10/01/2023
5 things to think about when buying property, from a mortgage brokers perspective!
ADDITIONAL COSTS
Think you just need to save your 2%-20% deposit? Think again.
There are other fees you need to consider. Such as conveyancing fees, stamp duty depending on your location, mortgage registration fees and any establishment or package fees your bank or lender may charge. You may even have removalist fees and the cost of furnishing your new home.
PROPERTY PRICES
Make sure you only look at properties within your budget. It’s easy to get carried away on realestate.com.au and look at your dream properties, but if these aren’t within the parameters of what you can afford then you are just wasting your time and setting yourself up for disappointment.
KNOW YOUR BUDGET
So that you don’t look at properties outside of your budget and price range, make sure you speak to a mortgage broker so that they can let you know how much you can borrow based on your income and deposit saved.
TIMING
I’m not talking about timing the market here. Oh no. I’m talking about finance clauses, building and pest clauses and settlement dates. Make sure you set realistic timings in the contract. Speak to your mortgage broker if you’re unsure how long finance will take to come through so that you can put something realistic on the contract.
CLEAN FINANCES
Keep your finances clean if you know you’re looking to buy. Don’t go out and buy an expensive car, get a personal loan, default on any loans or spend like crazy. We want to put your best foot forward so try and keep 1 to 3 months of your bank statements clean.
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