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Buying a new home can be a challenging and complicated process without the correct guidance and expert advice. We've put together a step-by-step guide with all the requirements you should know.
Buying a house and moving in together is not just a big step forward in your relationship but also a huge milestone – which can be as scary as it is exciting. The whole process can be very overwhelming, but it doesn’t have to be – with the right guidance and clarity regarding what to expect, we can help make it less stressful so you can focus on the good stuff.
She said yes, or he said yes. But, it is a clear yes, you are moving in together and the house hunt is on! BUT, don’t just jump straight online to view places, you first need a clear idea of what you are looking for and what you can afford. And if you need a loan, will you qualify for one?
You’ll need a good credit score to acquire a home loan. Your credit score is a three-digit number between 000-999. +600 puts you at a fair chance of getting your home loan approved. If you are not where you need to be you can improve your credit score by doing the following:
Once ready, apply for a loan from your bank or a bond originator.
Be realistic about what you can afford. It is also important to consider the extra costs that come with owning a property like maintaining a pool and garden.
If you can put down a deposit for your property, doing so will up your chances of getting your home loan approved. Your repayment interest rate will be better and your monthly loan repayments will be lower.
Let’s get all your paperwork together:
You knew you wanted the house the minute you walked in. Now to make sure it’s yours! You have your bond pre-approval, the next step is to sign an Offer to Purchase (OTP), but, before you do so have the property inspected. Make sure you clearly state your terms for making your offer and understand their terms on accepting. The Offer to Purchase is a legally binding document so do not sign unless you are certain and understand the terms and conditions.
Before submitting documents to the deeds office:
Put aside the romantic stuff and treat buying a house together like you would any other business deal. You need a legally binding agreement to protect both of your interests in case something goes wrong.
Legal&Tax is your companion. Our experts will advise and guide you through the legalities of purchasing your new home