Many Australians dream of owning their own home. This is entirely possible, but it will require effort, discipline and, of course, cash. In this article we’ll outline the 12 basic steps every aspiring homeowner should take to achieve this dream. If you require additional financial services or consulting, including personal and home loans, do not hesitate to contact us to find out how we can help you achieve your dreams and solve your financial problems.
1. Establish a budget. The first step on the road to home ownership is taking a close look at your finances. Make a plan for the years ahead and determine how much you can afford in the next years. We offer an online income and expenditure calculator that can help you with the numbers.
2. Find out how much you can borrow. After budgeting, you will need to find out your typical borrowing limit, which varies from one lender to another.
3. Ask the government for help. At both the state and federal level, the Australian government institutions have various programs, bonuses, and rebates for first home buyers, often in tax exemptions. Make sure you understand what you are entitled to.
4. Look for a deal. Lenders are competing for your money, which means that there are plenty of options in home loans. Research the market and hunt down the best deal.
5. Don’t be afraid to ask for more. Once you find a deal, you may still want to haggle with the lender. Negotiation can often save you thousands of dollars when it comes to home loans. The home loans market is lucrative and very competitive, which means that your lender can probably be persuaded to give you better terms.
6. Get approved. Once you find the best possible deal, put together your paperwork, prepare for your interview and get approved for your loan.
7. Find the home for you. Now that you have a good idea of what you can afford to spend, find the right neighbourhood, look at different real estate options, or talk to a real estate agent to find the home for you.
8. Inspect your investment. Before you commit to a home, make sure that you have it inspected by qualified building inspectors. Include inspection for pests, structural faults, and survey the land and property
9. Make an offer. Once you are satisfied with your prospective home, it is time to make an offer. Don’t be inflexible and make a reasonable offer for your home.
10. Handle all the legal requirements. You will need to take your contract to a lawyer and make sure that all the legal legwork is done. Employ a solicitor to arrange the title transfer. Definitely hire a professional for all the legal work.
11. Wait. The legal work required will often take a while, so now it is just time to wait and hope for the best.
12. Settlement time! Enjoy the feeling. On settlement you will finally be the proud owner of your home.
Written by eChoice