- Here are 7 key steps to help set you up to buy your first home
Do you want to buy your first home but are not sure where to start? It can be baffling for even the most seasoned home buyer. Here are some key steps to tick off on your journey to home ownership.
Step 1: How much deposit do you need?
So you’ve been saving for your deposit for a while, but do you know how much you need? At BankVic you only need a 10% deposit of the purchase price for your first home. Keep in mind that there are other costs involved including stamp duty and conveyancing fees that you may need on top of your deposit. You may also be able to use a family guarantee if the option is available to you. Find out more by viewing Could a family guarantee help you buy your first home.
Step 2: Find out how much you can borrow
It's worth getting an initial assessment to find out how much you can borrow so you can plan what to do next. BankVic's home loan consultants are known for their friendly, personalised service, and can help you through the entire home loan process.
Step 3: Research the market
Now that you understand your borrowing capacity, start researching properties in your preferred suburbs to understand what you can afford, or how much more you need to save.
Step 4: Pre-loan approval
Apply for a pre-loan approval once you’re ready to buy. This gives you confidence around your borrowing power. A BankVic pre-approval loan lasts three months. Our home loan consultants can help you apply and process your application very quickly.
Here's what you will be asked to provide:
- Two payslips (you may need more than two if you’re employed casually)
- Your last three months of transactional account statements
- Your most recent statement for any credit card or personal loans held
- Identification – licence or passport
- Your monthly expenses
Step 5: Consider hiring a conveyancer
A conveyancer is a licensed professional specialising in property law. You can hire a conveyancer to review any contracts of sale before you buy. A conveyancer has the skills to oversee the transfer of ownership at settlement.
Step 6: Buy your first home
This is the exciting part! With your pre-approval in place, you will be ready to act decisively. Once successful get back in touch with your BankVic home loan consultant to finalise your home loan application.
Step 7: Apply for First Home Owner assistance
Depending on the value of the property you buy, and other factors, you may be eligible to receive the First Home Owner Grant, as well as an Exemption or Concession on Stamp Duty costs.
Find out more about First Home Buying by visiting our First Home Buyer hub.
At BankVic our lending consultants can help you every step of the way. Contact us by calling 13 63 73 or book a time with a mobile lending manager to find out how our first home buyer lending products are tailored to meet the unique needs of nurses and other health workers.