Purchasing a property can be overwhelming and the mortgage
process can be confusing. Being prepared and understanding the
basic process can really help. Before you start looking for a home
or investment property, there are several details to consider such as:
Before purchasing a property it is always important to know how much to borrow. How much you can borrow
will depend on several factors including:
An important factor to consider is how comfortable you are financially to repay the proposed loan. It is imperative that you do not over stretch yourself, it is best if you sit down and work out a budget and understand how much you have left over to repay a loan comfortably. You should also factor in interest rate movements as this will affect your repayment amount.
In addition to a deposit, some of the other costs would include:
This is a government cost that is usually the biggest expense outside the purchase price of the property.
Stamp duty varies between the states and territory. A great website is available for guidance on what the
approximate stamp duty cost would be in your relevant state: www.stampdutycalculator.com.au
This includes establishment fees and will vary depending on the Lender and the loan product chosen. It is
important to note that you may also require Lender’s Mortgage Insurance (LMI) depending on your deposit
size.
Conveyancing is the process of which a property’ sownership is transferred from the current owner (the
vendor) to the buyer. A conveyancer is a legal representative that specialises in this field. Either a
conveyancer or solicitor will review your Contract of Sale and ensure appropriate checks are
conducted on the property with local government agencies.
It is always recommended that prior to purchasing a property, you hire professionals to inspect theproperty for
structural defects, concerns, pest infestations, anything that could potentially cause damage to your property.
There are many options available in relation to how much you will need to come up with as a deposit.
Depending on your situation it could vary from 3%-20% . Sitting down with your trusted mortgage professional
will ensure you know which options are available to you.
Conditional pre-approval is an indication from a lender that you’re eligible to apply for a home loan up to a
certain limit. It can show sellers you’re serious about buying and you can be confident that you can afford
the property.
Mortgage Refinancing Advantages – Refinancing is where a client obtains a new mortgage often to reduce monthly payments,lower interest rates, take cash out for large
Buying your first Property Before you start looking for a home there are several key details to consider such as: What savings do you currently
SMSF LENDING In 2007, legislation made it possible for investors to borrow within their self-managed super funds (SMSFs).Since then, according to the latest statistics released
Real Estate for your World Our Service Helping people buy and sell properties since 2007 Purchasing a property can be overwhelming and the mortgageprocess can
Nutmeg has the perfect loan for you. Whether you’re buying your first home, upgrading, downsizing, or investing, we’re here to guide you every step of the way. Found your dream home yet? Let us help make it a reality!