Who do you need to buy your first home?

As a young, ambitious person, buying your first property might seem like an impossible task. There are so many details that need to be addressed and done properly to ensure a successful acquisition. So why not hand over some of the more specific tasks and worries to someone you can trust - our team of experts are here to help take care of the paperwork, surveys, life insurance and negotiations for you so you can focus on choosing colours for your new home!

1) Mortgage adviser

We might be biased about this one, but we think it's great when you have the right team on hand at the right time. In this case, we're talking about the right mortgage adviser. So what exactly does a mortgage adviser do? A mortgage advisor takes an in-depth look at your financial situation and makes specific recommendations. Banks typically pay mortgage advisers for bringing them clients, so while they aren't going to charge you anything every month, they still make money - can you believe how fantastic that is?

When looking to buy your first home, it's important to have the right mortgage adviser on hand. They'll walk you through the entire lending process and have an idea of what you can afford depending on your income levels, goals and dreams. A mortgage adviser will help you to apply for a pre-approval, which means they're confirming that you are eligible for mortgage approval by checking your financial position alongside your credit score and history, even in situations where you don't have a deposit saved up. Once that has been confirmed, and all of the paperwork is gathered, it may be easy to access offers from some of Australia's best loan providers like banks. Your mortgage adviser will be able to negotiate the best interest rates and terms to go along with those benefits, so ultimately, you can enjoy affordable financing without compromising quality.

2) Real estate agent

Most people misunderstand when they hear the term "real estate agent." The role of a real estate agent isn't to represent a seller or a buyer but rather to make it possible for both parties to exchange information and reach an agreement. Much like a referee during a game, their job is to ensure nothing is being done unfairly (to help both parties) and that everyone meets their commitments at the end of all negotiations. They will also provide you with what you need as far as all the paperwork you might sign after agreeing on a price with your seller.

3) Solicitor or Conveyancer

During the negotiation process, a lawyer or agent may become involved. The legal professional will review the document in question and try to iron out any issues. They may specify certain conditions if applicable, giving you the benefit of having all bases covered and obligations met accordingly as a client. The solicitor or agent will remain engaged throughout the process, working with their clients to meet their commitments outlined in the contract. Later in the game, your lawyer or agent will handle settlement day, where funds are transferred appropriately, and accounts are settled gracefully.

4) Registered valuer

Depending on your finances and the property you buy, your bank might require a registered valuation. Your mortgage advisor usually organizes this. In most cases, they will not let you appoint your valuer because this process must be independent of any subjective opinions. The bank usually requires a registered valuation to ensure that the property is worth a certain amount so that you are within loan-to-value ratio limits. You can get more information about this here. A valuation might also be required if you don't have much of a deposit or if there are exceptions other than 20% for whatever reason.

5) Building inspector

It is always best to get a building inspector to see your property as you're looking to purchase. Usually, you would include a condition in the sale and purchase agreement which means that your solicitor would then recommend this on behalf of their client, who happens to be the purchaser in question. Building inspectors are crucial before finalizing property transactions because of the nature of what they examine. Mortgage brokers need your building inspector's report and life insurance before providing finance/lending to homeowners. It will enable them to provide clients with peace of mind before finalizing on residential properties that could have been exposed to toxic materials/substances like meth, asbestos, etc.

It doesn't matter if it is your first home, the second one or whatever; the whole process can be quite stressful – from finding a suitable property to meeting all financial conditions. However, you are certainly not alone in this journey. Our well-trained mortgage broker will work professionally with their clients to get the best result and find a home that meets the client's needs and tastes.

Source URL: https://ingerson.co.nz/insurance/