Navigating the housing market can be tricky on your own, but we’re here to support you. Check out some of our top insider tips which you need to know for ultimate mortgage success.
1. Check that you meet all the right requirements
Before diving into the homebuying process, make sure you meet all the requirements! This includes giving your finances a go-over, checking your income against your expenses, and finding out if you’re eligible for any grants or government support. It’s better to know now if you need to work on something before getting too invested and diving headfirst when there’s no water in the pool.
2. Check your credit score
Your credit score plays a big role in securing favourable rates and terms on your home loan. Make sure you’re not only checking your credit score before you apply, but monitoring it for a few months beforehand. Take steps to improve your credit where necessary, as the higher it is, the better.
3. Don’t forget about additional costs
We often think that the home loan is the most important cost of all and while this is true, it’s important that you don’t overlook any additional costs you may have to pay. These could include Stamp Duty, legal fees, and even property inspection costs. Planning and budgeting for these will prevent financial surprises down the road.
5. Do your research
Knowledge is power in the property market (and everywhere else), so research everything you possibly can about your new home, especially before you sign any papers. What’s the area like? How does your property compare to others in the area? Are market trends operating in your favour right now? By doing your research, you’re increasing the potential of finding a home that suits both your lifestyle and budget.
6. Investigate first home buyer schemes
As a first home buyer, you may be eligible for various government schemes, grants, or incentives that could significantly reduce the financial burden of buying a home. Some options include:
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The Home Guarantee Scheme
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First Home Super Saver Scheme
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First Home Owner Grant
7. Go look at display homes
Even if you’re not thinking of buying a new build, exploring show homes can provide some valuable insights into what you’d like for your home. It’s a great way to get a feel for different designs and layouts, and to give you a sense of your preferences. Are large bedrooms a must? Do you like open plan spaces? No better way to find out than to visit some display homes.
8. Don’t try to time the market
Trying to predict the “right” time to buy can not only be challenging, it can be counterproductive. It takes a lot of energy trying to predict a changing market, and your time may be better spent getting more financially fit and ready. Focus on your long term goals and when the time is right for you, go for it!
9. Be patient
The process of buying a house can certainly be lengthy, especially if you’re caught up in a chain. The best thing you can do for yourself and your sanity is to remain patient. Don’t get frustrated and rush into a decision you would otherwise might not have made.
10. Speak to a broker BEFORE you’re ready to buy
Getting in touch with a broker early in your homebuying journey can be a game-changer. They can provide expert guidance, assess your financial situation, and help you plan and prepare for a successful application well in advance of your purchase. They'll recommend support schemes you can apply for, and direct you to areas you need to improve on.
Get in touch with us today if you’re considering buying a home, whether it’s your first home or your fourth. We’re here to support you and can offer tailored advice and a personalised service geared to get you moving on the property ladder.
We’re looking forward to hearing from you and happy house-hunting!
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