Most homeowners go through a pretty similar process when they set about buying a home.
And even when you’ve found a place that you’re super keen on, sometimes things don’t quite go to plan.
As with all things in life – there are no guarantees. And buying a home is no different.
But there are some things that you can do now to help improve your chances when it's time to go for the loan.
Tips from a lender
Lawrence Longato is one of our trusted lenders, and over the years he has helped many people along their home buying journey. His top tips:
Understand your borrowing power
“As lenders we’re well-versed in working out what you can afford and what you’ll likely be able to borrow.”
“Know what you’re after – prioritise your wants and needs and be realistic about what you can afford.”
Show good savings habits
“Save! It might seem obvious. But showing that you can actually save is a big plus and something any bank or creditor will look for.”
“If you know you’re wanting to buy a house, have a look at some of your savings habits and dial back on some of the more decadent expenses such as food delivery services and entertainment.”
"If you can demonstrate you can afford the ongoing mortgage repayments among your current commitments then you are on the right track towards getting an approval."
Home buyer success stories
To hear the other side, we asked some recent home buyers what tips they would share with would-be home buyers.
Persistence pays off for first home buyer, Kelton
Kelton’s home buying journey began with some bad luck and a false start.
After major delays with the construction of his new home – and more issues with the builders – he eventually ended up finding another property entirely.
But in the end it was all for the best.
Kelton found his dream home in the outer suburbs of Melbourne.
A much bigger property with all the trimmings – including enough space to keep rehearsing with his band (while not upsetting the new neighbours).
With pre-approval in place, assistance from his First Home Owner Grant and ongoing support from his mobile lender, Kelton was able to navigate through any issues with the first property and is now a very happy and proud homeowner under 30.
“Thoughts about the future can be daunting... The best tips are really just to trust in yourself and go forward with motivation and inspiration to start a bold new chapter in life.”
Kate takes a chance and lands her dream home
Kate says: “It was my father that told me sometimes in life you have to take chances.”
“When a five-acre property came on the market, we were keen, but we had only just started tossing up the selling process and there was no way we could have both. Or so we thought…”
“We were put in contact with [our local mobile lender] who listened to our wants, worked tirelessly and helped turn our dream into reality.”
“We took out a bridging loan and now have the house we once dreamt of! We are a young family and never thought we’d own this kind of property so soon.”
Bridging finance allows you to take out a loan to purchase a new home before you have sold your existing home. Once the existing home is sold, the loan amount is reduced to cover your new home only.
“Sometimes you have to go backwards to go forwards are the truest words I’ve heard when it comes to going into debt.”
“Trusting your banker is the number one tip for me, find a team you trust and can openly talk to whenever you need!”
Everyone’s circumstances are different.
You might be buying your first property and using incentives and grants to assist you. Or you might be making a bold leap up the property ladder.
Whatever your scenario, there seem to be some common truths:
- Back yourself.
- Find a lender or broker you trust.
- Don’t lose sight of your goals.
- And as with all things – a little sprinkle of good fortune never hurts either.
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