Helping you succeed in life's financial journey
A first-home buyer's timeline in 10 steps
From working out your budget and researching a property, through to settlement day and moving in, the road to home ownership is an exciting journey. And with us in your corner, it can also be a smooth one.
Step 1: Work out a budget with your Mortgage Adviser
If you're looking to buy your first home, your borrowing power is a key number to know. Of course, most lenders offer online calculators to help you work out a rough estimate. But getting professional Mortgage Advice from the get-go will not only give you a more precise figure, you'll also be ahead of the curve.
Plus, check out this article for some great tips for maximising your borrowing capacity.
Step 2: Get your mortgage pre-approved
Getting pre-approved is a great way to be prepared before you even start house hunting. Once again, talk to us: our Mortgage Advisers will take a good look at your financial situation and reach out to their strong network of potential lenders to verify your eligibility to borrow.
Step 3: Secure grants and subsidies
Like to know whether you're eligible for any of the first-home buyers' benefits grants and subsidies? Please don't hesitate to contact us.
Step 4: Identify your target
Once you've worked out a reasonable budget, here comes the fun part: looking for a house that fits your needs and wants. What property type are you looking for, based on location, property specs and floor plan?
Step 5: Build your 'dream team'
Purchasing a home comes with a lot of paperwork, so it's important to get independent legal advice to help with the detail. But this is not all. To make sure that your home-buying journey goes smoothly, you're likely to need or come across:
- Real estate agents
- City Council
- Quantity Surveyors
- Property Valuers
- Insurance Advisers
- Mortgage Advisers
Ready to build your 'dream team?' Please get in touch – Cole Murray's Mortgage Advisers can help you bring everyone together.
Step 6: Open homes, open homes, open homes
This is when the house hunt really begins. But before you fall in love with a property, don't forget to check for damage, mould, cracks and any other potential issues. Also, consider getting a Building Report to ensure the house is in good condition. It may cost you a little extra, but the peace of mind you can achieve is priceless.
Step 7: Make an offer
Found your dream home? Then, depending on the method of sale, you should be able to make an offer. Exciting, isn't it? Once again, feel free to contact us with any questions you may have.
Step 8: Get final approval
Before you can finalise the purchase, the lender may need a registered valuation – it's just another key step to ensure that your first home is a sound investment.
Step 9: Structure your loan
Our Team will be happy to help you choose the right structure and interest rates for your situation. And we will continue to be in your corner long after the ink has dried, to help you make sure that your mortgage keeps up with your circumstances.
Step 10: Protect your investment
Congratulations, you're a home owner! It's time to enjoy that 'milestone feeling', and of course, make sure your investment is protected.
From Home & Contents Insurance to Mortgage Protection and Life Insurance, there are many options available. If you'd like to find the right level of coverage, why not talk to our Insurance Team? Our friendly Insurance Advisers will be happy to help you meet your needs.
READY TO START YOUR FIRST-HOME JOURNEY?
Let us help you put things into motion and turn your home ownership dream into a reality.
It's a service that comes at no cost to you*, and puts your interests first - learn more here.
OR, NOT QUITE READY?
Get actually useful First Home Buyers' tips
If you're keen to start getting your ducks in a row, we'll send you a hand-picked selection of our most useful tips every few weeks so you're on track, primed and ready. No spam, just genuinely helpful stuff.
You might also be interested in these articles:
- What is a mortgage adviser?
- How to budget for the added costs of home ownership
- Should you use KiwiSaver to boost your deposit?
An Adviser Disclosure Statement is available free and upon request.
* Our standard Mortgage Advisory service is provided free of charge as we are remunerated (paid) by the banks, but we also provide specialised services and advice for non-conforming, credit-impaired, business and complex cases. After our free initial no-obligation consultation, we will advise you if a fee may need to be charged before we undertake any work. In many cases we may find a simple solution for you.