Buying property can be a rather daunting experience for some, especially if it’s your first home, or often a complicated and time consuming process if refinancing or purchasing a new home or investment property. Here at QuickSelect we see you through every step of the way - we will see that you receive our guidance throughout your entire journey, helping you to manage your loan both now and in the future.
1. Saving for a deposit
Saving for a deposit is the best preparation you can do. Generally, you must have at least 5% of the property value to put down as a deposit; however when it comes to deposits, the bigger the better. Remember, there are additional costs on top of the purchase price that you will need to consider in the grand scheme of things.
2. Applying for your loan
If you’ve found a property and you’d like to, or have made an offer as you have a pre-approval, it’s time to begin your home loan application. If you don’t have a pre-approval, in order to assess which home loans are right for you, we will need to understand your household income and expenses.
Contact us, either online or by telephone on 1300 874 871 and we will discuss your goals and needs in order to understand your current financial situation. After reviewing the documentation you supply us, we can establish your eligibility for a range of products and identify the best home loan solution to match your individual requirements. Our specialist team will provide you with a choice of loans tailored to you.
3. Purchasing the property
Take time to research a variety of property types and locations, in order to find the best home for you. Once you’ve found the property you want, you will need to make an offer. Ensure you negotiate the terms before signing the contract. It is hugely beneficial to use the expert service of a solicitor or conveyancer at this stage to ensure that everything runs smoothly for you. You will need to pay a deposit to the real estate agent.
4. Verification and Valuation
Now it’s time to sort out all the legal paperwork. You will need to send a copy of the contract to your QuickSelect Consultant. We will then carry out a verification process to ensure all the information we have about you is correct, for which we will ask you to provide various documents including payslips, employment details and details of any other debts. Once the verification stage is complete, we will carry out a property valuation. If your loan is approved then you will then receive a letter of offer which you will need to read carefully, sign and keep a copy for your own reference. This is your formal approval. Your conveyancer can organise your paperwork for you, Ensure you read, sign and return your mortgage documents to us.
You’re almost there, your new home is in sight! Settlement is the exchanging of documents between you and the previous owner of the property. If you have a solicitor/conveyance then they can meet with them on your behalf on the date arranged. Once the exchange of contracts is complete, your solicitor will send you the settlement paperwork, we will draw down your loan, and you’re ready to go. Remember to organise removal services and utilities.
6. Happy moving day!
Congratulations! Today is the day you probably felt would never come. Here’s to many happy years in your new home.
7. Managing your loan
Loan repayments will begin on the chosen repayment date after settlement, e.g. fortnightly/monthly. We work hard at QuickSelect to ensure we are with you for the entire journey, even after we’ve seen you to your home. Our years of experience has told us that people’s circumstances change constantly, so we make sure we are there for you every step of the way. We will help you to manage your loan by tailoring your repayment instalments to suit you and everything that life throws at you, whether that be reducing your regular payment, or making an extra payment.