Welcome to the Redlands Mortgages Pty Ltd home buyers guide
This is designed to help you understand all you need to know about purchasing a home, from your initial search through to final settlement.
Do your own personal research and budgeting
What should you expect when searching your new home, this can seem both daunting and exciting but if you do your homework and take your time the whole thing will be a lot easier. Firstly you should always seek financial advice from a professionally qualified financial adviser. Research your local areas to ensure you know exactly where you want to buy. Get yourself out there and view a variety of properties to get a feel for the market. This will help you make the right decision.
Talk to Redlands Mortgages Pty Ltd about getting a pre-approval so you know how much you can really borrow before looking. Check to see if you’re eligible for the First Home Owner Grant Scheme (FHOG), which is a government-funded scheme that provides financial assistance with your purchase .
Use the internet to search for properties, the most popular sites are realestate.com.au & domain.com.au, these are easy to use and allow you filter properties according to what you want to be close to and what you want to be far away from. When you start viewing properties, you might like to take notes, a checklist is a great idea and don't forget your camera as its easy to forget what a property looked like or get them mixed up.
Most lenders will require a property valuation to assess whether you need Lender’s Mortgage insurance. Redlands Mortgages Pty Ltd can help you through this process . We can walk you through all the fees and charges involved and set up your home loan repayments.
You will be asked to bring along to your interview
Proof of your identity and photographic identification, such as your driver’s licence or passport
Proof of your income such as - payslips if you are regularly employed - Financial Statements if you are self-employed
A record of what you owe, including one month’s statements for any credit cards or personal loans
What to expect once your loan is approved
We will inform you of the offer by providing you with your loan documents. You’ll need to read, sign and return these so we can take the next steps towards your settlement.
We will make sure you have correctly completed all of the documents required.
When your loan is approved we will forward you a confirmation letter.
Exchanging Contracts, What to expect
Once your conveyancer or solicitor has reviewed the contract of sale, you and the seller will each be asked to sign a copy. This is known as an ‘exchange of contracts’. If you buy a house at auction, you will need to exchange contracts and pay a deposit (usually 10% of the purchase price) on the spot. If you’re not buying at auction, you need to pay a holding deposit (usually 1%) to show good faith and then pay the 10% deposit when you exchange contracts.
Your conveyancer or solicitor will contact us during this time to arrange a settlement date. A cooling-off period may apply after the exchange of contracts.
You will receive notification advising when the bank is ready to settle your loan.
Once your loan has settled:
We will call you to confirm settlement is complete and confirm your loan details
Stamp duty and registration costs will be charged
Your title deeds and mortgages will be registered at the Land Titles Office
You will get the keys to your new home
Fees that will be due
Your conveyancer or solicitor will charge the following to you:
Legal fees for their service to you
Any utility adjustments e.g. water and rates Your conveyancer or solicitor will usually include these amounts in the cheques required for settlement.
Fees collected by the Bank on behalf of government agencies:
Mortgage Stamp Duty (if applicable) and Registration charges.
These fees are included on the home loan or charged to a nominated bank account.
Get moving, what to expect
It’s time to realx a little and celebrate with friends and family, it’s time to move into your new home.
Be sure to keep money aside for miscellaneous expenses like; - removalists - bonds for connection of utilities - your first food shop - your first Home Loan repayment (particularly if you have chosen weekly or fortnightly repayments).
Don’t forget to update your contact details for your drivers licence, Medicare and the tax office. Your friends and family will probably like to know where you are, so don’t forget to let them know too. And finally,you’ll need to also sort out connection for:
Gas and electricity
Internet and phone
........and relax you have completed the journey into your new home, congratulations
Redlands Mortgages Pty Ltd - Where Mortgages Are Just The Beginning