Choosing the property that's right for you

Author: ME

Published at: 6/21/2016 3:28:58 PM


Choosing The Property Thats Right For You


How exciting! You’re ready to buy your first home – let’s take a look at six key steps that can help you find the place that’s right for you.


1.       Know your budget


Your first home is an important start on your property journey and it needs to suit two basic criteria – your budget and your personal needs.


When it comes to your purchase budget, our Borrowing Power Calculator can give you an idea about what you can afford to borrow. Then check out what the regular repayments would be a loan of this size.


Remember, your ME Mobile Bank Manager can provide accurate figures based on your situation & timing.



Calculate every cost. The purchase price of your home is part of your buying budget. You’ll also need to factor in stamp duty, legal fees, removal costs and home and contents insurance and any other costs. Allow for council rates if you buy a house or strata levies if you chose an apartment.


2.       Decide a location – weigh up work, lifestyle and future growth


No home is perfect, and it’s worth being willing to compromise. If you want inner city living, are you happy with an apartment? If you prefer a large garden, would a long commute to work bother you?


Bear in mind, your first home is also a major asset, and the location you select can play a key role in how well it performs as a long term investment. Homes located closer to city centres can generally experience higher rates of capital growth than outer suburban properties - the flipside is a higher price tag. Be flexible though. If you chose an inner city home you may not need a car, and that could free up cash for extra repayments.


3.       Research the market


There is no shortage of property websites that can give you up to date information about sales listings, market demand, and a history of selling prices in your area – some for free, some at a cost.


Nonetheless, there’s nothing like heading out to open home inspections and auctions to see what your money will actually buy. It’s also an opportunity to make contact with real estate agents -some properties are sold before they are openly marketed to the public.


4.       Stay focused on what matters


By now you’re ready to shortlist a few places. When you look at homes, focus on the essentials. Don’t be distracted by the owner’s fabulous collection of artworks (they’ll be gone when you move in), and look past dodgy décor or grubby floor coverings. Fresh carpets, a lick of paint and a new kitchen benchtop can all be added later. What you can’t change is a home’s location, layout or outlook.


5.       Check out the property at different times


If you’ve found a home you’re interested in, aim to visit the place at different times. The last thing you need is to discover the street becomes a car park for mid-week commuters or that the family next door are drumming enthusiasts.


6.       Be ready to act quickly once you find the right home


Quality homes in good locations that are sensibly priced tend to sell quickly. Sure, take some time to think things through before you make an offer but don’t miss out on a place because you need to find a solicitor/conveyancer or arrange loan finance.


Having conditional approval on your ME home loan lets you act swiftly and with confidence when you find an appropriate property that ticks all the boxes.  It could be the difference between owning the right home and missing out to someone else.


Talk to your ME Mobile Bank Manager for more details phone 13 15 63