Let's Get This Party Started

So you are tired of paying rent (paying off someone else's bond) and want to buy your first home. So how do you get started?

It requires a bit of planning in order to avoid any unexpected disappointments. Looking for the home of your dreams is probably the easiest part. But once a seller has accepted your written offer - then the real work begins.

You are now entering the treacherous waters that take you towards securing a bond grant. To make this voyage much smoother I always suggest using my bond originator (the very best in the business). The beauty of this approach is that she will consult with the buyer and properly prepare all documentation. She will then apply to all four major banks on the buyer's behalf. When the time comes, she will negotiate the best possible deal from each bank. If a client is declined first time round she will write a letter of motivation and often get the bank to seriously reconsider their position. Often the bank you have never had any dealings with will give you the best deal (in 2017 a home loan has become just another consumer product, and as such you shop around for the best deal). She will check each bond grant for additional benefits and then explain them to the buyer in layman's terms, thus helping you to decide which bank to go with.

There are certain things that will greatly assist your chances of getting a bond grant.

  1. Develop a savings attitude. Remember there will be other charges involved when you buy your property such as a deposit, bond costs and transfer fees, not to mention moving costs etc.
  2. Be careful how you handle your financial affairs. Pay your bills on time so that your 'conduct of account' or 'payment profile' is favourable.
  3. Remember, having affordability is not the sole issue when it comes to securing a bond. Your credit history is critical.

To put things into perspective, if you are properly prepared, and work with the right professionals, you stand a really good chance of securing the home of your dreams.

I always pre-screen my clients before I show them houses. I explain what is involved in the process of buying a home, and try to be frank upfront on what the banks will expect from them. So now that you are armed with the knowledge above - let's get this party started.