Rands Financial Services

First Home Buyer Guide

Welcome to Rands Financial Services, your trusted mortgage broker in Melbourne. If you're looking to buy a house in Melbourne, this guide is perfect for you.
In this updated guide for 2023, we'll go through the 21 steps to buying a house in Melbourne. Our step-by-step guide will walk you through the process, making it easy for you to understand what you need to do next.

First Home Buyer Guide - Rands Financial Services

Welcome to Rands Financial Services, your trusted mortgage broker in Victoria. If you’re looking to buy a house in Victoria, this guide is perfect for you. In this updated guide for 2023, we’ll go through the 21 steps to buying a house in Victoria. Our step-by-step guide will walk you through the process, making it easy for you to understand what you need to do next.

Step 1:

Decide if you are ready to buy

1: Decide if you are ready to buy

Buying a house can take time, usually between 3 to 12 months. It involves saving for a deposit, waiting for the right property to come up, getting your home loan approved, and settling on the property. The first question to answer is, are you ready to buy your first home?
Buying versus renting versus staying at home is a personal choice and depends on where you are at in life. Owning your own home brings a sense of feeling grounded, adult, and in control of your life. It also gives you the satisfaction of growing your wealth from the capital gain of property price rises. On the other hand, renting is much simpler (once you’ve signed the lease). However, it’s important to consider the time, effort, costs, and emotional stress of regularly moving homes.
If you’re unsure about whether to leap in and buy a home, the best place to start is by understanding the possibilities. Can you even get a home loan? Our mortgage broker services can help you understand what options are available for you. Using a mortgage broker doesn’t cost you anything, as we are all paid by the lender once your loan settles.
Don’t have time to read the full 21 steps now? No problem, you can download the key steps to buying a house in Victoria in our summary guide.

At Rands Financial Services, we are committed to helping you navigate the complex process of buying a house in Victoria. Contact us today to get started.

Step 2:

Understanding your budget for buying a home

2: Understanding your budget for buying a home

Before diving into the process of buying a home, it is important to understand your budget. You can book a call with me to get a clear picture of where you stand financially. Online calculators may not always be accurate, and I can help you understand your options and what might be possible for you.

To determine your budget, you need to answer these questions:

  1. Can you get a home loan?
  2. How much deposit do you need saved?
  3. What is your borrowing capacity?
  4. What are the extra costs of buying a home?
  5. Can you get any government grants or rebates?
How much deposit you need saved

Most people can buy a home with a 5% to 9% deposit saved. For instance, if the home you’re interested in costs $500,000, a 5% deposit would be $25,000. While a bigger deposit is always better, a 20% deposit is ideal as it can help you avoid the extra expenses of Lenders Mortgage Insurance (more on that later).

How to buy a house with no deposit saved

If you haven’t saved much for a deposit, don’t stress. You have a few options that can help you leap ahead. These include:

• Receiving a money gift from family

• Getting a family guarantor loan

• Applying for First Home Buyers Grants

• Buying a home with siblings, parents or friends

• Exploring certain professional deals for doctors, surgeons, dentists, and vets

If your deposit is less than 10%, you need to know about "Genuine Savings."

Genuine savings means that you have saved gradually by yourself over time. If you have less than a 10% deposit saved, most banks will want your deposit to be made up of genuine savings. This is because the discipline of being able to put money aside each month, and have it sit there and grow, without you spending it, shows that you have a certain character. It is an indication that you could reliably repay your home loan.

 

Examples of genuine savings include:

• Savings held or accumulated over at least three months

• Term deposits held for at least three months

• Shares or managed funds held for at least three months

• Cash gift held for at least three months

• Inheritance funds held for at least three months

If your deposit is NOT genuine savings?

If your deposit is not genuine savings, then you will need to show some other proof that you have discipline around regularly saving money. The following are NOT considered genuine savings:

• Cash/money gifts

• Inheritance

• Tax refunds

• Work bonus

 

Some ways to show proof of your savings discipline include:

• Paying rent every week for 6 months (requires a lease agreement/letter)

• Paying off a large chunk of your credit card every pay period for a 6 month period

Real-life storey

I had a client who was a young  couple  looking to purchase their first home. They had no prior history of saving and their parents had given them $20,000 to use as a home deposit. However, the couple had no other evidence to show that they could manage loan repayments, which made it difficult for them to secure a home loan.

 

To address this issue, I advised my client to start putting aside as much money as they could each week, around $ 1,000, and do this consistently for a period of 3 months to collect $ 13,000 . By doing this, they were able to demonstrate to the bank that they were capable of regularly saving and were financially disciplined.

 

After the 3-month period, we were able to secure a home loan for my client with a lender who recognized their efforts to save and their financial discipline. This scenario highlights the importance of being financially disciplined and saving regularly to increase your chances of securing a home loan, especially if you have no prior evidence of saving.

Other solutions

If you do not have genuine savings, there may be other lenders we can use for your home loan. You can also bypass genuine savings by having a family member go guarantor on your home loan.

First Home Buyer Grants and other government benefits

As a first home buyer, there are currently three main government benefits that can help you buy a home:

First Home Buyers Grant – which is $10,000 towards the cost of building a home;

Stamp Duty Rebate – which is a rebate or discount on the amount of Stamp Duty you pay when buying a home or vacant land to build on. You can get up to 100%, if the property value is less than $ 600,000.

First Home Guarantee

Under First Guarantee Home Loan Deposit Scheme, you only need to save a 5% deposit and you save on Lenders Mortgage Insurance. There are limitations.

Stamp duty concessions

Under the stamp duty concessions, a First Home Buyer could get a discount on the amount of Stamp Duty you pay when purchasing a home or vacant land for building purposes. Eligible applicants can receive up to $ 31,070 as a discount to stamp duty payable.

Book a free 15 minute phone call with me to discuss this.

It's important to factor these costs into your budget when considering a home purchase in Victoria. If you have any questions or need further information, it's always a good idea to consult an experienced Mortgage Broker as Rands Financial Services.

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Understanding Your Borrowing Power

The first thing to understand when buying a home is your borrowing power. This is the maximum amount you might be able to borrow and will vary between lenders. Your borrowing capacity is a bit like your credit card limit – just because you can borrow a certain amount doesn’t mean you should. 

There are a few different methods you can use as a rule of thumb

Your borrowing capacity is around 6 to 9 times your annual pre-tax income. For example, if you earn $50,000, your borrowing capacity is approximately between $300,000 to $450,000.

Your mortgage repayments should not be more than 30% of your income (pre-tax).

Book a free 15 minute phone call with me to discuss this.

It's important to factor these costs into your budget when considering a home purchase in Victoria. If you have any questions or need further information, it's always a good idea to consult an experienced Mortgage Broker as Rands Financial Services.

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Calculating the other costs of buying a home

Once you have an idea of your borrowing capacity, you need to take into consideration the other costs of buying a property in Victoria. When buying a home, there are a few extra costs that come up, most of which you need to pay for out of your deposit/savings, and one which can be added to your mortgage.

Calculating the other costs of buying a home

Once you have an idea of your borrowing capacity, you need to take into consideration the other costs of buying a property in Victoria. When buying a home, there are a few extra costs that come up, most of which you need to pay for out of your deposit/savings, and one which can be added to your mortgage.

These costs typically include:

  • Victoria Stamp Duty – this is typically the largest cost.
  • Mortgage registration – allow $200
  • Solicitor / conveyancer – pays for title searches and arranging settlement. Allow around $1,000
  • Transfer fee – allow up to $1,500
  • Building and pest inspection – have an expert go through the property and check for issues like termites or structural damage. Allow $500
  • Other costs – your solicitor will advise you of any council/rates
Costs added to your home loan

Lenders Mortgage Insurance (LMI) which you will need to pay if you do not have a 20% deposit saved. This is an insurance paid by you to protect the bank in case you can’t make your loan repayments. Normally this is added to your mortgage, so it does not come out of your savings, and is often referred to as ‘capitalised’.

 If you’re buying a home in Victoria, there are some extra costs to keep in mind beyond the value of the property and your deposit. Let’s assume you’re buying a property worth $550,000 and you’ve saved a deposit of $30,000.

Here are some of the buying costs you'll need to pay upfront:

If you’re buying a home in Victoria, there are some extra costs to keep in mind beyond the value of the property and your deposit. Let’s assume you’re buying a property worth $ 650,000 and you’ve saved a deposit of $ 80,000.

Here are some of the buying costs you’ll need to pay upfront:

Stamp Duty on Property – $11,357.00

Mortgage Registration – $123.50

Transfer Fee – $1,623.00

Solicitor: $1,000 (estimated)

Bank Fees – $ 200 (estimated)

Building and pest inspection: $500 (estimated)

The total upfront buying costs for a first home buyer in Victoria would be approximately $ 14,803. Keep in mind since you’re borrowing more than 80% of the property’s value, you may also need to pay Lenders Mortgage Insurance (LMI) of $ 11,5000 to 17,000 Subject to the lender.

It’s important to factor these costs into your budget when considering a home purchase in Victoria. If you have any questions or need further information, it’s always a good idea to consult an experienced Mortgage Broker as Rands Financial Services.

Next step:  Book a free 15 minute phone call with me to discuss this.

How to buy a house with a bad credit history

Acquiring a home loan with a bad credit history can be challenging, but it’s not impossible.

Before applying for a loan, it’s essential to check your credit file to ensure that there are no negative marks against your name. These negative marks can result from late payments of bills, missed credit card or loan repayments, or other financial mistakes.

It’s recommended that you obtain a copy of your credit file to review it thoroughly. If you do have a bad credit history, there are still options available, such as working with a specialist lender or finding a co-signer with a good credit history to help you secure a home loan.

 

Additionally, improving your credit score by paying your bills on time, reducing your debt, and maintaining a low credit utilization ratio can also increase your chances of getting approved for a home loan.

Book a free 15 minute phone call with me to discuss this.

It's important to factor these costs into your budget when considering a home purchase in Victoria. If you have any questions or need further information, it's always a good idea to consult an experienced Mortgage Broker as Rands Financial Services.

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How to buy a house with a bad credit history?

Acquiring a home loan with a bad credit history can be challenging, but it’s not impossible.

Before applying for a loan, it’s essential to check your credit file to ensure that there are no negative marks against your name. These negative marks can result from late payments of bills, missed credit card or loan repayments, or other financial mistakes.

It’s recommended that you obtain a copy of your credit file to review it thoroughly. If you do have a bad credit history, there are still options available, such as working with a specialist lender or finding a co-signer with a good credit history to help you secure a home loan.

Additionally, improving your credit score by paying your bills on time, reducing your debt, and maintaining a low credit utilization ratio can also increase your chances of getting approved for a home loan.

Book a free 15 minute phone call with me to discuss this.

It's important to factor these costs into your budget when considering a home purchase in Victoria. If you have any questions or need further information, it's always a good idea to consult an experienced Mortgage Broker as Rands Financial Services.

Click Here

Step 3 :

Determining the need for a home loan pre-approval

3: Determining the need for a home loan pre-approval

While obtaining a pre-approval for a home loan is not always mandatory for most home buyers, it may be recommended in certain situations, such as when purchasing a home at auction or if your financial situation is complex.

However, it is not always necessary to go through the pre-approval process to obtain information about your borrowing capacity and budget for a home purchase. Nonetheless, having a pre-approval can provide peace of mind before starting the house hunting process.

Step 4 :

Starting the Home Loan Application

4: Starting the Home Loan Application

When applying for a home loan, it is crucial to have a detailed conversation with your mortgage broker either face to face, via video call, or over the phone to get a clear idea of the necessary steps to complete your application.

The home loan application process typically involves two steps that you can complete from the comfort of your home.

Firstly, you need to complete an information checklist that helps your broker gain a comprehensive understanding of your financial situation. This step may take anywhere between 10 to 40 minutes depending on the complexity of your finances.

The information checklist will ask for details about your income, expenses, assets, debts, employment history for the past three years, and contact details including address history for the past four years. It is essential to provide accurate information to your broker as it enables them to recommend the right home loan options suitable for your financial situation. Moreover, a comprehensive picture of your finances will allow your broker to set up your home loan correctly from the beginning, potentially saving you money, stress, and hassle in the future.

The second step involves providing supporting documentation that verifies the information you have provided. This includes documents such as your ID, your most recent payslip, and bank statements covering a particular period.

If you are self-employed, your mortgage broker may also require additional documents such as your personal and business tax returns, as well as information on your business liabilities.

It’s important to be thorough and provide all requested documentation to ensure a smooth and successful application process.

Although the application process may seem lengthy and overwhelming, it is vital to provide accurate and comprehensive information to ensure that you receive the right home loan option and have a smooth and stress-free home buying experience.

Step 5 :

Sign and Wait for Loan Approval

5: Sign and Wait for Loan Approval

After providing all your personal and financial information, we review it thoroughly and recommend suitable home loan options for you. We take into account various factors and ensure you understand the options presented to you.

Once you have chosen a recommended option and feel comfortable and confident with it, you can sign the loan application. We will then begin the process of getting your loan approved.

 The approval process typically takes 2 to 7 days after we submit your loan application to the lender. Throughout this time, we regularly follow up with the lender to ensure that everything is progressing smoothly and to keep you updated on any developments.

During this process, the lender may have some questions or require clarification on certain aspects of your application. This could include missed car loan repayments, overtime hours on your payslip, or any liabilities that are not disclosed but are showing up on your credit report. We work with you and the lender to resolve any issues that arise and aim for conditional loan approval, subject to valuation only.

Once all other necessary clarifications have been made, the lender will approve your loan conditionally, subject to a suitable property being accepted by the bank at a price above the expected property value as detailed in the loan application.

Step 6 :

House Hunting

6: House Hunting

Once you have received pre-approval for a mortgage, it’s time to start house hunting. Knowing how much you can afford will help you narrow down your options and focus on homes that fit your budget. It’s recommended that you physically visit at least 20 properties in your preferred area that match your desired home features over a 6-month period.

 

There are several reasons why investing time in house hunting is crucial when it comes to buying your dream home.

  • House hunting allows you to familiarize yourself with the local property market and the different types of homes available in your area.
  • It helps you to track genuine savings history and conduct market research.
  • Visiting multiple properties allows you to compare and contrast their strengths and weaknesses, and make a more informed decision when selecting your dream home.
  • It can establish a relationship with a real estate agent who can assist you throughout the home buying process.
  • Real estate agents have access to information and resources that can make your home search easier and more efficient.
  • They can provide valuable insights into the local property market, negotiate on your behalf, and guide you through the paperwork and other administrative tasks involved in buying a home.

Step 7 :

Deciding if a ”House is the Right Fit for You"

7: Deciding if a ”House is the Right Fit for You"

Next step in the home buying process is all about deciding whether the house you have found is the right one for you. To make sure you’re getting the best value for your money, it’s important to research the property’s value.

Additionally, you should consider whether the property feels right for you by doing drive-bys at different times of day, testing out your commute to work or schools, checking out the local schools, and spending time getting to know the area.

It’s important to remember that this isn’t necessarily your forever home, so if you feel like you’re settling for a home that’s not as grand or spacious as you’d like, you can use it as a starting point to fix up, sell, and move again. On average, Australians spend around 7 years in their homes before moving again.

Step 8 :

Seek Legal Advice to Understand Contracts

8: Seek Legal Advice to Understand Contracts

If you feel uncertain or uncomfortable about understanding the contracts related to your home purchase, it is recommended that you speak with a solicitor. They can help you comprehend the legal terms and requirements for settlement.

You can reach out to a recommended conveyancer/solicitor or find one through a search engine like Google or we could pass you the details of a conveyancer.

At this stage, a short phone call may be all that is required to get the necessary guidance and understanding of the legal contracts related to your home purchase. Seeking legal advice can help you make informed decisions and avoid any legal complications in the future.

Step 9 :

Making an Offer on a House

9: Making an Offer on a House

Buying a house is a significant investment, and making an offer can be an exciting yet nerve-wracking process. Whether you are making an offer under a private treaty sale or an auction, it’s crucial to know the steps to take and to approach the process carefully.

Under a private treaty sale, you have the opportunity to negotiate with the seller, while an auction requires you to act quickly and confidently to secure the property.

In both cases, doing your research, determining your budget and limit, and seeking the help of professionals can make the process smoother. With these steps in mind, you can approach making an offer on a house with confidence and make your dream of homeownership a reality.

Step 10 :

Finalize Your Offer and Conditions

10: Finalize Your Offer and Conditions

Before making an offer on a property, it’s important to understand that your offer will consist of two components: the price you’re willing to pay for the property and the terms and conditions surrounding the offer. These conditions are designed to protect both you and the vendor.

Price

When determining the price you’re willing to pay, it’s important to have an idea of the home’s value based on your research. It’s also crucial to speak with a mortgage broker to understand how much you can afford to borrow. Vendors may have unrealistic expectations about the value of their property, so starting with an offer within 5-10% below your maximum offer allows for room to negotiate.

The terms and conditions

The terms and conditions of your offer are focused on the timeframe for moving in and the ability to withdraw from the sale if your finance falls through. It’s crucial to finalize these conditions upfront, as trying to add them after the contract has been finalized is unlikely to be accepted by the vendor. Understanding why the vendor is selling the property can help you customize the conditions to make your offer more appealing.

Solicitor or Conveyancer

It’s important to work with a solicitor or conveyancer to ensure the wording of the conditions is correct and to understand the implications of the terms you’re requesting. Once you have finalized your complete offer, you can submit it to the real estate agent.

The finance date

At a private treaty sale, another crucial step is to confirm the finance date, which is the date by which your home loan will be approved. This date needs to be included in your contract. The standard finance period is usually 14 days, but in a competitive market, a shorter finance period of 10 business days may be appealing to the vendor. It’s important to check with your mortgage broker to ensure this is achievable      for you.

Step 11 :

Consider a Counter - Offer

11: Consider a Counter-Offer

Once you submit your offer, the real estate agent will typically respond within a day or two. They may accept your offer and conditions as is, but it’s more likely that they will provide a counter-offer. It’s important to be prepared for this possibility and to have a strategy in mind for how to respond.

Step 12 :

Finalize the Contract of Sale

12: Finalize the Contract of Sale

In Victoria, once your offer has been accepted, the real estate agent will prepare the Contract of Sale, which is a legally binding agreement between you and the property owner. You will need to carefully review the contract to ensure that all details are accurate, including the spelling of your name, which must match your passport or driver’s license.

It’s important to work with a solicitor or conveyancer who will help you understand the terms and conditions of the contract and ensure that it is sound. This will ensure that the transaction can be completed successfully.

If you are purchasing a property through an auction, there is no cooling-off period, and you will be required to pay a deposit of around 5% on the day of the auction. You will also need to sign the Contract of Sale, which is legally binding, and committing you to the purchase of the property.

In summary, finalizing the Contract of Sale is a crucial step in the property buying process in Victoria, and it’s important to ensure that all details are accurate and that you have a trusted legal professional to guide you through the process.

Step 13 :

Pay the First Deposit

13: Pay the First Deposit

In Victoria, when you sign the Contract of Sale, you’ll need to pay a deposit as one of the terms in the property contract. Typically, the amount of the deposit is between $1,000 and $10,000, and it’s paid into the real estate agent’s trust account within 24 hours of signing the contract.

It’s important to note that deposits in Victoria are usually paid in three parts:

  • A refundable deposit of $1,000 to $10,000 when you sign the contract.
  • A second deposit, which is shown in your contract and payable when the contract goes unconditional. This is covered in step 16.
  • The final deposit, which is paid at settlement, and your solicitor will advise you of the cost. This is covered in step 19.

 

Property valuation

After you’ve signed the contract and paid the deposit, we will arrange a property valuation for you. This valuation helps the bank estimate the property’s value and is an important factor in determining the amount you can borrow for your home loan. The higher the valuation, the more you can borrow, which is especially important if you have a smaller deposit.

Step 14 :

Arrange Home and Contents Insurance

14: Arrange Home and Contents Insurance

It is important to arrange home and contents insurance for your new property. The insurance needs to commence on the day of settlement. You can negotiate with the seller to make it their responsibility to keep the property fully insured up to and including the day of settlement. If this is the case, you will need to take out insurance from the following day onwards.

 If you are purchasing a unit or townhouse, insurance may be covered by the body corporate. Make sure to check the details of the insurance coverage and confirm with the body corporate if necessary.

 Having home and contents insurance in place will give you peace of mind in case of any unexpected events, such as theft, fire, or natural disasters. It is important to shop around and compare different policies to find the one that best suits your needs and budget.

Step 15 :

Book a Building and Pest Inspection

15: Book a Building and Pest Inspection

After signing the contract, it is important to book a building and pest inspection, which is conducted by two separate experts. The building specialist will inspect the structure of the roof, walls, floors, fences, and any adjoining buildings, checking for issues such as cracks, faults, asbestos, and movement. The pest expert will look for evidence of termite damage, wood rot, and other pest-related issues.

However, some companies offer both building and pest inspection services and may have experts who are trained in both areas. So, it is possible to have a single expert perform both inspections, but it’s important to ensure that they have the necessary qualifications and expertise in both areas.

It is recommended to book the inspection as soon as you make an offer, and you should be present during the inspection to ask any questions you may have. The cost of these inspections typically ranges from $500 to $750.

Step 16 :

Unconditional loan approval and paying your second deposit (of three)

16: Unconditional loan approval and paying your second deposit (of three)

Since you have received the pre-approval (conditional loan approval), we will work with the bank to organize a valuation of the property and request unconditional approval.

Unconditional loan approval, also known as formal or final approval, means that your loan has been fully approved and you can finally relax. This is the ultimate goal that we are aiming for, and it is usually a time of celebration and relief for our clients as they can finally purchase their dream home.

You will receive a loan approval letter within 24 hours of receiving unconditional loan approval from your lender. This letter will include basic loan details indicating that your loan has been approved.

After you have received unconditional loan approval, you will need to pay the second deposit to the real estate agent. The amount that you need to pay will be shown on your contract of sale.

Step 17 :

Contact your solicitor/conveyancer to finalize the contract of sale

17: Contact your solicitor/conveyancer to finalize the contract of sale.

After paying the second deposit, it’s time to contact your solicitor or conveyancer to finalize the contract of sale. They will advise you on what is required for settlement and help you sign the required paperwork.

Your solicitor or conveyancer will provide you with legal advice on cooling-off periods, tenants in common, sole tenants, and joint tenants.

They will also liaise with the seller/vendor on your behalf regarding legal issues and organize council and government searches. Your solicitor or conveyancer will calculate settlement payments owed, such as amounts for stamp duty, transfer fees, rates, and water adjustments.

Finally, they will arrange for the home to be transferred into your name after settlement. It’s important to have a solicitor or conveyancer to guide you through this process to ensure everything is done correctly and legally.

Step 18 :

Come in to sign you Home Loan Documents

18: Come in to sign you Home Loan Documents

Once the lender has approved your loan, the process for preparing your loan paperwork (also known as loan documents) begins. These either can be sent to you or your mortgage broker.

If you can, send them to us so we can check them thoroughly and make sure they’re correct before signing (you’d be surprised the number of times we pick up errors in the paperwork)!

Certain documents, especially the Victorian Government Mortgage Forms, may require your signature to be witnessed by an unrelated person who is over 18 years old.

Documents to sign include:

  • Home Loan Contract
  • Mortgage (title) Document
  • Direct Debit Agreement
  • Setting up your new bank accounts

When you take out a home loan, you’ll need new bank account/s to be created. But there are third tier lenders who do not operate bank accounts.

The includes the home loan account, as well as a transaction account and any new credit cards. You’ll need to set up passwords and to activate any cards.

On certain occasions, the local branch of your new lender will contact you to get this arranged.

Step 19 :

Transfer funds for settlement (pay the third deposit)

19: Transfer funds for settlement (pay the third deposit)

Transfer the remaining amount of your deposit into the new bank account where your home loan is held. This payment will cover various costs, including stamp duty, transfer fees, solicitor fees, adjustments for rates and water, and the deposit you make on the home loan.

Your conveyancer/ solicitor will inform you of the exact amount to transfer.

Please ensure that the funds are deposited into the account at least three business days before settlement.

If the lender does not operate transaction accounts, you may have to produce a bank draft to the conveyancer/ solicitor or transfer shortfall of funds to the conveyancer’s/ solicitor’s trust account.

Step 20 :

Settlement

20: Settlement

Settlement is the final stage in the buying process where the property ownership is transferred to you and the loan funds are paid to the seller. There are two settlements that occur simultaneously: the home settlement and the loan settlement.

Home settlement: This is where the payment is made for the property and the title is transferred to you.

Loan settlement: This is where the loan funds are drawn down to pay for the property, and interest starts to accrue on your home loan.

You do not need to attend the settlement, as your solicitor will arrange it with the seller’s solicitor, as well as your lender and the seller’s lender.

After settlement, you can pick up the keys to your new home from the real estate agent. If you are unable to see the agent in person, they will contact you to make arrangements for dropping off the keys.

Step 21 :

Making your first home loan repayment

21: Making your first home loan repayment

Once you have taken ownership of your new home, it’s time to start making repayments as per the terms outlined in your loan contract.

You can check your internet banking to determine when your first repayment is due, or we can assist you with this (e.g., if repayments are set up fortnightly, the first repayment is usually due two weeks after settlement).

Before the due date, make sure you have enough funds to cover the repayment and ensure that it comes from the correct account.

 

I am Sally Pietersz – Rands Financial Services located in Melbourne.

To get started, you can book a meeting with me online at a time that is convenient for you, either a phone call or a face-to-face meeting. More information about us can be found on my website

Save yourself time, effort and money - call Rands Financial Services today or send us a message and we will call you.

  • 0434 391 331

  • info@randsfinancialservices.com.au

  • 610 St Kilda Road, Melbourne. VIC 3004

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