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Buying Your First Property in 2021? Here is What You Need to Know…

With a broker by your side, it could take less than 12 months from conceiving the idea, to celebrating your housewarming. The FIA steps unpacked with a client, as follows.

  1. The idea:

In November 2019, Miss J and Mr K decided they wanted to buy a home. In February 2020, they sat down with FIA to see if this was simply a pipedream or a real possibility.

  1. Review:

FIA reviewed their scenarios, and looked at the types of properties they were happy to consider. FIA confirmed with Miss J and Mr K, that home ownership was an achievable goal, and that the repayments were not as formidable as they had first imagined.

  1. Goals:

FIA then discussed various purchase prices and loan sizes, and set a savings target for Miss J and Mr K to be able to qualify for a loan. Miss J and Mr K were especially motivated to achieve their target. FIA remained in-touch on a monthly basis – in order to keep the couple on-track.

  1. Next steps:

As Miss J and Mr K looked at suburbs and prices, FIA provided them with PriceFinder reports, so they could observe and closely monitor the property market. FIA then introduced the couple to a solicitor, and in July, lodged a pre-approval.

As their savings continued to grow, FIA was able to increase the couple’s pre-approval amount. This got them to achieve their “sweet spot” – meaning they were eligible for a loan, which would allow them to buy in the suburb, they most wanted to reside in.

  1. Pop the champagne:

Time to celebrate! As Miss J and Mr K inched closer to buying, FIA had another discussion surrounding the purchase process and negotiating tips. Fast forward to September, the couple had purchased their dream home and in November 2020, they popped the champagne and settled in.

  1. Get connected: 

FIA arranged their building insurance through Concierge (your one-stop shop from insurance to removal services) and their utility connections through Home Now (water, electricity, gas, solar, and more.) The couple have since turned the dream house into their dream home.

 

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Finance Industries Australia Pty Ltd ABN 81 619 871 788 is authorised under LM Broker Services Pty Ltd Australian Credit Licence 517192. The information provided on this site is on the understanding that it is for illustrative and discussion purposes only. Whilst all care and attention is taken in its preparation any party seeking to rely on its content or otherwise should make their own enquiries and research to ensure its relevance to your specific personal and business requirements and circumstances. Terms, conditions, fees and charges may apply. Normal lending criteria apply. Rates subject to change. Approved applicants only.

*FIA was voted #1 Broker in SEQ by Loan Market in March 2021.