Melbourne is a great place for settling down. In fact, the whole state is. I’ve been a mortgage broker for a long time and I can understand why we get such huge migration numbers. It’s got great weather, amazing coastlines, fun sports events, rich cuisine… oh, and did I mention the fine wine? Whatever it is that tickles your fancy, Victoria will never disappoint.

However, you have to understand that buying a house anywhere in Australia is a complicated process. It’s not the same as buying a new shirt or a pricey smartphone. Before you dive into it, there are things you will need to prepare. I’ve made this BUYING A HOUSE CHECKLIST which you can download here to make things a lot easier for you.

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1. Go over your finances

You need to be aware of what you can and can’t afford when making your buying a house checklist. I’ve seen a lot of first time home buyers make the mistake of only saving up for the property cost. What they don’t know is that buying a home also comes with other expenses. This includes stamp duty, inspection fees, and more. Be sure to add these items to your checklist for buying a house!

2. Check for grants

Why cash in all your savings for buying a house when you can apply for a grant? Get in touch with the State Revenue Office. They have a complete list of all the discounts and concessions you might qualify for.

3. Prepare a deposit

Typically, this would start at 5% of the total cost of a house. For now, you can set up a savings account to get your finances in order. Think about how much money you can put aside per month to reach your goal. If you’re struggling with the cost, there are initiatives set by the government to help you.

4. Get pre-approved

A lot of people jump to house listings from the get-go when buying a house in Victoria. They wouldn’t make a buying a house checklist nor would they do any research. I wouldn’t advise you to do that. You should work closely with your mortgage broker and when they give you the go-ahead then you can start shopping!  Sometimes, you can get the pre-approval straight from the broker if they believe your position is strong.  As a mortgage broker, if I think there are potential hurdles with the loan I will advise to get a fully assessed pre-approval from a lender.

5. Choose the type of property

Have you thought of what exactly you want your house to be like? Do you have a certain preference? It’s vital to have a clear picture of what you’re looking for. This is where having a “first home buyers checklist” really helps. It lets you stay on top of your paperwork and narrows down your search. Consider the location, neighborhood, style, and features you want your house to have.

6. Attend property inspections

It’s easy to get swayed by a positive emotional response when you first enter a lot for sale. Don’t get too invested, though, before a structural inspection takes place. After all, you need to make sure all the utilities are in working order before making an investment.

7. Check in with an expert

Does this whole checklist of buying a new house in Victoria still leave you feeling confused? Overwhelmed? Do you feel like there’s so much you need to list in your buying a house checklist that you barely have enough time for anything else? If your answer is yes, don’t worry! It’s normal to feel that way. The good news is that you don’t have to go through all this on your own.

As a mortgage broker for almost 15 years, I can guide you through the whole process of buying a home. If you have questions or concerns, go ahead and send me an email so we can start working on getting you pre-approved!

Love this CHECKLIST FOR BUYING A NEW HOME in Victoria? Download it now for offline use!

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Will Bell Mortgage Broker

Will Bell is a mortgage and finance broker based in Melbourne specializing in residential home loans.  Will is all about the average Australian understanding just enough of the broader economy to take action on your own personal economy.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.


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