Ready to purchase your first home? Here’s what you need to know…
The finish line is in sight! You’ve shortlisted your potential new homes and you’ve found the loan that’s right for you. So that means it’s time to understand applying for your loan, the purchase process and settlement!
Making an Offer
There are four ways to purchase a property in Australia, these selling methods are Private Treaty, Auction, Tender or Expression of Interest. The method is determined by the seller. Each state has its own set of rules and regulations, which can be accessed via state governments websites.
You can make an offer on a property subject to finance even if you haven’t had a loan approved yet. However, having a pre-approval might make it easier for you to get your foot in the door. Alternatively, you can wait until your loan is fully approved before making offers. Remember to factor in market changes and possible interest rate changes when marrying your approved loan to the value of a potential new home.
Contracts to purchase a home are submitted directly to the real estate agent representing the seller of the home. Our Premium Bankers and Lending Specialists help communicate between all parties during this process.
If your offer is accepted
Congratulations, your offer has been accepted! You’re officially on the journey to owning your first home. While this is an exciting milestone, there are still a few key steps before moving day.
From here, your solicitor or conveyancer will get to work on some specific requirements such as exchanging contracts, the legal transfer of the property into your name to name a few, and your lender will organise a property valuation as part of final unconditional loan approval.
You’ll then enter the settlement period, the time between signing the contract and officially taking possession.
When buying in Queensland, many don’t realise is that the property becomes your responsibility from the moment contracts are exchanged, even though you won’t have the keys just yet. That’s why most lenders, including us, require you to have building insurance in place from your contract approval date. It protects your new home from unexpected damage during the settlement period and gives you peace of mind as everything comes together. Learn more about getting the right insurance here.
We’re here for you
Once you’ve chosen your home loan it’s time to apply! When you’re ready to buy click here to apply for your loan. Our lending team will contact you and help you through the process, they’ll become your loan wingman, providing support from getting the loan all the way to settlement.
Once you’ve found your home, it’s time to advise us, and we will help finalise your loan and assist you along the way to secure your dream property.
You’re only a few more feel-good moments away.
Enjoy the personalised support for your big life moment along with the competitive benefits that come with our home loans and personalised service form our experienced premium banking team
Southern Cross Credit Union Ltd 82 087 650 682 AFSL and Australian Credit Licence 241000. Any advice is general advice only and does not take into account your objectives, financial position or needs (your ‘circumstances’).
