Newsletter
January 2018
How long does it take to buy a home?
While most people make the decision and then rush to www.realestate.com.au, buying a home can take 30 days or six months, depending on a number of factors.
Getting a Loan Organised
Filling out forms or online about your income, assets and liabilities is a necessary step to getting approval on any loan. Pre-approval can cut down on the actual time it takes to buy a house as you will have taken care of much of the required paperwork in advance. However, even the pre-approval process can take several weeks so you can speed up that process by having all your important information – including your credit file report, ready to go. Go to www.mycreditfile.com.au for your free annual copy. We now use bankstatements.com.au/r/b/LSEL which automatically sends us copies of your bank accounts which can make the entire process a lot easier. However, having all your financial information organised and ready to go to send on to your broker, is a rare commodity in our business.
So this year we are running a monthly AWARD for the best organised and responsive client – so watch out as it could be you taking home the GOLD STAR!
Filing – either paper or online, it is vital for all things like payslips, tax returns, Notices of Assessment back from the ATO, PAYG Summaries (which are given to employees each year within two weeks of the end of the financial year at June 30th), and all your accounts to be kept in a safe and organised, easily accessible place.
Do not bother getting a Pre-Approval unless you are actually ready to buy as they are a waste of YOUR and most brokers and lenders time if you do not buy within three months. Lenders tend to put these last in order of priority. But if you are ready, this is your first step.
Finding a home
Now you have a price range, like any long-term relationship, you need to find the items you are prepared to compromise on. We look for homes with “good bones” so a structure you can live with but has the potential for improvement to the look you really desire.
Negotiating a contract
Making sure names are correct – full legal names and lining up your conveyancer prior to purchasing are important steps so you are ready when your real estate agent asks you these important questions for the Contract. Call us if you need some suggestions for people we recommend. We also have a fabulous and very effective process for helping you make offers so call us if you would like a copy.
Settlement
The average time it takes to settle a mortgage is 50 days so it is wise to get a 60 day+ settlement time if possible. However, with a pre-approval in place, 30 days or even less can be achieved.
With thanks,
Quote of the Day:
“Obstacles are those frightful things you see when you take your eyes off your goal”. Henry Ford