ARE YOU READY TO BUY YOUR FIRST HOME?

When buying your first home, it can be helpful to think about who you need to engage with and when to help you purchase your most significant asset to date!

There will be a few different people whose assistance you may require, such as Brokers, Real Estate Agents, Conveyancers and more, and they will become an essential part of your experience to make the process as smooth as possible.

In this blog, we will run through the different parties involved, how it all works, and a great ‘ideal timeline’ of when to engage each person, so get ready to take some notes because this will be a good one!

Brokers

Not surprisingly, we will start with Brokers and Banks. As a first-time buyer, you will likely not have all the funds to cover your purchase and will need a loan.

The benefits of having a broker working on your behalf mean you can rest assured your loan structure will cater to your needs and that you are paying the best interest rate possible for your situation.

Top Tip

“When approaching banks directly for home lending, keep in mind that they will only be able to offer you loans exclusively with their bank. It sounds like a simple concept, and however, this can be quite limiting where lenders apply a ‘cookie-cutter’ approach to lending with limited awareness of your personal circumstances.”

Examples of questions brokers will help you answer:

How much can I borrow?
What will the purchase cost me?
What are the associated fees and charges?
Do I have to pay stamp duty?
What is the First Home Owners Grant, and does it apply to me?
Do I have enough of a cash deposit?

These are questions you should have the answer to before you begin looking at homes.

Solicitors / Conveyancers

Once you’ve found the perfect home, transferring the property into your name requires legals and paperwork. Once you sign the Contract, the conveyancing process will need to begin, and if you have not already done so, you will need to engage a solicitor or conveyancer to act for you until settlement.

Real Estate Agents

Real Estate Agents will be your first point of contact, especially as you start to attend open for inspections.

It is important to note that Real Estate Agents are retained and paid by the Vendor (seller) and must therefore primarily look after their clients’ interests first. For this reason, market knowledge, research, and entering into well-informed negotiations are crucial when making your first purchase.

Pest and Building Inspectors

We encourage all buyers to engage a pest and building inspector to inspect the property they intend to purchase and have this written into the contract. The principle of caveat emptor applies when you sign a contract of sale – this is Latin for the principle of “Buyer Beware”.

If a purchaser signs a contract for a house structurally unsound or riddled with termites, the law does not allow purchasers to claim they ‘did not know’. With a financial commitment of this size, getting pest and building reports to ensure there are no nasty surprises is imperative.

Financial Planners

Once you’ve taken the exciting step of purchasing your first home, you must obtain the proper insurance(s) to protect your most precious asset/s. This is not only limited to your new home but also includes the most precious asset – you! Life Insurance and Asset Insurance all form essential aspects of your financial future and can be addressed with the assistance of Financial Planning experts.

Now that you have this information, where do you begin, and who should you approach first?

Ideally, start with a Broker, and find the answers to the abovementioned questions. Then head to some open inspections and speak with your local real estate agent about what you are searching for.

From there, engage a conveyancer as well. When you put an offer in for a property, be sure to include a building and or pest inspection into your contract and then you can seek an inspection professional.

Refer to the below diagram for more information and as a guide for an ideal timeline!

Remember, though, that a broker is where everyone should start their home-buying journey. Don’t walk into the process of home-buying with uncertainty!

To gain tips about buying properties for auction or private sale, check out our earlier blog here , and if you have any questions for the team, give us a call at (03) 8657 8664.

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4 Tips For Finding That Perfect High Yield Property

By Kola Dev • March 19, 2025

Any property guru worth their salt will tell you that a dream property investment has nothing to do with a prestigious address or sleek amenities. The ultimate goal, is to find that perfect “high yield” property that will give you maximum returns for as little input as possible. Yield refers to the amount of cash a property produces as a percentage of its value and is calculated by the rental income you are receiving compared to the purchase price. There’s a lot more that goes into the calculations, which I’m happy to run you through, but to give you an idea on what to look for, I’ve put together some simple tips. 1. Do your research. There are plenty of stats out there that will give you the median rental yield for each suburb. This is a great place to start! 2. Look for dual income properties such as a house with a granny flat. You can potentially have two streams of rent coming in, meaning the chance for a higher rental yield significantly increases. 3. Have you thought about looking rurally? Country towns offer some great properties at a low price and because the cost of living is low, the rental yields tend to be higher. 4. Always think forward. Be on the lookout for up-and-coming areas and ask yourself if they’ll still be flourishing in five years time. At the end of the day, you need to be realistic. Just because a property has a high yield doesn’t mean it’s going to be a great investment. As a mortgage broker, I can talk you through your options for investment loans so you can see what your monthly outgoings might look like. Please call our team on (03)8657 8664 or email reception@futurefinancegroup.com.au to arrange an appointment.

7 Quick Ways to Upgrade Your Home

By Kola Dev • March 19, 2025

The continuing boom in property prices has tempted many homeowners to invest in renovations to maximise the value and then put their home straight on to the market. There’s no doubt you stand a better chance of enjoying a great return on your investment if you modernise your home. Properties that enjoy a mix of the traditional and the contemporary are in big demand among today’s buyers and nothing ticks the boxes more than a brand new kitchen or bathroom. Two increasingly popular features at the moment are a dedicated home office and a design that connects the indoors with a garden or entertaining area. But renovation projects of this size can become expensive. If your budget doesn’t allow for large-scale upgrades, there are plenty of ways to enhance the value of your home at little cost. Here’s a seven-point guide to upgrade your home. 1. Break out the brushes It’s amazing how a fresh coat of paint will improve a property. Don’t focus only on the walls but attend to the skirting boards, ceilings and architraves. Select neutral colours as these make rooms feel bigger. 2. Go green Small-scale improvements to your gardens work wonders. Focus on the front yard as this creates an all-important first impression. 3. That’s entertainment If your property lacks an area to entertain, this is a great low-cost project to enhance your property’s desirability. Consider adding a deck or a barbeque area. 4. Floor ’em A mixture of different floor types can make a home feel bitsy while a home with consistent flooring creates a great sense of flow. Replacing the floor can be a painful project but you’ll be amazed how much bigger your home feels. 5. Say it with storage You can never have too much storage. A bedroom without built-in robes is just asking for clothes on the floor. Think about storage in bedrooms, bathrooms, kitchen and laundry and looks at ways to create clever storage solutions in nooks and under the stairs. 6. Kitchen upgrades If yours is a little tired, don’t worry – you don’t have to rip it out and spend big dollars. Consider replacing only the doors, drawers and handles. You’ll achieve a transformation at the lowest possible cost and it will feel like new. 7. Unbeatable bathroom Like the kitchen, this can be an expensive renovation. You can avoid replacing tiles by using a professional company to spray-paint them. This treatment can also be applied to sinks, baths and showers. New tapware and shower screens complete the refresh for a fraction of the cost of ripping and replacing. Please call our team on (03)8657 8664 or email reception@futurefinancegroup.com.au to arrange an appointment. *This article is provided for general information only and does not take into account the specific needs, objectives or circumstances of the reader. Before acting on any information, you should consider whether it is appropriate for your personal circumstances, carry out your own research and seek professional advice.

7 Tips for Organising Your Finances Before You Buy A Home

By Kola Dev • March 13, 2025

There are many tips for buying a property, but there’s one essential element that no one can avoid - getting your finances in great shape before you start. Knowing what you can afford is a critical element of finding your first home or the next one that takes you higher up the property ladder. The most successful buyers begin their search with their finances in order and a pre-approval letter from their bank or lender. They know their budget and tailor their efforts accordingly. There’s no greater waste of time than visiting properties that are beyond your price range. Using a mortgage broker can help you shortcut the hours of research through various banking products and good brokers have detailed market knowledge and can offer an array of products. We can suggest the loans most suitable to your circumstances and assist you with paperwork, and review your credit history. We can also help you understand any grants or tax exemptions from state and federal governments that you may be eligible for. Below are a few tips for securing the finance that will help you find your dream home. 1. Clarify your finances If you’re a homeowner, you’ll need to obtain a valuation on your current property and provide proof of current earnings. A first-time buyer will ideally have 10% of the purchase price as a deposit to get the best interest rate and conditions for their first loan but the more the better. Money for legal fees, property inspections and taxes need to be set aside, too. Make sure your tax returns are up to date to prove your earnings. It will make life easier. 2. Low barrier to entry You can obtain a conventional loan with as little as 5% of its total as your deposit. Some government-backed loans do not require a deposit. 3. It pays to save The more you save, the less you borrow. And that means lower your monthly repayments for you over the term of the loan. 4. Go for a grant First-home buyers should research the current grants from various levels of government that are designed to encourage them into the market. 5. Credit crunch You’ll need a good credit history to be attractive to lenders. Check yours out by using companies such as Experian and Equifax. If your track record is not the best, we can discuss ways to address this. If errors appear in your credit history, dispute them immediately. 6. Find the right loan You can save thousands of dollars by choosing the right mortgage product for your situation. It pays to shop around and make a note of not just the interest rate but the fees that come with it and other services that may be offered. As your mortgage broker, we can guide you through this process. 7. Be pre-approved A written undertaking from your lender will help you focus on what you can afford, as well as signal to a prospective seller and their agent that you’re not kicking tyres. Watch out for lenders who will only “pre-qualify” you, as this represents only an estimate of what you can afford and does not offer any guarantees of intention to lend. Please call our team on (03)8657 8664 or email reception@futurefinancegroup.com.au to arrange an appointment.