Buying property is a big commitment. Being prepared means knowing if you’re in the right financial position to buy, what you can realistically repay, and how much money you’ll need upfront. Plus, you could be eligible for government financial assistance packages or exemptions and not know it! This easy guide will help you answer all the above questions and understand the process.
Step 1. Give us a call
Starting your borrowing journey with a mortgage broker is smart because most of the leg work is done for you. It’s most likely that you’ve saved a deposit and have all the documents you need. Or perhaps you’re not financially ready yet - but you have a clear goal in mind. Whatever the case, the team at Beyond Broking can assess your individual situation and run through all your options with you. Our borrowing capacity calculator can also help you work out how much you can borrow today.
Step 2. Look for your dream home
There are a few key things to consider when you’re thinking of buying property:
- Work out what your non-negotiables are, such as property size, local schools, and access to public transport. Is the location going to be convenient and/or give you a good return on investment?
- Work out what you could go without, like design and fittings, or outdoor space. Are you willing to renovate?
- Take the time to talk to real estate agents and go to lots of property inspections to get a good comparison of what’s on offer.
- Be patient! Buying property under pressure makes for hasty decisions that may not be the smartest.
Step 3. Choose your loan package
Our experienced team will conduct an in-depth search of over 40 banks and lenders, and search through hundreds of loan packages to find the one to suit your finances and lifestyle. Things to think about:
- Fixed or variable? Work out if you want to fix your loan so that rates and your repayments stay the same for one to five years, or if you want the flexibility of a variable rate, which means your repayments will vary accordingly.
- Fixed and variable! Did you know you can split your loan into multiple loans with fixed and variable rates and get the best of both worlds? Strategically, this could be a great option.
- Do you want an offset account? This is an account that’s linked to your home loan. The more money you keep in your offset account during the month, the less interest you pay.
- Do you want a redraw facility? This means you can redraw any extra home loan repayments down the track for things like renovations, other investments, or unforeseeable expenses that come up from time to time.
Our team can provide you with strategic advice and qualified answers to any questions you may have. Once you’ve made a decision, we'll take care of all the paperwork and manage the loan process right up to your property settlement, keeping you informed every step of the way.
Buying property is exciting when you're armed with expert knowledge! We’d love to be part of that journey with you.