Becoming a first home buyer is one of the most exciting times in your life. Almost every young Australian has dreams of owning their own home – but where do you start?
Crescent Conveyancers are here to help realise your dreams of buying a house in Bunbury, Busselton or anywhere in WA. Below are our top tips for first home buyers.
When you are ready to take the leap call us to find out how we can get you settled in your first home.
How much will your first home cost? Before you start talking to mortgage brokers and banks about loans, do some research to find out how much you might need. A few key criteria will help you save for a deposit and narrow your search:
Setting a budget to buy a house in Bunbury requires a little bit of maths, and a little bit of investigating. Doing thorough research will give you confidence when it comes time to secure a loan.
Based on your budget and initial research you can start a list of potential properties. Set aside a few weekends for inspections, or work with a real estate agent to identify a selection of places that match your criteria.
It could be helpful to list features in order of importance. That way you know what you’re willing to compromise on – for example is a pool essential, or would you prefer a secure parking spot?
There are a whole range of factors to consider when moving from inspection to buying a house in Bunbury. For professional advice and help with a smooth settlement, contact the friendly team at Crescent Conveyancers.
If you already have several hundred thousand in the bank, skip to the next section. For most young Australian first home buyers that isn’t a reality so you will need to take out a home loan.
Pre-approval is an indication of how much you will be able to borrow based on your financial situation, and often requires a valuation of the property. Also known as conditional approval, it helps to set a savings budget and understand what other steps you need to take.
Loan pre-approval is not binding for either party. You are free to shop around, but the lender is also free to withdraw pre-approval if your circumstances change.
Once you have all your ducks in a row you should be ready to submit a formal loan application. Provided nothing has changed and your lender is still willing to offer the same loan indicated in pre-approval, loan offer documents are sent out and your loan gets serious.
The home loan market is competitive and complicated. There are hundreds, if not thousands of lenders offering loans for first home buyers. Spend some time getting your finances in order and do thorough research to find the best lender for your situation.