Step 1: Find out if you qualify for a homeloan.
Firstly you need to know if you qualify for a home loan. We can assist you with out pre-qualification process by calculating what you could afford as well as assist you with the process of applying for a bond when you have found your dream home. Talk to a consultant.
Step 2: Budget and Location. How much can you afford?.
There are a few things you have to know in order to make sure that the rest of the buying process runs as smoothly as possible. Most importantly, you have to find out how much you can borrow. The loan amount is calculated based on your household income, monthly credit commitments such as loans and credit cards expenditure. The affordability calculator will give you an idea of bond amount that you may qualify for. Click here to use our cost/repayments mortgage calculators to assist you in making the right decision. Stretching your finances to the limit could prove very costly in the future. What we suggest is that you find out how much your monthly bond repayment will be and whether you will be able to afford them.
Step 3: Finding your ideal home – What do you want from your home?
Once you’ve got an idea of how much you can afford, the next step would be to consider where you want to buy your new home. Accessibility to work and schools are worth careful consideration, as are the location and quality of shops, doctors and schools. Contact one of our estate agent partners and ask them to send you details of properties that meet your requirements, or you can search online for suitable properties on our Find a Home page.
Step 4: Securing a home loan – Work with someone you can trust.
The next step is to secure a home loan or bond. This is where BetterBond is at your service to ensure that you obtain the best interest rates possible, with no fuss, and no cost to you.
There’s no running around as BetterBond does the work on your behalf applying to all the major banks for the best possible homeloan or mortgage terms available. Fill out only one set of documents and we’ll set out the home loan choices that suit you best.
Step 5: Find the home, make the offer.
Once you have found the property you want to buy, it’s time to put in an offer.
Remember that the asking price is how much the seller hopes to get for the property – not necessarily how much they realistically expect – and your first offer can be below the asking price.
Once you have made an offer, it is up to the seller to accept or reject it.
It is also possible that other buyers are putting offers in at the same time, so it’s a good idea to research into the typical price of such a property or you may find yourself caught in a bidding war.
If the seller does reject your first offer, you can always put in a higher offer later.
Step 6: Completing the offer to purchase.
The safest way of purchasing a home is to have your estate agent or attorney draw up the Offer to Purchase Document for you.
They should then thoroughly explain each and every clause. This will guarantee hassle-free paperwork and avoid disappointments. The Offer to purchase is a binding contract when all parties concerned have signed it. The verbal sale of property is invalid.
You as the buyer are responsible for payment of all costs and fees in regard to registration of the bond and for the transfer duty. Make sure you budget for this expense!
You can use our transfer and bond cost calculator to get an estimate of these costs.
Contact us to assist you with your homeloan application.