First Home Buying Simplified
Buying your first home can be a daunting process. Simply Home Loans simplifies this process with the three P’s:
- Processing settlement
- Set a savings goal
- Start a monthly budget
- Plan for total costs involved in buying a property not just the purchase price
- Meet with your Simply Home Loans specialist to obtain a pre-approval. This will help you when looking for property and negotiating a price. Knowing how much you can borrow and the deposit required makes the planning phase much more effective
- Choose a solicitor/conveyancer to handle the contract of sale
- Pre-approval, check, found the property, check. Time to make an offer. Once accepted a Contract of Sale will be drafted and you will be required to sign the contract. At this stage, generally, you will be required to pay a holding deposit.
- Organise a meeting with your Simply Home Loans specialist to complete the home loan application and if you meet the criteria a First Home Owners Grant Application Form.
- Conditional approval (subject to valuation and any specific conditions in your contract), check.
- Arrange home insurance, once the contract goes unconditional generally the bank requires that you are required to hold insurance over the property.
- Arrange for your building and pest inspections, pool safety inspection (if applicable).
- The valuation is generally conducted by an independent valuer appointed by your lender.
- Once the inspections pass and the valuation is in and passes contracts will be exchanged.
- Your solicitor can now advise the vendor’s solicitor that you are proceeding with the purchase and your 10% deposit will be payable. Don’t have the cash up front? No need to worry, your Simply Home Loans specialist can arrange for a Deposit Bond to have the monies taken from the loan amount.
- Final contracts are exchanged. Settlement generally takes place between 28 to 90 days from the date of the contract.
- Loan documents will be sent to your solicitors
- Sign the documents and return them to the bank.
- A date for settlement can now be booked.
- Settlement occurs and keys can be collected from the vendors’ agent.
- Congratulations! Moving day is here!
Ready to take the plunge into property purchasing? Contact a Simply Home Loans Specialist today.