Zenith Real Estate - Buying Tips

Step 1:

Know Your Numbers

Get Pre-Approved:

Consult a financial advisor to determine your borrowing power and get pre-approved for a mortgage. This will give you a clear picture of your budget.

Factor in All Costs:

Don't forget about stamp duty, conveyancing fees, and inspection costs when calculating affordability.

Explore Grants and Concessions:

Victoria offers First Home Owner Grant (FHOG) and other concessions to help first-time buyers. Check the State Revenue Office website for details.

Step 2:

Saving for Your Deposit

Set a goal and save for your deposit. While most lenders require a deposit of at least 5% of the property's value, bigger is definitely better.

A larger deposit may help you to avoid costly Lenders Mortgage Insurance, which is charged when a home buyer borrows more than 80% of the property's value. Putting a savings strategy in place early on in your financial lifecycle will make it easier to obtain finance and purchase your dream home down the track.

Saving Strategies

Consider the First Home Super Saver Scheme (FHSS) to save for your deposit within your super fund.
If saving a 20% deposit is challenging, explore the HomesVic Shared Equity Initiative, allowing you to purchase with a 5% deposit

Step 4:

Assemble Your Team

Conveyancer/Solicitor: Choose a legal professional to handle the property transfer process.

Building and Pest Inspectors: Arrange inspections to identify any structural issues or pest problems before making an offer.

Step 5:

Shortlist and Inspect

Prioritize Properties: Shortlist properties that meet your criteria and schedule inspections. Consider revisiting properties with a trusted friend or family member.

Essential Inspections: Once you're serious about an offer, get a building and pest inspection completed for peace of mind.