In the middle of a surging property boom, more and more people are looking towards Australia’s flourishing real estate market off the back of the news that lending rates reach a new record low of 2.25 percent, increasing the amount of people looking to buy in the country.
Over the last three years, property lenders in Australia have reported an increase of 150 percent in those looking for loans to help pay for their new home, with buyers and sellers enjoying a boom in the market resulting in higher prices for sellers, and great loan rates for buyers.
Here are our top tips for ensuring that you get the most out of your property purchase in Australia:
Get your finances in order
Now, before you ever think about buying a home, ensure that your finances are in order, and they are not, perhaps it would be worth spending a year or so getting your finances as impressive as possible to ensure that you will receive the best possible loan rate and put yourself in an ideal situation to go ahead with your real estate purchase – this is even more important if you are a first time buyer seeking to get on the real estate ladder for the first time.
Compare different mortgages and loans
1300homeloan.com.au is your direct line to Australia’s owner-operated and mortgage brokers targeted as the leading lenders in their location – ensuring that you can compare hundreds of different local brokers and know that you are making the best possible saving that you can do – no real estate purchase would start without proper research into different rates and lenders.
Meet different brokers and lenders
Meeting with different brokers and lenders will ensure that you have all the knowledge and sound advice before you seek out your purchase. It also gives you the ideal chance to haggle with different lenders and get the best mortgage rate available to you.
Research into real estate
At the same time, you need to research into different neighbourhoods in your chosen area to purchase. Make sure that where you are purchasing is where you see yourself living for the foreseeable future. Perhaps it would be wise to look into rental yields in your chosen area, and previous property prices to ensure that you are making a sound investment.
Whether you are looking to buy in Sydney, Melbourne, or any of the other cities in Australia, you have to research your local market and find the best home suited to your needs – be prepared to spend months just looking.
Haggle and haggle
Now you have your mortgage sorted, you have the cash, now you need to find a home. Finding a home can take a long while in its own right, you may find houses that you love, yet someone might just get in there before you. Be prepared to wait, be prepared to haggle, and don’t be prepared to settle – have your target and wait until you can buy that property.
Enjoy your home!
Buying a home can be a stressful period in anyone’s life that is without question. But don’t give up, there is always light at the end of the tunnel, and once you have completed your purchase of your residence, you are home! Relax, open up that bottle of wine and have a toast to your new life that awaits you, you deserved it.