In an increasingly hot housing market, having the right home buying team around you is as important as having your home loan finances sorted out!
Having the right home buying team can help CUT WEEKS from your loan approval and settlement process to get you settled much faster.
So let’s jump right in.
Your to-do list:
Compare Mortgage Brokers
The first step is to find a Mortgage Broker for your needs. For example, a Mortgage Broker who provides guidance and advice may be important to you. Or one who can be easily contacted via text or email.
If you’re hunting in a competitive market look for Mortgage Brokers who are organised and can arrange a reliable pre-approval to strengthen your offer. Or if you’re interested in having lending discounts, ask your potential Mortgage Broker if they have helped people other home buyers similar to you and the discount amount they received.
In addition to all of this, it’s good to work out the Mortgage Broker’s experience and ask a few simple questions:
- ✅ How many years experience do you have as a mortgage broker in Brisbane?
- ✅ What did you do before you were a mortgage broker?
- ✅ Do you own any property yourself? Have you got a home loan yourself?
- ✅ How many properties do you own in Brisbane?
- ✅ What home loan customers do you typically help?
- ✅ How many home loans do you do each week?
- ✅ What is the average home loan size you provide?
These questions will give you an understanding of their background, where they’ve come from, and what they have done.
A property Conveyancer or Lawyer will help put together the loan contracts, arrange property searches and organise settlement with the bank and the property sellers.
The conveyancer or solicitor will take care of the details, particularly around legal documents, transfers, searches and other information that may need to be addressed. They will also be responsible for managing the transfer of money when final payments are being made and calculating outstanding rates and taxes that are payable to settle the property.
There is no legal requirement to engage a conveyancer or solicitor to assist in these areas. As purchasing property is a stressful time it is a good idea to utilise their services to guide you through the complex legal aspects of buying.
It’s ideal to engage a conveyancer or a solicitor prior to signing any contracts, particularly as they may be able to pick up any unfavourable terms or conditions in the contract.
Read More: Why use a Conveyancer?
Conveyancers help protect your rights by reviewing all the documents and disclosures and sort out any issues with getting everything sorted before settlement.
They can range in cost from $800 up to $2,000 and can help avoid penalty interest, and falling into default on your contract so are very much worth it!
Research Building & Pest Inspectors
Unlike a bank valuer, who is a third party contractor that works on behalf of the bank a Building & Pest Inspector works for you. They are usually qualified builders, and their job is to give you a detailed assessment of the condition on a home before you are fully committed to buying it.
A building & pest inspector will look for defects in a home, water and structural damage, and for any major problems that need to be repaired like termite damage.
They look at at a home’s foundation, internal, external walls and even in the roof to see if there are any nasties waiting for you.
A typical Building & Pest inspection can take 1-2 hours, and cost $400 to $600 and is one cost you should not cheap out on.
What you can do with the Building & Pest report is going to depend on how competitive the market is. Minor repairs are (usually) costs that you as the buyer will need to look after.
However, if there are major repairs required it could be time to negotiate with the real estate agent, or walk away from the contract of sale.
Research Home & Contents Insurance providers
Home & Contents insurance protects you and the bank if your home is damaged (or worst case destroyed)! All banks formally require you to have Home & Contents Insurance on the home before settlement.
The costs of Home & Contents insurance depend on the houses value, price and type of property as well as the value of your contents.
It is worth getting a few different quotes and review what is covered, and what is not included.
The good news is you can go online to source or speak with your mortgage broker to arrange.
At Hunter Galloway we work with Allianz and can help arrange Home & Contents Insurance for you – Allianz gives our clients 90 days free cover until settlement.
Read More: What does Home & Contents Insurance Cost?
Bonus: Your Construction Team shortlist
Building a House involves even more people, from Architects to Real Estate Agents to builders, to councils and so on.
A high number of banks and mortgage brokers are not familiar with the construction loan process at all.
And as a consequence, there are lots of challenges in financing a house build, including providing the wrong loan amount or delays in paying the builder.
At Hunter Galloway we specialise in Construction Loans, we have a dedicated Construction Team who will assist you in arranging payments to the builder.
Read More: How to build a home [Step-by-Step] process
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