Looking to Buy Your Next Home?
Purchasing a property is one of the biggest decisions, financial or otherwise, that we make in our lives.
One of the first things to you need to work out is what you can afford, how much deposit you need and what features you'd like in your new home. At MRM Mortgage Brokers we will sit with your and discuss at length any and all questions you may have which will enable you to make an informed decision. We'll help you understand the process, the costs as well as discuss different product options available so you know you’re getting the right loan for you.
Looking for a property to purchase is an exciting time. Choices regarding location, size, number of rooms and local amenities often see house hunters carried away in a deluge of daydreams and anticipation.
But, before you get carried away, it’s important to check off the essentials first. Although organising your finances may seem drab in comparison to perusing sales listings, gaining pre-approval with a lender will give you confidence when it comes to making an offer
One of the first things we'll help you work out is …
What you can afford...
To purchase property, you'll need to be able to show lenders you can repay the loan over time. This means understanding the expense of borrowing money and how much income you need to have to do so. You will usually have to contribute some of your own money towards the property to cover the deposit, fees and charges associated with the purchase.
At MRM Mortgage Brokers we will discuss your situation with you and help you to consider how buying a home will impact on your financial situation, what income you need and explain how lenders assess a persons’ situation. This may seem like an obvious thing, but many people begin looking at their dream properties and are disappointed when they miss out for one reason or another.
MRM Mortgage Brokers will, based on your finances and financial history, get you 'pre-approved' for you maximum borrowing potential with a home-loan lender. You can then start shopping with the knowledge and confidence that you'll be able to buy a property and make the repayments!
You'll also need to work out other expenses surrounding home-ownership such as land, council and water rates, home & contents insurance and for apartments and units, strata levies. It's important to be aware of these costs! Of course, we will help you understand the impact of these additional on-going expenses.
Up-front costs, fees and charges
A deposit is usually the first large investment towards purchasing your new home, it is important to understand what you need to contribute before you go shopping and what additional costs might be involved when purchasing - You should also be aware of other up-front costs which may include some of the following:
- Conveyancing & Solicitor's fees
- Searches and surveys
- Mortgage Insurance
As there are many products available from many different lenders, MRM Mortgage Brokers will walk you through the specifics of the loans that suit you - this way, you'll know what to expect when you choose a home loan and you won't miss any payments or be surprised by additional costs!
The First Home Owner Grant
For information on the FHOG, simply visit our page dedicated to first home buyers.
Choosing a home loan
When it comes time to choose the loan that’s right for you, we’ll have equipped you with the knowledge to choose the right product! We’ll cover all aspects of the loans that suit you to allow you to make an informed and easy decision. MRM Mortgage Brokers will take the time, confusion and guess-work out of comparing different loans and will calculate on the spot just what your chosen product will cost you.