interest or interest only?  Don’t just take the first loan offer that’s presented to you. It’s a very competitive market in the lending space at the moment, so it’s really important for you to shop around. Find a lender or a bank that’s going to work with you and give you a long-term solution that you will feel comfortable with as you enter your property journey.

GET YOUR PRE-APPROVAL - So you’ve found a mortgage broker or lender, now it’s the time for you to actually get a loan approval. You’ve understood what your deposit is, you understand what your loan amount would be, so now it’s really important for you to get that pre-approval in place. The banks are looking at your financial status, and determining whether or not they can offer you a loan, based on the amount you are seeking. So, if you have a pre-approval, it demonstrates to the seller, you are prepared, and also gives you peace of mind that you know that typically a bank is going to lend you to that dollar value that you are seeking.

Then you can start your property journey knowing what your maximum budget involves. It’s really important to get that pre-approval, but on the other side, you need to understand it’s not a definitive yes you will get a loan. Sometimes things can go pear-shaped through that process, but pre-approval does give you that reassurance that you can start looking to purchase.  Work with your budget and be real about the location, broaden your options perhaps the next suburb will serve you just as well and be with in your budget. Check your expectations, against reality.

Supply of Properties For Sale on the market is Low and Buyer Demand is High.

Don’t miss out on buying. As we know there are many buyers for each property which ultimately leads to some buyers experiencing disappointment when they miss out.

• Developers/builders/sellers require full details before they will say yes to you
• We need to give them and expression of interest
• Identification
• Bank/Finance institution pre-approval letter for your mortgage (not just a mortgage broker letter)