Your guide to buying a new home or investment property

Whether it’s a home to live in or an investment, buying a property is a big deal. And with the right research and planning, the task becomes less daunting.

Here are some useful tips to make the process as smooth as possible. 

Sort out your finances

Every homeownership journey should start with a savings plan. Set a budget you can stick to and start looking for ways to pay down any existing debts including loans and credit cards.

Lenders access your credit history whenever you apply for finance. So, if you haven’t thought about your credit report recently, now is the time. An early status check of your credit can help avoid nasty surprises and give you a chance to get on top of any issues.

You’ll want to explore what you can afford based on your budget and your deposit. Understanding what you can spend will give you a clear guide for your property search.

Do your research 

Get a good idea of the kind of property you’d like. Think about the location, size and potential to increase in value. Consider your budget and what’s available to you within that range. This might mean evaluating what you need now and into the future.

Start with the real estate section of newspapers and digital news sites to get a pulse check. Searching real estate websites and visiting open homes is also a great way to get a feel of what you’re looking for and what’s available.

Talk to a mortgage adviser 

A mortgage adviser can do more than just find you a home loan to suit your circumstance. With their local knowledge and expertise, they can make the process a breeze. They can help you get loan pre-approval and work directly with your conveyancer to ensure the purchase goes smoothly. Find a mortgage adviser with plenty of experience and access to a broad range of lenders and products.

Seek legal advice

Once you’ve found the right property, make sure you chat to a legal expert before making an offer. Written offers become legal binding contracts, so it’s best to know where you stand before taking this step. If you’re planning to buy at auction, make sure you have all your required checks and legal responsibilities sorted beforehand as you’ll need to make an unconditional offer.

Prepare for settlement

When settlement day arrives, you’ll pay the balance of the purchase price and receive the title of ownership. Keep in mind, there are a few upfront costs you’ll need to cover before settlement, and you’ll need to organise building insurance. After settlement, the property is yours.