Getting a Home Loan in Australia if you're living overs...
29 Nov 2023
Whether you’re buying a home or making a property investment, it will probably be one of the biggest single purchases of your life. That’s why it’s important to avoid a costly mistake.
Searching for the right property can take a lot of time, so we’ve come up with 10 ways to save time during your property search.
Before your do your property search, work out your budget. Keep in mind that having a deposit of 20 per cent of the purchase price will reduce the cost of getting a loan to buy a property.
Ask your mortgage lender how much you can borrow, so you’ll know how large a loan you qualify for.This will determine what houses you can afford and how much your monthly repayments will be.
Write a checklist of the features you want in a property. Do you want a four-bedroom house? A swimming pool? An open floor plan? Knowing what you want before conducting your property research can save you time.
With the plethora of properties listed online, going to real estate websites is the easiest and the most convenient way you can search for a property. Plus, you can setup alerts and customise your search based on your preferences for price, home features and locations.
If you prefer talking with a person when searching for a property, you can go to a real estate agent to help you with your property search. Tell them what type of property you want and your budget, they might be able to give you a heads up on new properties coming to the market. Making friends with a real estate agent can sometimes make all the difference when finding the right property.
Are you very specific about the location you want? You can try driving around the neighbourhood you want to live in and look for ‘For Sale’ signs which will have the seller's number listed on them.
Try to visit as many open houses as possible. You can schedule one whole day of seeing all the open houses in a certain area.
You can ask for help from your family and friends with your property search. You never know, they might actually know of a property that meets your criteria and budget.
When you visit a property, you can take your own pictures or videos of the house so you have a more personal view of the property. Make sure to ask for permission first. Taking notes on each property you visit can also help with your property research. This way it’s easier to narrow down your prospective properties.
Have you narrowed down your property search? It’s time to compare and weigh the pros and cons of the homes and check which will best fit your requirements and budget.
While house shopping is an exciting adventure, it can also be stressful if you waste a lot of time. But if you follow these techniques you can save time and make the right choice.
As Australia's leading online lender, loans.com.au has been helping people into their dream homes and cars for more than 10 years. Our content is written and reviewed by experienced financial experts. The information we provide is general in nature and does not take into account your personal objectives or needs. If you'd like to chat to one of our lending specialists about a home or car loan, contact us on Live Chat or by calling 13 10 90.