Home buying guide
May be you have never bought a property before. May be you are an existing property owner who are looking to invest more in property. These steps can guide you through the property buying process.
Research the market
To make a good buy in any market, you need to do your research. This means getting to know the local area you want to buy into, checking property listings and going to lots of property viewings and auctions. Most of the real estate websites provide the options to save your property search. Make use of it. This will help you to keep track of the properties you have seen and compare the key details and advertised sell price.
Do the figures. This is one of the most important processes in property buying. Before you start looking for a property, you need to know what you can afford to spend and repay. Our mortgage consultants can give you the right advice using the tools available in the market. It’s really important to make sure you look at the total cost of buying your home. Other than your loan, you will also need to pay for stamp duty, property and pest inspections, conveyancing fees and government fees.
Consult Us and Choose a loan
Make an appointment with us using any of the contact options including emailing, calling, filling up enquiry form and call back service. Our mortgage consultant will guide you through the loan process and provide professional advise based on your home loan needs, that too free of charge. Mortgage consultant at PJ Home Loans will help you to select the best available loan product based circumstances.
Arrange a pre-approved loan
If you haven’t started your property search, or are still looking, a pre-approved loan can be useful. It gives you a clear picture of how much you can afford and gives you peace of mind that if you find the right property you can confidently make an offer. This will also help you to have a stronger negotiating position than other potential buyers who don’t have pre-approved loan. Our consultants will help you to get the preapproval from the selected lenders.
Sign the Contract of Sale and Pay a deposit
The contract of sale will confirm the selling price as well as any terms and conditions. Your commitment will usually be subject to lender approval, a building inspection report and a pest inspection. A deposit is required once a Contract of Sale has been signed by both parties. Consult to PJ Home Loans Mortgage Consultants to see how much deposit options.
Conveyancing is the process of legally transferring a property from the vendor to the buyer. You can arrange it through a solicitor or licensed conveyancer. Your conveyancer or solicitor should review the contract of sale. They should also do final check on the property and make enquiries to local authority. On settlement day, the conveyancer will check the correct amount of money has been transferred from your lender to the seller and all fees - such as Stamp Duty – are paid, so you can take legal ownership of the property.
Cooling off period
After you exchange contracts, a legal cooling-off period may apply. During this time you may able to withdraw from the contract to buy the property. The length of the cooling-off period varies from state to state, There is no cooling-off period if you buy a home at auction.
This is when you pay the balance of the property’s purchase price and taken ownership of the property. Final settlement normally takes place up to 6 weeks after you exchange contracts.
Guide to home loans