Buy With MattBlak Property

When buying property, mortgage lenders generally look for around 10-20% deposit. That said, some lenders will offer as low as 0% deposit if you also pay what’s known as Lenders Mortgage Insurance (LMI) – an additional cost that can sometimes be quite high.

To get personalised advice on your financial needs, we recommend speaking to a mortgage advisor.

You don’t need it, but mortgage pre-approval can help.

Pre-approval is where a lender essentially signs off on your loan without giving you the money, and sometimes before you’ve even looked at properties. That way, when you go to inspect homes, you’re ready to make an offer or bid at auction knowing the money side is sorted already.

For the best advice on getting pre-approval, you will need to speak with a mortgage advisor.

Picking your location is a really important decision, so it pays to do a little thinking in advance. Consider all the things that are essential to your day-to-day life, as well as the things that aren’t essential but that you enjoy all the same. For example:

• Your work – ideal length of commute, public transport options, home office.
• Your weekend – things you like to do, places you want to visit, where you want to walk or drive.
• Amenities – shops, facilities (i.e. gym or library) and entertainment options, and how far away you’re willing to live from these places.
• Family, children & friends – do you want family and friends nearby? What are the schools in your area?
• Growth potential – do you want to live somewhere that’s growing? You may need advice from a real estate expert to identify hot suburbs.

• Prepare a checklist. It’s easy to forget key details when walking around a property – going in prepared will help you remember what to look for.
• Check the overall condition of the property. Look for damage, signs of damp, age, wear and tear, weather tightness, and that all the electricals and plumbing works as it should.
• Walk around the neighbourhood, to get a feel for the area.
• Take an expert with you. That way you’ll have someone who knows the business fighting in your court.

• Put your offer in writing, but know you don’t need to sign a contract yet.
• Seek legal advice to ensure you know your rights (and obligations).
• Consider if you want to hire experts to fully inspect the property. You can often add this as a condition to your offer (known as a conditional offer).
• Go back to your mortgage lender to ensure you’re OK on the finance front.
• Be prepared to negotiate, especially if other buyers have also made offers.

Remember, an expert is a big help during this process. At MattBlak, we can handle a lot of the nitty gritties (and especially the tough negotiations) on your behalf.