Are you looking to purchase a new home? Then you will want to assemble the best home buying team possible to help you through the process, especially in a hot market where the competition is fierce. Buying a home can be stressful, but getting the right team of professionals will make it a smooth, stress-free process.
Having the right home buying team can help CUT WEEKS from your loan approval and settlement process to get you settled much faster.
In this article, we will share with you some tips on putting together a winning team of professionals for your homebuying team.
So let’s jump right in.
Your To Do List:
Compare Mortgage Brokers
The first step is to find a Mortgage Broker who can meet your needs. For example, a Mortgage Broker who provides proper guidance and advice may be important to you. The mortgage broker should also be easily contacted via text or email.
If you’re hunting in a competitive market, look for organised Mortgage Brokers who can arrange a reliable pre-approval to strengthen your offer. If you’re interested in receiving lending discounts, ask your potential Mortgage Broker if they have helped 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 by asking a few simple questions:
- How many years of 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 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. However, purchasing property is stressful, so 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, particularly before signing any contracts, as they may be able to pick up any unfavourable terms or conditions in the contract.
Conveyancers help protect your rights by reviewing all the documents and disclosures and sorting out any issues that may arise before settlement.
They usually cost from $800 up to $2,000. But it is definitely worth paying this fee as they can help avoid penalty interest and falling into default on your contract!
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 of 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 any major problems like termite damage that need to be repaired.
They inspect a home’s foundation, internal and external walls, as well as 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. This is the one cost you should not cheap out on.
The decision you will make based on the Building & Pest report will depend on how competitive the market is. Minor repairs are (usually) costs that you, as the buyer, will need to look after.
However, if major repairs are required, it could be time to negotiate with the real estate agent or walk away from the contract of sale.
- All Inspect Building & Pest Inspectors
- Phone: 1300 25 46 77
- Email: [email protected]
Research Home & Contents Insurance Providers
Home and Contents insurance is an extremely important part of buying a home. It provides financial protection for you and the bank if your home is damaged (or, worst case, destroyed!) by fire, theft or natural disaster.
All banks formally require you to have Home & Contents Insurance on the home before settlement.
The costs of Home & Contents insurance depend on the house’s value, price and type of property, and the value of your contents.
It is worth getting a few different quotes and reviewing what is covered and what is not included.
The good news is you can do your own online research by going to their websites, or you can speak with your mortgage broker to arrange the insurance.
At Hunter Galloway, we work with Allianz and can help arrange Home & Contents Insurance for you – Allianz gives our clients 90 days of free cover until settlement.
Read More: 16 Hidden Costs of Buying A Home.
Bonus: Your Construction Team Shortlist
Building a House involves even more people! In addition to the team mentioned above, you will also need to work with architects, real estate agents, builders, councils, etc.
A high number of banks and mortgage brokers are not familiar with the construction loan process at all.
And as a consequence, there are many 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.
Note: We want to deliver an exceptional experience for our customers, so we are only able to assist a limited number of people at a time. Our construction team is currently at maximum capacity, so we are unable to accept construction loans at this time.
Read More: How to build a home [Step-by-Step] process
Next Steps And Getting Your Home Loan
Our team at Hunter Galloway is here to help you buy a home in Brisbane. Unlike other mortgage brokers who are just one-person operations, we have an entire team of experts dedicated to helping make your home loan journey as simple as possible.
If you want to get started, please give us a call at 1300 088 065 or book a free assessment online to see how we can help.
See your next to-dos:
- Negotiate the House Price with a Real Estate Agent [Step-By-Step Guide]
- Property Market Research | 12 Steps to Research a Home in Brisbane
- Signed a Contract of Sale on a Home? [5 Simple Steps to Settlement]
More resources for homebuyers:
- First Home Buyers COMPLETE Guide [Step-by-step]
- 22 Mistakes nearly all first home buyers make
- Guide to Buying A Home: From 12 months to One Month Out
- First Home Guarantee Scheme
- Home loan features explained