Page 5 - Smartline eBook - First home buyer

2. Research the market
Explore which neighbourhoods suit your price range by analysing the data and suburb profiles and seeing what’s on the market and what’s recently sold.
This is usually the most common area people reassess their expectations; sometimes moving 5km further out could save a heap.
›› DO: When searching on www.realestate.com.au use the ‘value guide’ on each property page to see what ‘similar’ homes have sold for.
3. Cut through the jargon
If this is your first time getting a home loan, it’s helpful to learn more about common terms that may apply to you and break down all the jargon. Learn about LVR/LMI/P&I and lots more, and know what applies to you.
If you want help face to face, a Smartline Mortgage Adviser can explain the ins and outs of home finance to you, so you can narrow down your options and pinpoint the right loans for your circumstances.
4. Apply for conditional (pre) approval
Conditional approval is a sign from a lender that you’re eligible to apply for a home loan up to a certain limit (subject to meeting certain conditions). You’re under no obligation to take the loan, but it can show vendors you’re serious about buying and that you’re confident you can afford the property.
Having a conditional approval can help you act fast when you need to, giving you a better chance of locking down a property before someone else does.
Conditional approvals are generally valid for 90 days but if something changes while you’re looking for a new home – your financial situation, for example, or you need more time to find the right one – you can (and should) always renew your conditional approval.
Get the right repayment estimate
Get an estimate of your repayments by using our home loan repayment calculator.
First home buyer guide 5