Getting the right people on your side

23 February 2018

Buying your first home can be daunting, especially the first time around! From sorting out your finances and getting pre-approval to wading through the legal language, there’s a lot to learn.  

Luckily, you don’t need to go it alone. With buying a home being such a significant milestone, it makes sense to get help from the people who do this every day.

As a first-home buyer, recruiting a team of professionals to support you through the process will take a big weight off your shoulders – and might save you money in the long run too!  

Choose the right experts who you can trust to handle the details and you’ll be well on your way to popping that champagne cork on settlement day. At AMP, we’ve got the expertise to guide you on the journey to bringing your real estate dream to life – we’re the first stop for your first home. To get started, we’ll take you through the pre-approval and mortgage process. Read on to find out more about who you’ll need to bring in to get the deal done.

What is pre-approval?

A home loan pre-approval is an agreement from the mortgage lender that you can borrow a certain amount of money. This comes with a list of conditions and you still have to make sure you meet certain home-lending criteria and other terms and conditions.

A pre-approval gives you more certainty about how much money you can spend on a property — which makes your search for your first home much easier! Your Adviser can help you get this.

Why use an Adviser to help with the pre-approval/mortgage process?

An Adviser can usually help by:   

  • Presenting the deal to ensure it has the best chance of getting approved – they know what lenders are looking for;
  • Getting the best possible interest rates to reduce your repayments because who wants to pay more than they need to?;
  • Recommending the right products for your needs to cover all your bases;
  • Giving you advice about how to pay off the loan as quickly as possible;
  • Helping you through the legal language, making sure you aren’t missing any important information like interest rate increases, fees and other conditions.

An Adviser can also guide you through getting the right insurance cover as a new homeowner.

Talk to your Adviser
or call us on

0800 267 263

Monday to Friday
8:00am - 5:00pm

Where your lawyer comes in

It pays to get a lawyer involved early. They can help you with:

  • Sale and purchase agreement: this is a legally binding contract. A lawyer can assist with writing conditions and clauses and ensuring all conditions are met;
  • LIM* and title: review these and resolve any issues;
  • Legal issues: advising on any issues that may crop up during the process;
  • Settlement: your home loan draw down and the exchange of keys;
  • Conveyancing: the change of ownership.

A lawyer can also advise on ownership structures, relationship property agreements, and family loans or gifts if applicable. Search for a property lawyer here.

*Land Information Memorandum

Bringing a builder on board

You wouldn’t buy a car without test driving it – it would be a risky move. The same goes for buying a house. It’s wise to check to see everything is in working order and up to standard before you sign on the dotted line.

Getting a builder’s report before buying a house is always a smart move. A pre-purchase building inspection may identify potential issues that you might not have noticed and how much you might need to budget for repairs or maintenance.

An Adviser can ease you through the pre-approval and mortgage process. Find an Adviser here.

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