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Purchasing process
 

Credit Report
The first thing to do is obtain a copy of your own credit report. You can do this for free by going to www.mycreditfile.com.au  Review the report to see if there is any mention of credit problems and address these before making a loan application. Your ability to borrow is greatly dependant on what that report says.

Employment
To qualify for a home loan you must be in a position to demonstrate that you are able to afford the loan. To do so you must be in stable employment with income you are able to ‘prove’. If you are self employed and are looking for a low doc loan. You will need to have a very significant deposit in addition to the FHOG (anywhere from 20% to 40%).

Do Your Homework on the Price
Monitor the area you would like to purchase in to understand the local market. Be careful not to buy the first property you see. Take your time to ensure that you do not overpay.

Loan Pre-Approval
Make sure that a lender of your choice has given you a formal pre-approval letter before going out to purchase. Unless you do that there is a risk that your application may be declined and you could lose your deposit.

Check Out the Property
If you are purchasing an existing property it may be worthwhile to ensure that it is structurally sound. Also make sure that you know what you are buying. What is the property title like? Sometimes all in not what it seems. We strongly recommend that you get a local firm of solicitors to assist with reviewing property title and purchase contact


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 First Home Buyers

     First Home Buyers Info
     FHOG - Do You Qualify?
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      your Mortgage
     Purchasing Process
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     Do I Need A Guarantor?