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Buying your first property

A step by step guide to buying your first property. Heidi Armstrong, Director of State Custodians Mortgage Company looks at important things to consider when buying your first home. Making an offer on a property, finding the best home loan for you, fees to take into account, and signing the contract are just some of the aspects covered.

Video transcript below:

Heidi Armstrong, Director, State Custodians Mortgage Company
Heidi Armstrong:  Hi, I’m Heidi Armstrong and I am the Director at State Custodians Mortgage Company.  I’d like to talk to you today about how you go about making that dream home your reality.  
If you are a first home buyer then no doubt you have visited lots of properties, you have been to lots of open for inspections.  But perhaps you have found that dream home and you are ready to secure it and make it yours.  
Make an offer on the property
At this point you may be wanting to make an offer on the property so that you can know that it’s yours and it’s off the market.  That’s fine, just make sure that you do so with a conditional offer.  Make the offer, subject to finance.  
Find the right lender and loan for you
So after making that conditional offer, it’s time to find the right lender and the right loan for you.  This is when you start to need to look at what is the interest rate.  Is it competitive?  Are there any fees ongoing or any set up costs?  The lender should be helping talk you through what are your total costs to purchase this property.  
So not just the purchase price, but factoring other incidentals such as stamp duty and legal fees and any loan costs.  A really important thing to realise is lenders want to see you have 5% genuine savings.  That means that you have held at least 5% of the purchase price in your bank account or in shares for at least a 3 month period.
It’s now time to make that decision, which lender and which product is best for you.  Remember it does not play to your advantage to have multiple applications with multiple lenders.  Each time you make an application for credit, your credit report is hit and the more hits on your credit report, the poorer your credit score.
Once the loan is approved, you advise your solicitor and then contracts become unconditional.  This home is on its way being yours.

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