- Posted 05 Feb
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If you’re looking to buy a new home or are a first home buyer, there are ways that you can make the process easier and faster by following our smarter house hunting tips below…
It can be very exciting looking for a new home, but after a few weeks of trawling listings and going to open homes, you might be starting to feel a little exhausted and overwhelmed.
If you want to avoid all the stress, follow our smart house hunting tips below.
#1: Create good relationships
If you want to make this process smooth, then having good relationships in place will definitely speed things up for you.
Chat to your real estate agent, solicitor and your lender to make sure everyone is on the same page and understand what your plans are. You’ll also have a fairly good idea where you stand too.
Build relationships with local real estate agents; if they know what you’re looking for, they can reach out to you when something suitable is listed with them. If you’ve developed a good relationship, they will likely provide you with some key insights into the property as well.
Butter up your solicitor and keep them in the know of where you’re at. It will make things easier come crunch time if they are prepared for your phone call and requirements.
By getting your lender lined up, you can understand what your borrowing capacity is, so that you don’t overextend yourself and only view properties that fall within your budget, saving you a ton of time and needless stress…
#2: Research, research, research!
Once you’ve got your finance lined up, there’s not point looking at properties or suburbs that aren’t within your budget.
Research the market and look for the areas that you can afford and focus your efforts there.
By chatting with a mortgage broker, you can not only ensure that you get the best deal on your home loan, but you’ll also know within minutes, of what you can afford and where some of the best suburbs are that meet your needs.
#3: Are you conditionally eligible for a home loan?
By utilising a home loan calculator, you can quickly work out how much you can borrow and what your loan repayments are likely to be.
Once you’ve done that, you can then apply online to get conditional eligibility from your chosen lender. BUT, don’t do this until you’ve got a fair idea of where you’re looking to buy and which lender you’re going with, as the minute you complete an online application, it will be recorded against your credit history.
This is why chatting to a mortgage broker is key, so that they can do all the investigating and remove the risk to your credit rating.
#4: Know ALL your costs
Don’t be fooled into thinking that the cost of your home is the only cost you’ll need to pay. Be aware of everything associated with buying a home, and you won’t fall into the trap of fumbling around trying to find extra funds you didn’t know you needed!
There are upfront costs associated with your home loan, such as stamp duty, conveyancing and bank fees that you need to know about and factor into your budget.
Your mortgage broker can tell you what these are for each potential lender you’re looking at going with.
By speaking to a home lending specialist at Australian Credit and Finance, you’ll be a smarter house hunter within minutes…