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5 ‘do’s for First Home Buyers
1 March 2020
Do speak to a Broker
Think of your Broker as a professional resource in the same way you think of your accountant, financial planner or solicitor. We are in the business of building ongoing relationships with our clients and to think of your best interests not those of the bank. We will work with you and for you. Regulations in the broking industry are continuing to improve across Australia and reputable brokers undergo professional development in order to keep up to date with regulations and laws. Look for brokers with industry accreditations – you may even like to call the industry watchdogs to confirm the broker’s accreditations and reputation. There are a number of government grants and benefits for first home buyers that a broker can explain to you and assist you in their application.
Do your homework
There is much to consider and plenty to think of when you are looking at buying your first home. That’s where we come in!
- Where and what can I buy?
- How much deposit will I need?
- How much can I borrow?
- Who should I borrow from?
- What are all the other costs involved?
- How can I repay my mortgage quickly?
- What other decisions do I need to make during this process?
Do get yourself a credit check
The lender we choose is going to do a credit check on you. If you are not sure that you have a ‘clean slate’ let’s check it out before you apply. If something does appear, you are then aware and you can advise the agency immediately and look to have the infringement removed. Infringements on your credit check can limit the borrowers that will look to approve your lending scenario – it’s best to know upfront! Call us and we can order one for you! You will need to sign our privacy form and provide a small fee but this allows you to be informed and prepared.
Do look to get a building and pest inspection and ‘test drive’ the home
Enlist the services of an authorised pest and building inspector. The inspector will provide a written report showing any faults in the property and whether they can be repaired. It is a little like getting a mechanic to look at a car before you buy – but on a bigger scale! And just like buying a car, think of buying a house with a test drive. Do the doors close? Do the taps work? Do the lights turn on? At Mulcahy & Co we have a ‘Test Drive Checklist’ available for all of our clients and is available upon request.
Do get EXCITED!
We want you to have that ‘first step over the threshold’ of your first home feeling that we did. This is an amazingly exciting time for you as a First Home Owner and we want it to be just that. Stress and worry free is a part of our service. We go above and beyond to help you realise the dream of buying your first home. BUT it doesn’t stop there! We understand that your first home loan will not necessarily be your last. We are your ‘ally’ to negotiate through the maze of borrowing options.
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