FIRST HOME BUYERS Hi everyone I just thought I would share some useful information for you first home buyers it helps to have the right info when it comes to buying one of the biggest assets of your life. Imagine standing in the doorway of your brand new house, thinking about all the great times youre going to experience as you turn it into a home. QPCU can help you realise this dream sooner with the following steps: The deposit Before you can buy a new home you will need to save for a home deposit. When saving for a deposit you should aim to accumulate at least 5% of the value of the property you wish to buy (10% for investment properties). Deposits less than 20% may require Lenders Mortgage Insurance. Great Start Grant If you are buying or building a brand new home the Queensland Government can help get you started to the tune of $15,000 through the Great Start Grant. The $15,000 Great Start Grant is designed to help kick-start the opportunity for first home owners and owner builders to get underway on new residential building projects. Rules apply to both the types of properties and homeowners that can participate in this initiative. For full details about the Great Start Grant including eligibility criteria and instructions on how to apply, visit the Great Start Grant Website. Make the most of the Great Start Grant. Talk to us about our Home Loan options - call us today on 13 77 28. How much can I borrow? Its best to find out how much you can borrow before looking for a property. To complete an initial estimate on how much you can borrow check out the borrowing power calculator. However, we recommend that you obtain a more thorough assessment by speaking to one of our experienced loan consultants. Choose the right loan QPCU has a range of different loans available to suit your needs. Obtaining a pre-approval This will also give you a set budget to work from when youre out looking for a property; agents are likely to treat you as a serious buyer as you already have finance and are ready to purchase. By getting your home loan pre-approved you can be more confident that you have the funds available when purchasing your house. This will reduce the chance of disappointment in losing the home of your dreams because the finance falls through. Finding your home There are many ways to search for a property and one of the most popular ways is online. There are many websites dedicated to providing real estate listings in your area – all you need to do is a little searching. Tip: Many websites offer the ability to set up alerts that will notify you via email when a property meeting your criteria is listed. This is a great way to ensure you know about any new listings quickly. How to purchase a property There are three main ways to purchase a property; via auction, private sale or agent sale. AUCTION An auction usually takes place at the property for sale or in an auction room and is the process where people bid on the property that is available for purchase. For a first time home buyer auctions can be a little confusing and intimidating so its always a good idea to attend some auctions prior to taking the plunge. This will ensure you are familiar with the process and how an auction works. PRIVATE OR AGENT SALE This is the process of negotiating with either the seller directly or a real estate agent who is representing the seller. Once youve purchased - finalise the sale! Once youve decided on the property you wish to purchase there is usually an amount of time specified in the contract to settle the conditions. When all the conditions are met (for example the house might be subject to pest inspection), the contract becomes unconditional meaning the sale will go ahead and you will own the property. SETTLEMENT PROCESS Your conveyancer or solicitor will arrange a transfer of land document to be signed and sent to QPCU. Your conveyancer or solicitor will contact QPCU and other parties involved to arrange a date and time for settlement. Your conveyancer or solicitor will tell you the amount of funds that are required to be paid prior to settlement. This is usually required to be paid by bank cheque one day before property settlement. After settlement your conveyancer or solicitor should advise the real estate agent that the sale has taken place and they can hand over the keys. Move in and enjoy!! Insurance When purchasing a home in Queensland you will need to insure your house as soon as the contract has been signed. You may also want to consider updating your life insurance, or consider mortgage protection insurance – to ensure your valuable investment is protected.
Posted on: Mon, 24 Mar 2014 20:44:00 +0000
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