Q: I’m looking to buy my first property and I have my deposit ready to go. What else do I need to do before I buy? Should I see a mortgage broker now or after I find the place I want to buy?
A: Buying a first home is an exciting time in everyone’s life.
It’s great that you have your deposit saved and ready to go – often that can be a big hurdle in itself.
If you’re already actively looking at properties then I’d suggest now is definitely the time to meet with a mortgage broker. They will help you get all your ducks in a row so when you do find that perfect place you’re all set and ready to make an offer.
Being prepared is especially important in hotter property markets, also known as seller’s markets, where properties are snapped up almost as quickly as they’re listed.
These are some of the important things to do before bidding on a property that a mortgage broker can help you with:
- Work out your affordability – even though you have your deposit, you should still know what you can afford to borrow and therefore what your buying budget is.
- Get a home loan approval – securing pre-approval will give you more certainty that you can make a bid at auction or put an offer for a property on the table quickly and with more confidence.
- Understand the home buying process – becoming a home owner can be confusing or daunting for some, so finding out the process and knowing what to expect in advance can help remove some of the uncertainty.
- Give you RP Data property reports – good mortgage brokers like Aussie may have access to RP Data reports which can help you with your big decision including giving you a better idea of what a property is worth.
This free First Home Buyers Guide might also have some useful information to help you make sure you’ve covered all your bases.
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