How Does Bridging Finance Work? Bridging Loans for House Purchase Australia [2022]

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Transcript of - First Home Buyer Checklist Australia

Hello, my name is Will and this is a video on the First Home Buyer Checklist. Before I get into things, I’d like to introduce myself.

I am the owner of Will Bell Mortgage Broker and we do a lot of things in finance, one of the main things we do is we help first home buyers get into their own home. If you need help, you can contact us via the details in the description and reach out. 

You need to build a team around you!

If you’re watching this, you’re probably one of those people who want to get all the T’s crossed, and all the i’s dotted, you have a problem here, the first time buyer process can be very complex, and all the individual steps you need to put on a first home buyer checklist will vary depending on the buyer situation, your financial position and what you want to achieve. So my job in putting this video together is to put you on the right track and make sure you avoid any of the pitfalls in the home buying process.

The easiest way I have of doing this is by giving you the list of people you need to deal with. This is the same method for anyone who employs people to get a big task done. You get the right people together. And it’s their task to use their skills, experience, and expertise to get you what you want, which is in this case, to buy your first home. 

Why the checklist?

Here’s a checklist of people you’ll need as a mortgage broker, a conveyancer, a building inspector, and maybe a buyer advocate or buyer agent. It seems like a pretty simple first home buyer checklist yeah? That’s the point. You could do many hours of research online and have a checklist that goes to the moon, that is going to stress you out in a major way and at the end of the day, you still don’t know what you doing. The beauty of this first homebuyer checklist is that you’re getting the right people on your side who do know what they’re doing. Let’s go over the role of each of these people so you know what they do, and you’ll be more comfortable with the process. The mortgage broker is your first port of call. Why? Because they are the ones that you need at the start and will be there all the way through the process. Mortgage broker’s will do these major things.

Who's on the checklist?

One, they’ll figure out what deposit you need, Two, they’ll qualify you for grants and schemes. Three, they’ll calculate your borrowing power, Four, they’ll deal with the bank. Five, they’ll help you complete the paperwork to settle.  The mortgage broker is the kingpin in the process, but you also need a conveyancer. The conveyancers main role is to facilitate the transfer of title into your name. In other words, they do all the legal stuff, you’re best to engage the conveyancer before you start looking for properties. That way you can hand them contracts to look over before you sign them to make sure you’re protected in the best possible way. The third main person you need is a building inspector, you use a building inspector to look through the property that you’re intending to purchase to make sure there’s nothing wrong with the place. You don’t want to buy something that’s not structurally sound or termite infested. 

The Buyer Advocate

That’s the three main people you need who will get you into your first home. Nice, easy and simple. That’s your first home buyer checklist right there. The only other person you may need to consider is a buyer agent, also known as a buyer advocate, a buyer agent will work with you and help you find a property and negotiate on that property. I’ve been finding them particularly helpful of recent times, it’s estimated 25% of all properties that are selling are being sold off the market. This means that they’re being sold before you get to see them advertised. This is a big deal because recently there’s been a lot of short supply of property on the market and that’s part of the reason they’re going up so fast. 

The Wrap-Up!

I’d be interested to hear from you to see what your biggest challenges are to buying your first home. So please like the video, leave a comment. Also, if you need any help with a home loan, like figuring out your borrowing power, or what grants and schemes you qualify for, please contact us and we’ll take care of you.

Cheers.

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