Firstly you need to know if you qualify for a home loan. We can assist you by providing you with a Credit Rating Health report, which will give you a good indication as to whether you will qualify for a home loan or bond. If you have a poor credit rating but already own another property all is not necessarily lost. We might be able to help. We can settle your debts or do a debt consolidation process and restore your creditworthiness, thereby helping you obtain the mortgage finance you require.
There are a few things you have to know in order to make sure that the rest of the buying process runs as smoothly as possible.
Most importantly, you have to find out how much you can borrow. The loan amount is calculated based on your household income, monthly credit commitments such as loans and credit cards are also taken into account. The affordability calculator will give you an idea of bond amount that you may qualify for. Click here to use our cost/repayments mortgage calculators to assist you in making the right decision.
Stretching your finances to the limit could prove very costly in the future. What we suggest is that you find out how much your monthly bond repayment will be and whether you will be able to afford them.
Once you've got an idea of how much you can afford, the next step would be to consider where you want to buy your new home. Accessibility to work and schools are worth careful consideration, as are the location and quality of shops, doctors and schools.
Contact local estate agents and ask them to send you details of properties that meet your requirements, or you can search using the internet.
The next step is to secure a home loan or bond. This is where BetterBond is at your service to ensure that you obtain the best interest rates possible, with no fuss, or cost to you.
There’s no running around for you to do as BetterBond does the work on your behalf applying to all the major banks for the best possible homeloan or mortgage terms available. Fill out only one set of documents and and we'll set out the home loan choices that suit you best.
Once you have found the property you want to buy, it's time to put in an offer.
Remember that the asking price is how much the seller hopes to get for the property - not necessarily how much they realistically expect - and your first offer can be below the asking price.
Once you have made an offer, it is up to the seller to accept or reject it.
It is also possible that other buyers are putting offers in at the same time, so it's a good idea to research into the typical price of such a property or you may find yourself caught in a bidding war.
If the seller does reject your first offer, you can always put in a higher offer later.
The safest way of purchasing a home is to have your estate agent or attorney draw up the Offer to Purchase Document for you.
They should then thoroughly explain each and every clause. This will guarantee hassle-free paperwork and avoid disappointments.
The Offer to purchase is a binding contract once it has been signed by all parties concerned. The verbal sale of property is invalid.
You as the buyer are responsible for payment of all costs and fees in regard to registration of the bond and for the transfer duty.
Make sure you budget for this expense!
Once the contract is signed and the money required to buy the property is handed over, all you have to do is to arrange to move in. The date you move in is agreed by you and the seller, and you should remember that you are legally bound to complete on the agreed date.
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