Being a first-home buyer can be a daunting experience, so we have compiled a few vital signs that you are ready. 

1. You know what you can afford and have a deposit of at least 5% saved up 
2. Your job is secure, and you are prepared for extra costs 
3. You have a good credit score
4. You can stick to a budget 
5. You want the stability of homeownership over the flexibility of renting

There is no simple answer to whether renting or buying is better, as it depends on your circumstances, goals, and location. Some pros of renting include flexibility, freeing up savings and allowing for the diversification of investments, but this comes at the cost of being more expensive in the long run and a lack of freedom to do what you like to your own home.
Buying a home provides stability and the freedom to renovate as you please, along with the benefit of appreciation of property value and an ability to leverage your investment. In addition, mortgage rates are still near record lows, and work-from-home policies mean buyers have more flexibility to choose where they will live.

The lender’s formula is a calculation used to determine your borrowing power. Assessments rates vary between lending institutions because lenders want to know your borrowing capacity before offering you a loan. Still, they generally consider how much tax you pay, your existing commitments, your living expenses and your future loan repayments, as well as including a buffer to the calculations.

Purchasing a house is a huge commitment, and there are plenty of factors to consider. SRS Properties can be your buyer agent and take the time and stress out of finding the perfect house for you. Using a buyer agent will let you take the emotion out of property hunting. In addition, we will be able to conduct an inspection to check for any defects in the property and planned developments nearby, suburb portfolios, flood zonings, and termite activity noise levels and essential amenities nearby.

Settlement usually occurs 42 days after contracts for the property have been exchanged (unless there are any special conditions), and after paying the rest of the sale price, you become the legal owner of your new home. On settlement day, your solicitor will meet with the vendor’s solicitor, exchange cheques and documents, and the title of the property will be transferred into your name. Therefore, it is crucial to inspect the property on settlement day to ensure the property is in the same condition as when you first exchanged contracts. If you do not feel confident in what to look for, you can hire one of our professional agents to conduct an initial inspection. Before exchanging contracts and a final inspection of the property before settlement, ensure the house is in the same condition and does not fall apart after you walk in on settlement day.

A pre-approved loan means the lender has agreed to lend money towards the purchase of your home but without final approval. It allows you to get an idea of your maximum available funds. It enables you to confidently search for properties within your budget and provide a maximum bid at an auction. Pre-approval also sets you apart in the competitive buyer’s market by indicating to the vendor that you are less likely to have complications financing and are serious about purchasing a property.

1. First, attend the first open for inspection to get an idea of the level of interest.
2. Offer early and quick before there are more potential buyers interested in the property.
3. Ensure your offer is unconditional.
4. Offer your best price; if you are more upfront, you will be treated as a genuine buyer.

Yes! Please feel free to send us any more questions you might have through our contact us page, and we will be more than happy to answer them.