5 steps to buying your first home

If you are tired of renting and over paying someone else’s mortgage, it might be time to start looking for your own home. But where do you start and how do you know what to do? What lender should you choose? Are you eligible for Government assistance? How do you add up your deposit? 

We understand buying a home can be a daunting process, and that’s why we encourage future homebuyers to get in touch with our Dunedin based mortgage advisors. We step you through the entire journey, helping you to navigate the lending process and putting you in touch with other professionals who can help you too. We also take on the majority of the paperwork for you, so you can be assured that everything is done correctly, as well as saving yourself major time and stress! Plus, we are paid by the banks so our service is free to you - just another reason why using a mortgage advisor is a no brainer!

Buying a home can be broken into 5 key areas, and we’ve outlined these below. Of course, we are here to assist with any additional questions you have around the process, so don’t hesitate to give us a call or send us a message. 

Sorting your deposit 

The first thing to do is to work out exactly how much you have to put towards a deposit. This can come from sources such as cash savings, KiwiSaver withdrawals, First Home Grants, or contributions from parents or family members. We can help you work out what you might be entitled to and will help you add up your deposit.

Navigating the lending process

From here, we can work out your income and expenses to give an idea of how much you have to put towards repayments. This combined with your deposit allows us to see what you could reasonably borrow and gives you an idea of the price bracket you can look for a home in. At this stage, we will also provide you with a number of different lending options and together we will pick the one that suits you best. From here, we will get you pre-approved and then you can confidently begin to look for a home! While being pre-approved isn’t essential before you start looking, it does give you a better idea of what you can comfortably afford and gives you that certainty that you are ready to go when the right home comes along. 

Getting the right loan

With so many lending options, how do you know what to choose? It’s important to shop around as it’s not guaranteed that your current bank will always offer the best deal. At Loan Market Dunedin we have access to over 20 lenders and hundreds of different loan products, so we can find the perfect fit for your situation. We also help to manage all of the paperwork and deadlines, and we work with the lender on your behalf to secure the loan and any additional bonuses that come with it. 

Finding your dream home

Once you’ve got your budget sorted, you can start to have a look at different suburbs and the types of homes that fit into your price bracket. It’s a good idea to do a bit of due diligence and find out the future plans for your suburb and if this will affect you in any way. You also want to consider whether you want an existing property vs building, or a house vs an apartment or unit. It’s a good idea to write a checklist around what are must-haves for your future property so you can quickly rule out anything that’s not suitable. 

After you’ve purchased your home

Awesome, you’ve bought your dream home. But now what? We help you through the entire settlement process, helping you to manage deadlines and ensure the money is ready to go on settlement day. Once you’ve moved in, we stay in touch regularly to remind you when the time comes to re-fix your loan and  to ensure that your loan is still the best fit for your situation. We are also available anytime to answer any questions you might have throughout the length of your loan. 

Even if you feel like you are a little way away from being ready to buy a home, we encourage you to come and have an obligation free chat. Understanding where the goal posts sit makes it easier to kick a goal, so we can help you make a plan to get you into your first home sooner! Give us a call today on 03 471 8825 or click here to book an online appointment