What follows should answer many of your initial questions. It should also encourage you to ask a few more in the right places. Here's a quick checklist of the main stages you need to go through.
- Determine how much you can borrow
- Determine how much you can afford
- Start househunting
- Decide on the sort of mortgage you want - this is where we help
- Find a mortgage provider - this is what we do best
- Get a pre-approval if you have NOT selected a house
- Engage a solicitor to represent YOU in this important transaction
- Decide on the property you want
- Double-check all your estimated payments
- Make an offer for your desired property by signing a contract and paying a deposit
- Sort out any additional insurance, contact the electricity supplier for your old and new places and a removalist.
- Complete final paperwork, pack, notify people of your new address, etc
- Completion and moving day
Many people want to know how long the whole process will take.
The answer is "it depends". In Queensland 30 - 60 days is a normal time for settlement to be completed from the date of signing the contract. In other states it can be longer. Make sure that any contract you sign has been checked by your solicitor and that it includes a subject to finance clause that suits you. We can advise on how long it takes to get finance approved as it often depends upon the lender and your circumstances. This is normally 14 days in Queensland.