First-home buyers are feeling more confident and are returning to the property market. ANZ research has found (through home sales over the past six months) first-home buyers are playing a bigger role in the overall housing market, with lower interest rates a large drawcard.
It can feel like the hard work’s done when you finally save enough for a house deposit - and while it is to a certain extent—you still need to complete your homework around the buying process.
We recommend first-home buyers are fully equipped before going ‘house shopping’—putting you in
prime position to buy a house:
- Get your mortgage application sorted before looking—this is a crucial step some people overlook, it can be easy to fall in love with a house before arranging finance. We advise working with an expert like a mortgage broker, from the start, to fully understand what you can realistically afford.
- Know your strengths and weaknesses—the offer process can be tricky, make sure you know what the offer process is for your chosen house, and how it works in relation to your finance.
- Buyers will often need to increase their budget, or lower their expectations—compromising can be tough, but is often essential.
Often, banks don’t explain properly or put in writing exactly where a buyer sits, and it can be a guessing game—somewhere you don’t want to be when you’re trying to buy a house and are dealing with an entirely new process, particularly around making an offer. Impartial advice is an important element to understanding your position.
Ensure you don’t miss out on your dream house, especially because of a hitch in the offer process—working alongside a registered mortgage broker can help achieve your first home dreams. Call our team today on 0800 000 517 to find out how.