Buying your first home can be quite daunting, and probably the biggest financial decision you have made. Before using all your spare time doing your own research, spend just an hour with us and get all the information you need to focus your efforts more effectively and avoid some of the biggest mistakes.
Having helped well over 1,000 clients buy their first home, the experienced team at M2 Financial Services are the right professionals to guide you through the whole process. Not only will we help you get ready to purchase, we will take care of the whole process, keeping everybody up to date with the progress. We strive to achieve the most suitable outcome while giving you a simple, easy, pleasurable and stress-free experience.
Take a look at our step-by-step process.
Step 1 – Education
This is probably the most important step. We will explain the whole buying process to you from preparation to settlement and beyond. We will let you know how much you can borrow, how much deposit you will need, explain what costs are involved and what discounts or grants you would qualify for. We will describe the different types of loans and features that are available and the various ways you could structure the debt to take advantage of them. We will put some figures to a few scenarios to give you a clear idea of the initial numbers and ongoing repayments. We will also show you the most effective ways of reducing the debt quicker. Finally, we will make you aware of the various risks attached to buying a property and how best to mitigate them.
Step 2 – Preparation
If you don’t have enough deposit, we will put together the most suitable saving strategy and show you how you can use your super to gather your deposit together quicker. We will help you tidy up your finances before presenting the best version of your circumstances to any lender. We will put you in contact with our solicitor (unless you have one you would prefer to use) so you can utilise their services to do the recommended pre-purchase legal checks when required. Finally, we will organise a pre-approval of finance to give you the confidence you need to proceed with the next steps.
Step 3 –Research
Finding the right home can be very time-consuming. Wading through various websites and weekend supplements, attending lots of open home inspections, discovering new suburbs and dealing with real estate agents. Whenever you find a property you are interested in, send us the address and we will email you a free property report giving you more information about the property, its sales history, local demographics and details of similar properties that have recently sold the same area.
Before making an offer, you need to obtain a copy of the Vendors Statement (Section 32). This document details any issues with GST, existing tenancies, caveats, encumbrances, easements, restrictions, planning applications, building permits and owners corporations. It’s important to get these documents checked by the solicitor before you make an offer or bid at the auction.
We can also put you in contact with great Building Inspectors, Pest Inspectors and Buyers Advocates.
Step 4 – Negotiation
Ultimately, the Real Estate Agent’s job is to get the best price, terms and conditions for their vendor. Most agents are highly trained negotiators, with years of experience, selling several houses every month. You are negotiating the purchase of your first property and will be introduced to legal contracts, terms and conditions for the first time. Over the years, we have helped thousands of. We have a wealth of experience to guide you through the process of making an offer in writing, buying at auction and negotiating the right price, terms and conditions.
Step 5 – Establishing the Right Loan
Congratulations! You have bought your first home. The hardest part of the process is now over. We will now guide you through the final figures and loan options, assist with your First Home Owner Grant and stamp duty discounts and negotiate the most suitable loan from 38 lenders. Our team will then package and present your application to the bank and follow it through every step of the way, keeping everybody updated throughout the whole process, allowing you to focus on packing and moving, knowing that everything else is under control. We will catch up with you to run through the lender's loan offer and legal documents to make sure that they do not contain any mistakes, explain any parts you don’t understand, and complete them with you to prevent any delays when they go back to the lender.
Step 6 – Moving in and Beyond
Our team will make sure that everybody is ready in time and that settlement occurs smoothly. However, our service doesn’t stop there. We will review all the settlement day transactions to make sure everything happened as it should and to make sure your various accounts are structured correctly. We will give you another call 6 weeks after you move in to make sure the loan repayments are working correctly and to answer any outstanding questions. We will then review your home loan arrangements every 12 months to make sure your home loan remains competitive.
We can even help you with removalists, storage, pet transport and establishing your utility, phone and internet connections.
HAPPY HOUSE HUNTING!