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Looking to buy a house?

Make sure you have your ducks in a row... follow our check list, to get your home buying journey started:


Get your finance sorted


Delete unnecessary expenses such as subscriptions you're not using

Delete any Credit card's, Afterpays, Overdraft's etc

Engage with a Mortgage Adviser really early so they can let you know anything you need to work on prior to applying for finance. This is a long term relationship so don't be afraid to let your intentions be known early


Savings

Make sure you have been saving regularly to your house deposit account to show history, and good habits.


Get preapproved!

Not having preapproval from the bank can add additional time restraints and extra long due diligence clauses on your offer, or add additional stress if you're going to auction.

You'll also get to know your limit

Get a core group of contacts together

Builders, Solicitor, Insurance Advisers, Real Estate Agent etc

Having a strong team around you will provide you with a little blanket of Trusted professionals to provide their expertise


Attend a few auctions

Attending a few online auctions will take away the "fear of the unknown" and get you familiar with how the process and terminology works.


Do the numbers!

Use online loan calculators using a higher than advertised rate to estimate your loan repayments. Look at rates, Insurances and utilities and make sure you're not stretching yourself.


Don't use your top dollar in the search field

Agents will place a property in a vast price range on sites such as Trade me. This allows them to capture the lower end of search results. So if your top dollar is 1m.... make your max amount in the search field 900k.

This will avoid wasting time looking at properties that will go above your budget and avoid disappointment.


Work with your solicitor early!

There's nothing worse for a solicitor than getting a last minute auction agreement cos the client has been "scared of the cost." Ask your solicitor their costs, engage with them early, and use them as as sounding board. If you don't have a good relationship with your solicitor... get a new one Short of your Mortgage Adviser, these guys will be the next closest relationship you'll have... so it needs to be a relationship you're not scared of!


Insurance sign off

Make sure you work with an Insurance Adviser who can look at the property to ensure you can get full insurance. Banks will always put in a condition to their finance approval that stipulates that you must have "full insurance without any exclusions". So make sure you can get that before auction or going unconditional



Life/Income/Disability/Medical etc Insurance

Make sure you've spoken to an Insurance Adviser who can look at this side and work it into your budget. This part is just as important as house insurance. Start the process early, get an idea of costs, and get it ready to push "Go" once you find your home.


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© 2023 by Jess Pronk Mortgages. 

JESSICA PRONK NEE BARLOW GIVES FINANCIAL ADVICE THROUGH HER COMPANY JESSICA PRONK

FINANCIAL SERVICES LIMITED TRADING AS THE MORTGAGE SUPPLY CO

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