10 Tips to Making the Australian Dream Come True

Buying a first home is one of the most important decisions a person can make, but it can be a complex process. Coldwell Banker offers tips for first-time homebuyers with a checklist of the 10 essential steps to help make the process smooth and successful.

Step #1 - Ask Your Lender About Available Mortgage Programs: An experienced mortgage company should be able to work with you one-on-one to determine exactly which mortgage programs will meet your individual needs and what you can qualify for based on your personal information. Applicants with higher credit ratings and/or higher levels of financial reserves generally receive more competitive mortgage rates. But with hundreds of available mortgage programs, there is usually one to meet the needs of almost any homebuyer. For Further information click here to view our Mortgage Centre

Step #2 - Research the Terms of the Mortgage: Different mortgage lenders have varying price structures that can affect the amount that you pay for your home. An annual percentage rate includes the actual interest rate on the loan, as well as certain fees and costs associated with the loan.

Step #3 - Get a Pre-Qualified Loan Commitment: Even before the house hunting begins, homebuyers need to determine how much they can afford. Mortgage companies or other lending institutions provide pre-qualified loan commitments. Sellers often do not take an offer seriously unless the prospective first-time buyer has some assurance of creditworthiness from a mortgage company. Shopping for a home with a pre-approved mortgage enables a customer to negotiate as a cash buyer and submit an offer on a home with confidence that the mortgage will be issued and the sale will be completed.

Step #4 - Do Your "Home-work": Be sure to go online to sites such as coldwellbanker.com.au to check for listings, neighborhood information, current mortgage information and home ownership services. The right amount of research will help you to better understand the marketplace and homes available in your price range.

Step #5 - Make a Checklist: To help make the home buying process a little easier, homebuyers should create a checklist of the important features they want in a home. Location and the number of bedrooms and bathrooms are usually important. Other important questions to answer: What will the commute to work be like? Are there shopping centers, parks, and schools located near the home?

Step #6 - Identify a Solicitor or Conveyancer: You will need a solicitor or conveyancer during the purchase process. Things may happen quickly when you find the right property, so best to have a hand-picked professional ready to go when you are. You may choose to do the conveyancing yourself, but we recommend professional assistance.

Step #7 - Make an Offer: Once you find the right house, make an offer. Make sure that your offer is contingent on your ability to obtain adequate financing. Be prepared for counter-offers from other buyers and some negotiation with the seller. Talk to your Coldwell Banker Sales Associate and solicitor/conveyancer about your options to proceed to the contract phase if your offer is accepted.

Step #8 - Hire A Building Inspector: Inspectors will check the house for any required repairs or structural damage. If any repairs are negotiated to be completed by the vendor before you move in, walk through the property prior to settlement and check that such repairs have been completed.

Step #9 - Buy Homeowners Insurance: Lenders require homeowners insurance to protect the new homebuyer's interests as well as their own. There are many providers so shop around for the best rates.

Step #10 - The Settlement: This is where your solicitor/conveyancer pays the vendor the rmainer of the purchase price (less deposit), transfers the ownership of the property to you, and ensures and all other transactions are finalised. Congratulations, you achieved the Australian dream and you are now a property owner!

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