I’ve Found a Home, Now What?
When you have found a home that you would like to buy you will be very excited and will want to move things ahead as fast as possible. However, there are many things that you will have to do when you find the home that you would like to buy. If you are looking to buy a home you will be sure that you are buying a home that will make you money and not cost you money by following the right steps. A home is a large investment and you should be doing all that you can to ensure that you get what you pay for.
What Should You Do Once You Have Found a Home
If you have found the right home for you then there will be a few things that you should do straight away. If you are looking to buy a home then you should:
- Pre-approval. Before you started looking for a home you should have arranged pre-approval on a loan that suits you. The pre-approval for a loan will allow you to know exactly how much you should be able to borrow when you are buying a home and will speed up the process of buying the home when you make an offer.
- How to apply for a loan. There are many ways that you are able to apply for a loan with the Westpac Bank. If you are looking to apply for a loan then you will be able to apply online, in person or over the phone.
- Deposit. When you are looking to buy a property you should have a deposit ready to be paid to the loan account. Generally people will be looking to get a 20% deposit but you can borrow more if you pay lenders mortgage insurance.
Inspect the Property
When you are serious about buying a home then you should conduct inspections to make sure that your purchase will not end up costing you a lot of money. When you are looking at buying a home you should conduct:
- Inspections available. There are many inspections that you will be able to carry out on a property you may like to buy. If you are looking to buy a property then you should at least carry out a building inspection and a pest inspection. The building inspection will make sure that there is nothing wrong with the house and the pest inspection will make sure pests haven’t caused damage to a home. Other inspections that you can get done are the strata inspections and a land survey.
- Benefits of inspections. If you are buying a home then you are looking at making one of the biggest investments of your life. By conducting these inspections you will be able to ensure that your investment is sound and that it will not cost you money.
Make an Offer
Once you have organised all the above then you should look at making an offer on the house. To make on offer on a house you should:
- Make an offer. If you home is being sold through an agent then you will have to make an offer on the house. If your offer is accepted then you will have to make pay a bond as a sign of good faith. Once they have agreed on the offer you will exchange contracts with the seller and sign the contacts if all is in order. After a cooling off period you will then pay the deposit on the home.
- At auction. Buying a home at an auction is a bit different. if you are looking to buy a home at an auction you will have to make your offer in the form of a bid and out bid other people who are looking to buy. You will also have to have all the inspections done and have the deposit ready if you are looking to bid.
- Finalise and settle. Once your offer has been accepted, contracts signed and money has changed hands then you will be able to settle on the sale of the house.
If you have found a home that you would like to buy then you should have a few things organised before you make an offer. When you buy a home you will be expected to close the sale as quickly as possible and by having the deposit ready, loan-preapproval completed and all the inspections taken care of you will be able to make sure that you settle the sale of the house as soon as possible.
Related posts:
- Pre Purchase Inspection | Why do it and what is important?
- Buying Your Home with Auction vs Private Sale
- Hot Auction and Home Loan Tips
- Home Inspection Forms
- Buying Oversights: Hidden House Costs
- Building Inspectors
- What to Look for During a Home Inspection
- How to Secure a Home Purchase Deal
- The Home Buying Process Steps Explained
- Finding your First Property
Top Home Loans
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 Loans.com.au - Dream Catcher | A home loan offer with a $0 application fee and one of the lowest available home loan interest rates. | 5.85% | 6.21% | $0 / $375 | 80% | $50,000 / $750,000 |
 
|
 Bankwest Online Home Loan | A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online. | 5.97% | 5.97% | $0 / $0 | 80% | $100,000 / $1,000,000 |
|
 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded Mortgage of the Year 2012 – this multi-award winner features 100% offset and a loyalty 0.25% rate drop after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
|
 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
|
Ask A Question