Home Buying Process Australia [Step by step tips]

The home buying process in Australia can be super confusing.

In this video, we walk you through the exact step by step process for buying a home.

00:00 Home Buying Process Australia [Step by step tips]
00:45 1. How Much Deposit Do you Have?
02:19 2. Check your credit File
02:41 3. Job History
02:58 4. The Property You’re Looking At
03:19 5. Organising Your Team
03:32 6. Your Mortgage Broker
03:52 7. Your Solicitor
04:43 8. Your Building & Pest Inspector
05:32 9. Finding The Property
07:05 10. Researching The Market
08:16 11. Will The Bank Accept It?
08:54 12. Making An Offer
09:24 13. Is My Loan Approved?
10:04 14. Sign Contracts And Move In
10:46 15. First Home Owners Grant
11:09 16. Pre-Settlement Inspection

Other links we mentioned
- How to Research a property in Australia https://www.youtube.com/watch?v=KXVu9Lp0ogU
- Other free research tools https://www.huntergalloway.com.au/property-market-research-process/
- Get a free rp data https://www.huntergalloway.com.au/rp-data-free/

Owning your own home is a great dream. But don't be fooled. It will require you to make some major sacrifices and finding a home requires discipline and effort, not to mention cash. But with some determination, you can get on the road to buying a home of your dreams.

Step 1 - Determine your budget
The first step towards home ownership involves a little introspection. You need to take a long, hard look at yourself and your finances and determine what you are planning in the years ahead and how much you can afford to repay.

Step 2 - How much can you borrow
Now that you know the total amount you can devote to mortgage repayments, you should determine how much you can borrow. This amount will vary from lender to lender, and many now offer online calculators that allow you to determine your borrowing limit. Your Mortgage offers different easy-to-use interactive calculators and tools that will help you model any complex mortgage and investment related scenario.

Step 3 - Hunting for a home loan
Borrowers in the market for a competitive home loan need to educate themselves about the different available home loans. Additionally, borrowers need to familiarise themselves with the interest rates on these loans as well as the product features.

Step 4 - Know the deals in the market
It's important for borrowers to know what deals are in the marketplace in order to get the best deal. This is one time when advertising can be your friend. Ads on television and radio, newspapers and magazines such as Your Mortgage Magazine are great places to find out what deals lenders are currently offering. Be proactive and contact lenders directly about deals on offer. Whether it's a lower interest rate, zero establishment fees, frequent flyer points or other value-adds, the more you know about the current home-loan market, the better your negotiation skills when it comes to asking your lender for more product features or a lower interest rate.

Step 5 - Get approval
Having found the best possible deal, it's time to apply for a home loan, attend a loan interview and get approval. Make sure you have all the necessary documents ready for your lender or broker.

Step 6 - Finding your home
Now that you know your budget, it's time to determine how much 'home' it's likely to buy you and in which suburbs you can afford to live in. The real estate section in newspapers, local papers and real estate agents are all useful sources of pricing information.

Step 7 - Don't forget building inspections
Anyone buying a home should have it inspected for faults. Make sure the property you buy isn't a dud - and there are plenty out there, especially in cities where housing stock can be very old and run down.

There are number of different inspections to be made depending on the type of property, including:

building inspections
pest inspections
electrical inspections
strata inspections and
a land/property survey
Step 8 - Making an offer
Ater your inspections, if you're still satisfied with the property, it's time to make your next move. While it is important to be cautious in approaching price negotiations, don't be too inflexible. After all, you want this property. The last thing you want is someone beating your best bid by a few hundred dollars, knowing that the property is worth much more.

Private sale offer
The most common way to buy property is by private treaty or sale through a real estate agent or directly from the owner. If a property isn't going to auction, you are saved from the stress of auction day, but are then faced with the daunting question of how much should you offer. If a home price tag says $250,000, this may not be how much the vendor really wants. Many agents say that it's usually wise to make a lo

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