12 Tips to Owning Your Home

Step 1 - Know your budget - How much can you afford?

Calculate your total monthly income, take off your total monthly expenses and what is left is how much you can afford to repay on a home loan.  Remember to be realistic and plan well into the future taking into consideration possible loss or gain in income such as taking time off to have a family.

 Step 2 - How much can you borrow?

Ocean Blue consultants will look at your income, debts, assets, number of dependants and if it is a joint loan (one applicant or more).  From this they can calculate how much you are likely to get from a variety of lenders.

 The Borrowing Power Calculator on the Ocean Blue website can also give you and idea of the amount you may be able to borrow.

 Keep in mind any extra costs such as a 10% deposit, stamp duty and legals. You may be able to add some of these expenses into the amount you borrow.

 Step 3 - Claim government helping hands

The First Home Owners Grant is the biggest rebate but you may also be eligible for other state or federal subsidies.  The State Revenue Office will be able to provide details of rebates and exemptions available to you.

 Step 4 - Find the right home loan for you

Decide what you want out of your Home Loan for example, redraw facilities, split interest, offset account, etc.  Once you know basically what you want Ocean Blue's accredited mortgage consultants can do the rest and make it easy.

Step 5 - Know the market

If you know what is on offer in the marketplace this will help you get the best loan to suit your needs.

Step 6 - Approval

Make sure you have all documents required by your Ocean Blue Consultant and it will be easy.  Pre-assessment is generally the first step. This means your loan is firt approved subject to conditions and final approval will occur later.

Step 7 - Find the property

It is a good idea to let real estate agents know you are looking for a particular type of property in a certain area and your pre-assessed amount. Always keep in mind that the agent is working on behalf of the vendor so always shop around and do your homework.

Step 8 - Building inspections

This is a must for all home buyers.  You should look into the following inspections:

 -  building
  -  pest  
  -  electrical 
  -  strata 
  -  a land/property survey

Depending on the property you may need all or some of these.  The results of these inspections mean you will make and informed decision, so factor in these costs when doing your budget. Legal disputes can also be avoided.

Step 9 - The offer

Inspections should now be complete and you are happy with the property.  Consider the amount you want to offer, a good starting point is usually within 5% of the asking price.  It is probably now time to pay the deposit and contracts subject to finance or other conditions can be exchanged. Phone your Ocean Blue Consultant now.

Step 10 - Legals

Check your contract! Make sure you understand everything in it or have a lawyer look at it prior to signatures.  Ensure conveyancing (transfer of title) is organized with your solicitor or conveyancing expert or you can take the do-it-yourself approach. Contact your Ocean Blue Consultant immediately.

Step 11 - Slow down

Now comes the investigating for your conveyancer or lawyer, they will make enquiries about the property, survey and drainage diagrams will be reviewed and government departments will be advised. Heritage orders will be inspected and any necessary council checks finalised.  You must formally apply for finance as a matter of priority.

Step 12 - Settlement

A cheque gets swapped with the title of ownership and you are now a home owner.  Your solicitor or conveyancer will notify relevant government departments but make sure you have the property insured from this date.

For more details contact your 360 Degree Wealth Consultant!