5 Quick Tips For Purchasing A Property!
- Speak to a lender or finance broker to determine your borrowing capacity and if appropriate arrange a pre-approval before you start looking at properties.
- Ensure you send a contract of sale (if available) to your solicitor for review, before making an offer.
- Lenders have started restricting how much they will lend for properties in particular suburbs. It is important to discuss the property details with your lender or finance broker, to ensure that you are aware of any potential restrictions.
- When you agree to purchase a property, a deposit will need to be paid, which is generally 10% of the purchase price. If you do not have cash on hand to pay the deposit, then you can use a deposit bond in its place.
- When calculating how much savings you require to purchase the property, ensure you allow for any stamp duty, legal costs, lenders mortgage insurance and lender fees that may be applicable.
If you have any questions or would like to learn more about purchasing property, contact one of Avenyou’s lending specialists today!