Purchasing a New Property
Buying a new home is one of the biggest decisions most people make in life. Whether it’s your first home or an investment property, there’s plenty of factors to weigh up and steps to take on your journey.
Home Buying Checklist: Things to Know Before Buying a House
Buying a property is a big investment and the process can seem daunting. There are many things you need to consider before making the actual purchase. We’ve put together a quick guide to help you understand what’s involved in buying a house in Australia.
Setting a Price
Properties are expensive, so it’s important to know what you can afford and understand the cost of mortgage repayments. Setting a price and sticking to your budget is one of the best ways to ensure you don’t end up with a mortgage you can’t afford.
Consider the Location
Choosing the right home in the right suburb is most borrowers' priority. Online property guides or visiting the area is a great way to research your potential neighbourhood.
Acquire a Good Home Loan
It’s important to choose the best home loan for your financial status to save money during the loan term. Choose wisely by comparing home loans from different lenders.
Prepare your Documents Beforehand
To make the process of buying a house as smooth as possible, have all required documents ready beforehand. This will help to speed up the process when you meet with your prospective lender.
These are just a few important guidelines to help you understand the process of buying a house. It's always a good to understand the basics before making a major financial decision like buying a house.
Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. Rates correct as of 6 March 2024.
^The addition of offset sub-account means your comparison rate will change.
Powered by:
Savings.com.au
Savings.com.au Pty Ltd ACN 161 358 363 | Australian Financial Services Licence and Australian Credit Licence 515843