Before you buy
What’s the purpose of the new property?
Will it be your new home? If so, will you keep your current property as an investment? Or do you want to remain in your current home and buy an investment property? It’s best to know the answers to these questions before you start your search.
Get advice
Talk to a mortgage broker or credit professional who can give you a second opinion on your current situation, as well as a professional’s guide to what the market is currently doing. Their advice should help you answer the questions above and give you an idea of the most suitable loan for you. They’ll also look at your current and projected financial position to give you an idea of what you may be able to borrow.
Do your research
If you want to rent out either your current or new property, look at the advertised rental prices of similar properties in the area to understand what your property could achieve. This will help you map out a budget of how much you need to contribute to cover the mortgage payments. If you’re looking to sell your current property, compare what similar properties in your area have sold for recently, and how long they’ve taken to sell.
Set a budget before looking
Combine the advice your mortgage broker or credit professional has given you and your own research to determine how much you need to borrow. Use our repayment calculator as a guide to help you determine what repayments you’ll need to make on different loan amounts.
Start the application process.
Ask your mortgage broker or credit professional to get the application process started for you, so you’ll be ready to buy once you find your ideal property.
