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Buying property - what do you need to think about?

For first home buyers, families and retirees, buying a home is exciting but can also be quite stressful.

To start with, you'll need to save a deposit. At least a 10% deposit would be best, in certain circumstances we may accept a deposit less than that. Generally, anything under 20% means that you will have to purchase Lenders Mortgage Insurance (LMI). This is available from Horizon. The benefit of having a larger deposit means that it's less that you have to borrow, which lowers the cost over the life of the loan in interest.

To get an idea of your deposit, you should choose an area that suits your needs and research the median price range of the area. When finding an area to suit your lifestyle, you should consider proximity to schools, public transport, shops and medical centres. Consider local noise such as trains, traffic and whether it is under a flight path.

There are other costs you should consider when buying a house such as:

  • Stamp Duty
  • Registration fees
  • Legal fees (i.e solicitors fees, survey and building certificate, building inspection and pest report)
  Additional Information
Apply OnlineAsk HorizonCall 1300 366 565

 

Pre-approval

You can use our Loan Affordability Calculator to see what kind of budget you'd be comfortable with. An even better suggestion is to have an initial discussion with one of our lending specialists. They can help answer any questions and set realistic expectations.

Contact us & make an appointment with one of our friendly lending specialists to discuss your options. For this discussion you should bring in your payslips, bank statements and any relevant documentation for our staff to assist you in the best way possible. We'll explain your options in plain english so you're well and truly prepared.

Get pre-approval- look at our full range of Home Loans to discover what's best for you

  Additional Information
Apply OnlineAsk HorizonCall 1300 366 565

 

Found your dream home?

Now that you’ve found your place, you will need to:

  • Request a contract from the Real Estate agent.
  • Ask for any applicable reports (i.e. strata reports/minutes).
  • Organise a building inspection and pest report.

You will also need to consider whether renovations are planned for the future, and contact the council about previous applications that may have been refused.

And you should get an independent solicitor or conveyancer to review the contract.

  Additional Information
Apply OnlineAsk HorizonCall 1300 366 565

 

Buy, buy, buy

You can now make an offer or a bid! If the property is for sale, you'll have to make an offer. If it’s up for auction, you will need the deposit cheque ready on the day, should you be the successful bidder. We can help with that!

You can now exchange contracts and wait for settlement. This usually takes six weeks, but depending on the previous owner's financial position, settlement can sometimes be shorter or longer if there's mutual agreement- discuss this with your solicitor or conveyancer.

You own your first home! Congratulations!

You should now consider Home and Contents Insurance

  Additional Information
Apply OnlineAsk HorizonCall 1300 366 565