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First Home Buyer's Guide

1. Book an appointment with a HOME Mortgage Broker to review:
   • First Home Owners Grant eligibility;
   • Borrowing capacity;
   • Required savings;
   • Budget; and
   • Home loan pre-approval.
2. Determine Property Criteria, refer to the HOME Mortgage Property Criteria Checklist for all the aspects of a property to consider
3. Commence Property Search
   • Register on real estate search websites for email updates of new property listings that meet your criteria;
   • Contact your HOME Mortgage broker for a detailed property report on a specific property that you are seriously considering buying;
   • Appoint a Solicitor or Conveyancer and have them review the contract of sale before signing. Your HOME mortgage Broker can provide a referral if required;
   • Arrange a building and pest inspection before signing an unconditional contract; and
   • Consider the value of appointing a buyers advocate. Your HOME Mortgage Broker can provide a referral if required.
4. Negotiate the Purchase
   • Price: Stick to your limit;
   • Deposit: The amount and if to be paid via a deposit bond;
   • Settlement Terms: Each State has different standards, but it is always a negotiable point. Ensure sufficient time is allowed for your home loan to be approved and finalised;
   • Special Conditions to Consider
     i.Subject to finance approval from your chosen lender within an agreed time, ideally 14 days;
     ii.Satisfactory Building Inspection; and/or
     iii.Satisfactory Pest Inspection
   • Sign the Contract of Sale;
   • Instruct your Solicitor to prepare for settlement; and
   • Advice your HOME Mortgage Broker of your purchase so that full approval of your home loan can be arranged.

 

 

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