The journey to home ownership can be daunting, especially if you’re not familiar with the process of buying a home. Here are 3 tips to help you get prepared.
Doing your research is a great first step to getting started. Being aware of industry terms will help make the process a lot smoother and boost your confidence in making the right choice.
To learn more, you can:
Look up real estate websites to see current listings and prices
Talk to people who’ve been through the process
Seek information from various sources to compare your options like moneysmart.gov.au
Draw up a wish list and identify your priorities. It’s important to differentiate your needs from your wants and match your budget accordingly. Friends and family are often full of advice but you’ve got to determine what’s affordable for you personally. Purchasing a home is a big commitment and would be a very expensive regret if you rushed any decisions. Take your time to find the right house.
House versus unit
Essential number of bedrooms
Availability of local services
For more tips on finding the right home for you, watch this short video
Being organised will make a big difference as buying a home involves a range of service providers including real estate agents, financial institutions, conveyancers and valuers – and they will all want documents from you!
By collecting documentation such as bank statements, payslips, rental receipts and copies of identification, you will be ahead of the game when it’s time to start the home buying process
You’re likely to need:
Personal identification (passport/drivers license)
Income history – payslips, most recent Payment Summary (Group Certificate)
Financial commitments (credit card statements, personal loans etc)
Rental history (lease agreement, rent receipts)
Bank statements – for at least the last 3 months
Missing paperwork can hold up approvals and you don’t want to miss out just because you weren’t organised.
For more home buying tips, check out our Buying a home video
series. With short videos on how to buy a house
and Loan to Value Ratio (LVR)
, you’ll be more confident and ready to get started in the housing market.
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