19 Nov 2019

4 ways to never miss out on your dream home

You’re finally ready to start looking for a new home. You’ve done some research and attended a few open homes. Suddenly, you spot it: your dream home. It’s almost too good to be true. The stars have aligned, and it seems like a no-brainer – you have to buy it. Before you dive in and make an offer, ensure you have a few things covered so you don’t miss out on your dream home. 

1. View different types of properties 

Viewing different types of properties sets you up to make better decisions. It helps you to be more fact focussed and less emotionally charged. Buying a home, even a second home, is challenging for most of us. It’s a good rule of thumb to look at five different properties in person before placing a bid. You’ll get a good idea of the best value in your price range. 

2. Pre-approved loans

Before you formally apply for your home loan, lenders can agree in principle to supply you with your home loan at an earlier stage. This is called a pre-approval, and it gives you an advantage when you spot your dream house. Pre-approval gives you confidence because you can make an accurate offer. It also gets most of the paperwork out of the way for your final approval, allowing you to secure your dream home before anyone else. 

It’s important to note that pre-approval doesn’t happen overnight. It usually takes 3 to 5 business days to process the application. Once pre-approval is granted, it typically lasts for up to 90 days, depending on your lender.

3. Have an idea of your mortgage expenses

There are a few expenses you have to account for when getting a mortgage. Here are just some of the expenses you’ll encounter on a typical $500,000 home:

  • 20% deposit: $100,000
  • Stamp Duty: $9,000
  • Conveyancing and legal fees: $1,800
  • Mortgage registration fee: $187
  • Transfer fee: $1,120
  • Mortgage insurance: $8,000
  • Council and utility rates: $2,000 per year

Total = $122,000

4. Make your loan application process smoother

Get a credit check

Before a lender gives you a mortgage, you must have a good credit score. Be sure to check your credit score well before you apply for a home loan. It’s also a good idea to monitor your credit score in the months before you attend open homes. 

Get your documentation in order

There’s nothing more frustrating than losing your dream home because of missing documentation. Organise all the documents you’ll need to verify your finances: payslips, Super statements, bank statements and your last two tax return statements and more. Not sure what supporting documentation you’ll need? Check out our Mortgage Loan Application Checklist to best prepare for scooping up your dream house. 

Mortgage House 

At Mortgage House, we’re no strangers at helping homeowners scoop up their dream home. If you’re thinking of applying for your first home loan, you can Apply Online today to get started!

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