4 steps to take now for buying your first home in 2024

Thinking about purchasing your own home this year? How exciting!

The dream of homeownership is facing some new challenges, especially for those in their twenties. Recent data from the Australian Institute of Health and Welfare shows the rate of young adults owning a home dropped from 50% in 1971 to only 36% in the latest 2021 Census. Even for those aged 30–34, it fell from 64% to 60%.

But the dream of having your own home is still very much alive!

Here are 4 steps that you can take now, to put you on the path to buying your future home:

1. Start saving early and be smart with money 

Begin your journey to owning a home by saving money wisely. Consider following the 50:30:20 rule – put half your income toward essential items like food and rent, then split the rest between fun stuff (holidays, eating out) and savings. Following this rule has the potential to help you save consistently, no matter how much you make.

Build good money habits with simple changes, like cooking at home instead of ordering takeout, biking to work to save on petrol, or choosing home get-togethers over expensive outings to save up for your home deposit!

Learn more on how you can save for your deposit here.

2. Use credit wisely to avoid debt

Credit cards can be handy, but don’t go overboard. Missing payments or racking up too much debt not only messes with your finances but also hurts your credit score. A bad credit score can make it tough to get the right home loan when you find your dream home!

3. Consider all the costs of buying a home 

Buying your first home means dealing with more costs than just your mortgage. Think about all the associated costs such as:

  • Stamp duty: Stamp duty is a one-off state government tax that’s based on the purchase price of the property.
  • Legal and conveyancing fees: Get a conveyancer, specialised in real estate legalities, to manage paperwork, including the Deed of Transfer. They can address inquiries about property zoning and technical details
  • House inspection and cleaning costs: Once you pick a home, hire professionals to check its condition. This helps you know what maintenance it needs and how much it might cost. Don’t forget the expenses for cleaning and fixing up the property. A cheap deal might turn into a money pit if you go for a fixer-upper!

4. Get help from a mortgage broker

As a mortgage broker, our role is to work closely with a panel of lenders — from the big banks, to the smaller lenders you may not be as familiar with — to ‘shop around’ in the home loan market on your behalf. But our job isn’t just about comparing home loans. We stay on top of market trends and changing lender requirements, so you can be confident in the recommendations we provide.

Even before you are ready to buy a home, we can offer valuable support by explaining the home buying process and working with you to ensure you achieve your property goals.

So, if you’re planning on making your home ownership dreams a reality this year, get in touch to team up with us today! 

5 rules successful property investors follow

The wonderful thing about property investing is that it opens your world up to different ways to potentially build your wealth.

However, Australian Taxation Office figures released last June showed that a quarter of Australia’s property investments are held by 1% of taxpayers. The majority of those investors are over the age of 50.

If you don’t fit into this category, all hope isn’t lost! You can still approach property investment strategically now by following these 5 common rules successful property investors abide by.

1. They plan strategically

Successful property investors have a clear understanding of their investment strategy and long-term goals.

They know how much risk they are prepared to take on and this helps them to decide on the type of property investment that’s right for them.

They understand their borrowing capacity, stick to their budget and plan for contingencies (like major repairs) to avoid overstretching financially.

2. They understand volatility

As a property investor, it’s important not to panic at the first sign of a downturn or change in the market.

Experienced property investors understand that often the best gains are made over the long-term. Sometimes it pays to ride out the storm and prioritise sustainable growth over quick gains.

Knowledgeable investors also diversify. That might mean buying in different states or territories in order to mix things up and mitigate risk.

In 2023, we saw why diversification was so important, with the rate of home value growth varying greatly across the capital cities. Values rose at more than 1% each month on average across Perth, Adelaide and Brisbane after May, while in Melbourne and Sydney the pace of growth slowed sharply after the June cash rate hike.

3. They don’t procrastinate

If you wait and wait until the perfect time to invest, you may end up missing the boat.

Savvy property investors do their research and set their cards up, so that when an opportunity arises, they are ready to act. Having your finance pre-approved and ready to go is a great place to start.

4. They keep emotions out of their decisions

Property investment is about buying with your head, not your heart. Successful property investment requires a strategic approach, focusing on data and long-term returns rather than personal preferences. Remember, it’s your tenants who will make a home of the property, not you.

Investors who thrive in the property market are those who approach their investments with the acumen of a businessperson, focusing on the numbers and potential for growth.

This approach includes staying informed yet discerning, filtering through the noise of speculative media narratives to focus on solid, evidence-based decision-making.

5. They rely on specialists

Successful property investors know there’s only so far self-education can take them. You can listen to property investment podcasts and learn as much as you can from property investment books, but you’ll still need the right specialists to guide you through your property investment journey.

Mortgage brokers, real estate agents, financial planners, accountants, conveyancers, buyers’ agents, property managers – all of these professionals may help you make better, considered informed decisions.

Looking to invest in 2024?

Whether you’re new to property investing or want to grow your existing portfolio, we’re here to support you. 

Talk to us about getting pre-approved on your finance so that you’re ready to start 2024 on a high – with an investment property purchase. Get in touch today.

Refinancing a home loan: the process explained

When you’re busy with life, refinancing can seem like a hassle. However, with a mortgage broker to guide you through the process, it doesn’t have to be!

Refinancing may allow you to switch to a more competitive home loan, thereby potentially saving you money in interest.

It can also help you achieve other goals, like using different finance options to renovate your property or consolidating your debt and paying it off more efficiently. You may even consider refinancing to access equity to buy an investment property or another big-ticket item like a pool.

Here are the steps involved in the refinancing process:

Step 1: Work out your financial goals

Do you want to find a loan with a lower interest rate? Perhaps you’d like to explore some of the interest-saving loan features that are available nowadays, like offset accounts and redraw facilities?

It’s important to understand what your financial goals are so that we can help you to access the finance you need to achieve them.

Step 2: Compare home loan options 

Next, it’s time to do some research.

Trying to understand all the different home loan options available and consulting with different lenders can be time-consuming and overwhelming. Instead, get us to do the hard yards for you.

We can explain which home loans may be suitable and help you narrow down your options.

Step 3: Submit your loan application

Once you’ve decided which home loan is right for you, we’ll take care of your mortgage application.

Just like when you applied for your original loan, you’ll need to supply certain documents. These usually include identification, proof of income, home loan statements, and records of living expenses, liabilities and assets.

The new lender may also require a property valuation. This helps them to determine how much they are willing to lend you.

Step 4: Discharge your existing loan and settle your new one 

When your chosen lender approves your new loan, we will let your current lender know you plan to discharge, or pay out, your existing loan.

We’ll keep you informed throughout the settlement process and let you know when your new lender has paid out your old loan.

Step 5: Start making repayments

After settlement, you’ll receive documentation explaining the ins and outs of your new loan. Then, it’s time to start making repayments.

All up, for most cases the process of refinancing usually takes anywhere from four to eight weeks. The timeline depends on the lender, how quickly you submit the required paperwork and the strength of your application. Some lenders may offer a fast-tracked service.

Ready to get started?

As you can see, refinancing may not be as hard you think. If you’re interested in comparing what loan options are available for you, get in touch with us today.

5 reasons to go house hunting this holiday season

Ah, the holidays! It’s not just about the Christmas cheer and soaking up the Aussie summer sun. It’s also a fantastic time to go house hunting.

Here’s why hitting up those open homes during the holidays could be a really smart move:

1. Eager sellers alert!

Spring is usually the time when everyone’s out buying houses, so if a place is still up for grabs by summer, the seller is probably itching to make a deal. With this year’s spring auctions not as hot as usual, there could be lots of choices out there. This means sellers might be more up for a chat about dropping their prices.

2. Less rush, more bargaining

Looking for a house in spring can be busy, with an increased amount of people out inspecting properties. But during the holidays, a lot of folks are busy with other stuff, so there are fewer buyers around. This means less competition for you and a better chance to negotiate a good price.

3. An opportunity to lock in current prices before further increases

With the trend of rising property prices, purchasing a home now – even at a higher rate than last year-might be a wise decision. Prices could continue to climb, so buying during the holiday season might mean securing a property before it becomes even more costly.

4. Time is on your side

Buying a house takes a lot of looking around and thinking. But with some time off during the holidays, you have more time to go to houses inspections and think about what you want, without the rush of everyday life. It’s all about using that holiday time wisely.

5. Transactions are completed sooner

During the holidays, everyone (including real estate agents and sellers) wants to get things done before the new year. So, you might find that the process to finish buying a house could be accelerated. Plus, sometimes, special options for home loans become available during this time.

So why not mix things up this summer? Take a little break from the beach and see if you can land a great new place.

If you’re thinking of buying a property in the coming months, talk to me about getting pre-approved for a home loan now. Who knows, you might just start the new year with a new home!

2023 in review, what to expect from 2024

It’s hard to believe that it’s almost the end of the year, and what a year it’s been in the property world!

Let’s take a look at some of the highs and lows of 2023, and what we can expect to see in 2024.

Looking back on 2023

Interest rates climbed and then plateaued

From May 2022, the Reserve Bank of Australia (RBA) began an aggressive cycle of tightening the cash rate in order to get inflation under control.

In 2023, we saw the RBA lift the cash rate in February, March, May, June and November, leaving mortgage holders grappling with rising repayments and cost-of-living pressures.

This month, the cash rate has remained on hold at 4.35% as the RBA assesses the impact of the increased interest rates and the economic outlook.

The RBA went under the microscope

In April 2023, Treasurer Jim Chalmers released the findings of the Review of the Reserve Bank. It was the first external review of Australia’s central bank in four decades.

Some of the key recommendations included:

  • The RBA should have a ‘monetary policy board’ with greater economic expertise and shift to eight meetings a year (instead of 11) to allow more time to consider issues.
  • There should be a press conference after each meeting to encourage more transparency, and board members should speak publicly about the board’s work.
  • Two separate boards should be established – one for monetary policy, the other for governance of the RBA.
  • The inflation target of two to three per cent should be retained.
  • There should be five-yearly reviews of the RBA’s monetary policy framework and policy tools.

Meanwhile, Michele Bullock was appointed as the RBA’s first female Governor, taking over from Philip Lowe on September 18. She said her priority was to develop a “culture of sharing, debate and respectful challenge” inside the bank.

Property prices rebounded in many markets

In good news for homeowners, property prices climbed in many markets in 2023.

Despite rising interest rates, we saw a 2.3% increase in property prices over the first six months of 2023, and the upwards trend continued in the second half of the year.

A lack of supply of available properties was one of the main driving factors propping up property price growth.

Rents skyrocketed

Rents across Australia rose at a rapid pace in 2023, with landlords hiking rents to cover rising mortgage repayments.

Limited rental supply added fuel to the fire, set against the backdrop of a surge in Australia’s migrant population growth.

What’s ahead in 2024

Interest rates may drop

All four of the Big Banks are predicting the cash rate will drop in 2024.

Commonwealth Bank expects a cash rate drop as early as March, while NAB is anticipating the RBA will cut the cash rate in August. Westpac believes the RBA will lower rates in September and December. ANZ anticipates a cash rate drop towards the end of 2024.

The RBA will have a shake-up

Treasurer Jim Chalmers and RBA Governor Michele Bullock are working through the details, but we will likely see some of the recommendations of the RBA review implemented in 2024.

Former governor Philip Lowe in July committed to cutting the number of board meetings to eight from 11 from next February.

For borrowers, that means there will be more time between decisions for borrowers to adjust to any changes in the cash rate.

Property prices may continue to climb

The property price rebound looks set to continue into 2024.

According to the Domain Forecast Report Financial Year 2023-24, house prices in Sydney, Adelaide, and Perth, and unit prices in Brisbane, Adelaide and Hobart, could have fully recovered from the 2022 downturn by the end of this financial year. Sydney is expected to lead the way, with house prices rising 6% to 9% by the end of June 2024.

Rental growth may slow

It may not be great news for investors, but renters will be happy to know that rental growth may slow in 2024. There are a number of reasons for this, according to CoreLogic Head of Research Eliza Owen.

For one, rents move with interest rates, and interest rates could fall next year.

Housing preferences could also change, with people moving to share houses as income growth softens and rents become less affordable.

Planning a 2024 property purchase?

With interest rates expected to come down and property prices on the rise, 2024 is shaping up to be an exciting year for property owners.

If you’re planning a property purchase, talk to us about getting pre-approved on your finance, so that you’re ready to dive in when you find the right property.

Your home loan application checklist

Planning to purchase a property in the near future?

Here’s what you can do today to optimise your chances of being approved for a home loan down the track.

✅ Do your research

It’s a good idea to do some research and start thinking about what kind of home loan may suit your needs.

If you like the idea of knowing exactly what your ongoing repayment will be so that you can budget for it, a fixed home loan may work for you.

However, keep in mind there’s talk of interest rates going down in 2024. Opting for a fixed rate loan means you won’t benefit from a drop in interest rates.

If you prefer to have flexibility and don’t mind the idea of your interest rate potentially fluctuating with any cash rate changes, a variable home loan may be more up your alley.

As a mortgage broker, we can explain the ins and outs of fixed versus variable mortgages, plus how you may benefit from interest-saving features such as offset accounts and redraw facilities.

✅ Clean up your credit rating

When you apply for a home loan, lenders look at your credit report.

If you don’t know much about this, your credit report includes a credit score – a value up to 1000 or 1200 depending on the credit reporting agency – which indicates how reliable you are as a borrower. It includes information about how you’ve managed any past or current loans or debts, as well as your repayment history.

You can get a free copy of your credit report every three months from the following credit reporting agencies:

If you notice something’s amiss, get in touch with the agency to sort it out promptly (find tips here).

And be proactive about keeping your credit report clean by:

  • Paying your bills on time;
  • Limiting applications for credit;
  • Paying off your credit card; and
  • Reducing your credit card limit.

✅ Domino your debts

Now’s a good time to pay off any debts where possible. That means knocking over any personal loans, car finance, outstanding credit card bills or other debts.

When assessing your home loan application, lenders will consider your income, expenses and existing debts, among other things. If you can show them that you can cover your existing debts with surplus money to cover the home loan repayments, it can enhance your credibility.

✅ Get busy saving

The bigger deposit you can save, the more attractive you’ll be as a borrower to lenders. Usually, it’s best to aim to save 20% of the value of the property.

Having said that, there may be other ways to get into the market if you don’t have a sizeable deposit saved. For example, some lenders will still accept borrowers with a deposit of 5%, provided they meet certain conditions.

Keep in mind if you borrow more than 80% of the property’s value, you may need to pay Lenders’ Mortgage Insurance.

✅ Avoid switching jobs

Employment stability is important to lenders. They want to know that as a borrower, you have healthy spending habits, a solid credit history and long-term secure employment.

Moral of the story? Try not to switch jobs if you are planning to buy a property in the foreseeable future.

✅ Get the ball rolling

If you’d like to talk through the first steps of getting a mortgage, we’re here to help. We are a licenced financial advisory firm, we can also assist you in buying property and structuring your finances in the best way that will suit you.

We can organise pre-approval on your finances so that you can start shopping for the right property. Get in touch today.

5 Tips that can take the stress out of settlement day

You’ve picked out your dream home, your offer’s been given the thumbs up, and now there’s just one big step left – settlement day.

Settlement day is a mix of fun and formalities. As mortgage brokers, we’re here to make sure it all ticks along without a hitch. Read on for a lowdown on what settlement day involves and some handy hints to make sure it all goes off without a snag.

What’s settlement day all about?

Settlement day is the final step in your home-buying journey – it’s when the property is legally yours and you get those new keys. Your conveyancer and mortgage broker will sort out the complex stuff, ensuring you’re clear on every detail, from insurance to lender requirements. The actual settlement date is indicated in your contract. We’ll review it together before you agree to anything, to ensure there are no surprises.

What happens on settlement day?

On settlement day, it’s important that you’ve:

  • conducted a final inspection of the property;
  • arranged building insurance immediately after the contract is signed by the seller; and
  • worked with your conveyancer to ensure all documents needed for the title transfer are ready.

On this big day, your home loan provider and conveyancer will meet with the seller’s representatives to:

  • finalise the payment of the purchase price, including any applicable government fees and duties.
  • complete and file all legal paperwork with the relevant authorities.
  • officially transfer the title to your name, confirming your ownership of the property.

Once all documents are in order and the process is complete, the settlement is final. Congratulations! The home is officially yours, and you can collect the keys.

Getting ready for settlement day

1. Meet with your mortgage broker early

It’s smart to get advice from those in the know. Talk to us before you even start house hunting. We can help set up your home loan pre-approval and support you all the way through – from finding the right place to handling the paperwork, right up to the big day and after. Reach out to us if you need help with your conveyancer search.

2. Choose a good conveyancer

A conveyancer knows all about property law and will guide you through your rights and what you need to do during the settlement. They handle all the legal bits and pieces and make sure the property title moves from the seller to you without a hitch.

3. Set a settlement date that fits your schedule

You may be able to choose a settlement date that works better for you, especially if you’re trying to coordinate moving out of your old place. You’ll usually have between 30 to 90 days after signing the contract to get everything in order. Loans, paperwork – there’s a bit to do, so let’s talk about what timeline works for your situation.

4. Stay sharp about the paperwork

We’ll take care of the loan application and make sure your pre-approval is on track. But you’ll need to fill out and return all your paperwork promptly to avoid any hiccups. It’s important to get it right. So, don’t hesitate to seek advice from legal experts.

5. Enjoy the journey

It’s normal to feel a bit nervous as settlement day gets close but try to enjoy it. With a good team behind you, we’re aiming for a smooth experience.

Get in touch early, and let’s make this happen together.

5 ways to finance your renovation

Are you looking to transform your totally loveable but slightly daggy property into your dream home?

With property prices on the rise in many markets, renovating may be a more suitable option for many people rather than moving on to another property.

Whether you’re looking to rework your garden into a tropical oasis, update your 1960s bathroom or remodel your retro blue kitchen, there are several ways to fund your renovation.

1.    Use your equity

Equity is the difference between the value of your property and what you owe the bank.

Say you owe $500,000 and your property is valued at $1 million. Your equity is $500,000.

Generally speaking, borrowers can access up to 80% of their home’s equity, but it does depend on the lender and what your plans are with the money. If you borrow more than 80% of your property’s value, you’ll likely have to pay lenders’ mortgage insurance.

If you’ve paid down your mortgage somewhat or the value of your property has increased, speak to us about whether you could use your equity to fund your renovation.

We’ll explain whether you can top-up your existing loan and how that may affect your repayments, interest payable and loan term.

2.   Refinance your home loan

Another option to consider is refinancing your home loan to fund your renovation goals.

By refinancing, either with your current or to a new lender, you could increase the amount you owe to the bank and thereby gain access to renovation funds.

Talk to us and we’ll assess whether it may be beneficial to refinance and run through any costs involved.

3.    Redraw funds

If you have a redraw facility and you’ve been making extra repayments on your home loan, you may be able to redraw those funds for your renovation.

Keep in mind that you’ll only be able to access whatever additional payments you’ve made. This may work for smaller renovations, but if you have a more costly renovation in mind, you may have to explore other finance options.

4.    Take out a construction loan

If your renovation involves a knock-down rebuild, an extension, or major structural changes like adding rooms, a construction loan may be worth considering.

Construction loans differ from regular home loans in that the lender releases portions of the loan in stages as the property is built.

Usually, you make interest-only repayments during the construction phase. Once the renovation is finished, you can start making principal and interest repayments.

5.    Apply for a personal loan

Smaller renovation projects may be financed with a personal loan. There are two options to consider.

A secured loan means you use one of your assets, such as a vehicle, as collateral for the loan. Secured personal loans usually have lower interest rates than unsecured loans, where no asset is required as security.

Unsecured loans, on the other hand, don’t require collateral. While this means you won’t risk losing an asset, unsecured loans typically come with higher interest rates, lower borrowing limits, and shorter repayment terms compared to secured loans.

Ready to get started?

Renovating can increase the value of your property and boost its comfort factor.

Whatever your reno goals, we’re here to work through the finance side of things to help get your project off the ground.

Get in touch today for tailored financial advice to meet your unique needs.

4 Common Property Investment Mistakes

Diving into the world of property investment can be both exhilarating and daunting. With the potential for considerable returns, it’s tempting to jump right in. However, it’s essential to be aware of common pitfalls and arm yourself with strategies to navigate them.

Here’s a guide to help you avoid four common mistakes when buying your first investment property.

1) Poor Cash Flow Management

Understand Initial Costs: Before even looking at properties, familiarise yourself with the initial costs associated with buying. This includes stamp duty, legal fees, and inspection costs.

Anticipate Ongoing Expenses: Owning a property isn’t just a one-time purchase. There are ongoing costs like council rates, water bills, insurance, and potential repair costs. Setting aside a contingency fund may save you from financial stress down the line.

Budgeting is Key: A detailed budget will be your roadmap. It helps you identify potential financial challenges and address them proactively. If budgeting isn’t your strong suit, consider seeking financial advice or using budgeting tools and apps.

2) Falling For Rental Guarantees

The Allure of Guarantees: On the surface, rental guarantees — where a vendor promises a specific rental income — seem attractive. But it’s crucial to dig deeper. Often, the cost of these guarantees is embedded in the property’s purchase price. This means you might be paying a premium without realising it.

Market Rate Comparison: Always compare the guaranteed rate to current market rates. If the guaranteed rate is significantly higher, be cautious. When the guarantee period ends, you might struggle to attract tenants at a similar rate.

3) Risky Off-the-Plan Purchases

Potential Savings vs. Risks: Buying off-the-plan may be more affordable than buying an existing property. However, it’s essential to be aware of the associated risks.

Delays in construction can affect your financial plans, especially if you’re paying rent or another mortgage while waiting. Another potential problem with buying off the plan is that you can run into issues with securing finance. Some lenders may offer conditional approval (finance in principle) for off-the-plan purchases before construction starts, but they won’t actually loan you the money until the property has been constructed and they have performed a valuation on the finished product.

Valuation Changes: The property market can be volatile. By the time your new property is ready, its valuation might differ from your purchase price, affecting your loan-to-value ratio and potentially increasing your loan costs.

4): Trying to Do It Alone

Understanding all the ins and outs of buying a property can be tricky. From finding the right property to suit your investment goals to securing a home loan that meets your specific needs, the process can be a bit of a minefield.

That’s where we can help. As a mortgage broker, we can do the hard yards for you, from explaining your borrowing capacity and creating a purchasing budget, to providing professional advice about the right loan product and structure for your specific financial situation and goals.

As a full service advisory business, we can assist you with your property strategy, buying the right property and the lending  – check out services

Ready to start?

If you’re keen to start your property investment journey with confidence, reach out to us. We’re here to guide and support you every step of the way.

Home loan application process explained

Are you planning to purchase your first home or investment property?

It’s an exciting time and nothing compares to the feeling of holding the keys to your very own property in your hand.

If you’re new to buying property, here’s how the home loan application process works.

Understand your borrowing power

When it comes to buying a home or investment property, the first step is to get a clear picture of your borrowing power and budget.

How much can you afford to spend on the property? What repayments can you reasonably cover?

Having a budget in mind will help you narrow down your property search and avoid overspending. Touch base with us for some preliminary insight into your borrowing capacity.

Choose a lender

Next, it’s time to see what loans are available and get a feel for the different lenders. The easiest way to do this is to have us compare the market for you.

We’ll get to know your financial situation and goals before recommending a suitable home loan.

Get pre-approved

Once you’ve decided on a lender, we’ll get the ball rolling with pre-approval on your finance.

This is when a lender agrees, in principle, to lend you a certain amount of money. It’s also referred to as ‘approval in principle’ or ‘conditional approval’.

You’ll still need full approval down the track, but getting pre-approved allows you to bid or make an offer on a property with confidence.

Gather the necessary documentation

You’ll need to supply a range of documentation to support your pre-approval application.

Requirements can differ from lender to lender, but generally speaking, they’ll typically want to check your:

  • Proof of identity
  • Proof of income and employment
  • Credit score
  • Deposit and savings history
  • Expenses
  • Assets and liabilities.

We can walk you through the paperwork and ensure nothing is missed.

Review the pre-approval offer

If the lender decides you’re a suitable candidate for a loan, they will issue you with a pre-approval letter.

Remember that pre-approvals are not a definite guarantee that you’ll get a home loan. You’ll still need to meet the conditions stipulated by the lender.

Pre-approval shouldn’t cost anything. There’s also no obligation to take out a full home loan with that lender.

Typically, pre-approvals are valid for three months.

Find a property and make an offer

After pre-approval comes the fun part – house hunting. Once the right property comes along, it’s time to make an offer.

You’ll need to decide at this point whether to stick with the lender that gave you pre-approval or shop around for another home loan.

Complete a full mortgage application

The final step is to complete the full home loan application for unconditional approval.

If you decide to go through the same lender that gave you pre-approval, most of the documentation will probably have already been completed. We’ll walk you through any other requirements needed.

As part of your application, your lender will likely get an independent valuation of the property. This helps them determine the risk involved in lending you the money.

If all goes well and your mortgage application is approved, the lender will send you an unconditional loan approval letter. It’s a good idea to have your solicitor or conveyancer review everything to make sure it’s in order before you sign the loan documents.


Finally, it’s time for settlement. At this point, the lender will certify that your documents are in order and advance the home loan.

Your legal and financial representatives will meet with the seller’s representatives to swap documents and lodge the transfer of title. Stamp duty is usually paid at the same time as settlement.

Then the property is all yours!

Ready to buy?

As a first-time buyer, getting your head around the home loan application process can be daunting. That’s where we come in.

Mortgage brokers may take the stress out of applying for a home loan. We have access to a wide range of lenders and understand which home loans might work for your specific financial circumstances and goals.

Let’s chat about your property purchasing plans. Get in touch today.