7 Simple Steps to Buying a House
- AFG
- Mar 4, 2022
- 2 min read
For those looking to buy a house who've never done it before, it can feel like a daunting task. We've broken the application process down to 7 steps to buying a house, and created a more In-depth eGuide for you to download and learn from.
What do you need to prepare a home loan application?
If you're looking at getting into the property market, it's important to check that you're ready.
Once you’ve worked out how much you can afford to borrow and repay, saved your deposit, factored in all the costs involved, and investigated the home loan that’s right for you, now comes the fun part – buying your home!
With interest rates at record lows and Government support available for first home buyers, now is a great time to look at buying your home.
Step-by-step guide to home ownership
Once you and your Mortgage Choice broker have chosen a home loan that’s right for you, it’s time to submit an application. The process varies between lenders, but we’ve provided a general order of events below.
Step 1: Meet with a Mortgage Broker
We'll meet with you to understand your financial & lifestyle goals. We'll search through hundreds of home loans to find the one that's right for you, calculate your borrowing power, work out repayments and answer any questions that you may have.
Step 2: Prepare the application
Once we've helped you choose the loan that's right for you, we'll help you prepare the application and guide you through the process.
Step 3: Conditional approval
The lender will provide conditional approval while they organise the property valuation and conduct a credit check. We'll stay in touch with the lender and keep you informed along the way.
Step 4: Unconditional approval
Unconditional (full) approval is formal acknowledgement that your home loan application has been approved.
Step 5: Complete loan documents
Your loan is both a significant financial commitment and a strong financial foundation.
Once your loan documents arrive, we'll organise a time to meet and help you complete the document.
Step 6: Loan settlement
If you're purchasing a property, your solicitor / conveyancer will organise settlement directly with the lender, according to the settlement date on the contract of sale. If you're refinancing your existing home loan, the lenders will liaise directly to exchange the documents.
Step 7: Home loan completion
Keeping in touch: our service doesn't end once your loan settles. We will stay in touch to make sure your home loan is the right solution for your needs now and in the future.
How to choose your property
You've done your homework, you’ve saved and saved, now comes the exciting part ... searching for your first home!
Choosing your property: what to consider
Inspect the roof and its insulation, see whether neighbouring properties are in good condition, check for damp patches and cracks inside - particularly if you found problems outside.
How to make an offer
Making an offer for ‘the’ property is nerve-wracking stuff, but it pays to play it cool.
Our tips to securing your ideal home at your ideal price!
If the property ticks all the boxes, play down how much you like it for extra bargaining power.
Do I need home loan pre-approval?
While it's not compulsory, pre-approval can allow you to further understand your borrowing power and helps determine what properties are in your price range.
Get your pre approval process started by speaking to your broker or with our free home loan quick quote.
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