5 Easy Steps to Owning Your New Home

Step 1: Finance Pre-approval

Contact your bank or finance broker and ask them for an appointment to work out how much you can borrow for your new home or an investor house. They will work this out on the figures you give them. This is commonly called finace pre-approval

Step 2: House Selection

Based on your pre-approval you choose a house and land package suited to your requirements.

Step 3: Contracts

Insist on a fixed price contract for your building contract so your costs are fully known. Land contract will normally be a REIQ contract.

Step 4: Formal Loan Application

Go back to your bank or finance broker with your fixed price building contract and your land contract and formally apply for your loan.

Step 5: Land Settlement & Building Construction Begins

Normally you will need about 21 days for your loan to be processed and formal approval given to you, then another 14 days for your land settlement. Your plans will be lodged after finance approval and you will need the approved plans before your finance company will release your deposit for your house. Your building will commence shortly after.