(08) 9289 7777 - multiple award-winning financial solutions

10 Steps to buying a home

10 Steps to buying a home

1. Research the market
To make a wise investment you will need to do research to make an informed decision. This includes learning as much as possible about the area you plan to buy into. Study the local property listings of similar houses, in the paper or on the internet,  and attend property viewings to get an estimation about what purchase price you should expect to offer.

2. Do the figures
After you have an idea of what properties are worth it’s important you work out what you can afford. Use our calculator http://rdfinance.com.au/rate-calculator/ to determine how much you can borrow. Or a Finance Detective broker can work this out for you and find a loan that suits your needs and budget at no cost to you.

3. Pre-approval
We can also get you pre-approval so you know how much the banks are willing to lend you which gives you an advantage over other buyers. Even though you can leave this step until after you have found a property  it is recommended you do so beforehand as it gives you a realistic budget and you will be viewed as a serious purchaser

4. Choose a loan and apply for it
Now that you know how much you can borrow you are ready to apply for a loan. It is recommend that you let a broker do this for you as they will source the best deal for you, potentially saving you thousands.

5. Negotiate a price
Once you have been pre-approved for finance you can make an offer for the house you wish to buy. Although we recommend getting pre-approved finance we can also obtain you a suitable loan after you have purchased the property for no cost.

Whenever submitting an offer to purchase make it a condition of subject to a construction report and a termite report.

6. Arrange conveyancing
This is the process of legally transferring a property from the vendor to the buyer. You can do it yourself but it is advised you arrange it through a solicitor or licensed conveyancer. They will review the contract of sale and make final checks on the property.

7. Check the areas future plans
It is also worthwhile checking with the local council and state government roads that there are no future plans that may impact the property.

8. Offer and acceptance contract
If both parties are satisfied then a contract of sale should be signed by both.  It generally takes four to twelve weeks from exchange of contracts until settlement.

9. Arrange Insurance
As part of your loan contract you will need to show proof that you have home (building) insurance for the new property. Finance Detective can arrange this for you.

10. Settlement
It is time for the balance of the purchase price to be paid to the seller,  for you to take ownership of the property. Final settlement normally takes place up to four weeks after finance approval . If you purchased the property with a loan then the title deeds will be handed to the settlement agent. This completes the transaction and you will be given the keys to your new home.

Congratulations on owning your new home!