First Home Buying Simplified

Buying your first home can be a daunting process. Simply Home Loans simplifies this process with the three P’s:

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.