The step by step guide of buying a house in Victoria is provided by Karayi Home Loans, The best Home loan brokers in Melbourne

 Before you set foot to buy your dream home, try to get a feeling of the market seeing variety properties by attending auctions and visiting real estate  websites.  The next step is to visit your mortgage broker and check your eligibility for the loan.  Take out a conditional pre- approval from the mortgage broker so that you know how much you can borrow before looking. If this is your first property purchase for occupying as primary residence, you may be eligible for First Home Owners Grant  in Victoria , if the house is a new construction.

The following Median Home Prices provide a general guide to the cost of housing in Victoria:

Median home prices – metropolitan Melbourne, (March quarter, 2013)

Houses                 $545,000

Units and apartments    $451,000

Median home prices – regional Victoria (March quarter, 2013)

City of Ballarat   $280,000

City of Greater Bendigo                $320,000

City of Greater Geelong                $390,000

If you are buying a house or apartment, you may want it inspected by a builder or architect to see if there are any problems with the property. ArchiCentre and the Housing Industry Association (HIA) can inspect the property and provide you with a report for between A$350 and A$500.

If you are borrowing money to purchase a property, the lending organisation will usually have a valuer inspect the property prior to lending. However, you may also want to get an independent valuation. Cost varies depending on the property.

First you should have a clear idea of what you want

Townhouse, apartment or a house?

Want to live in the inner city, suburbs or country?

How many bedrooms you need?

Do you prefer an old or modern residence?

Are you happy to renovate or extend?

 How close do you wish to be to facilities such as schools, shops, childcare, parks, beaches and hospitals?

 How much you are willing to pay?

Consider key players that will help you through the home buying process. These are usually a real estate agent, a conveyancer, a solicitor and your lender.

To find a suitable loan for your needs, give a call to ‘Karayi Home Loans’  and a mortgage broker will come to you at your convenience .  The mortgage brokers at Karayi Home Loans will discuss all the options so that you can select which home loan is right for you . Home loans come with different frills and forms. Some may not be suitable for your objectives and needs and you will end up paying thousands more than the one that best suits your needs. In most cases we will provide a decision within 24 hours of application of the loan. Our services are free to you, as we get a small commission from lenders for providing the service.

We’ll explain the next steps of the home loan application process and answer any other questions that you may have.

For the loan application process we require  a few documentation from you .

What you’ll need to bring along to your interview

  Proof of your identity and photographic identification, such as your driver’s licence or passport

  Proof of your income such as

  Payslips if you are regularly employed

  Financial Statements if you are self-employed

  A letter from centrelink if you are receiving a pension/family allowance or

  A letter from your real estate agent if you are receiving rental income

 A record of what you owe, including one month’s statements for any credit cards or personal  loans you may have

As well as your deposit, you should allow money for:

 Stamp duty charged by the Victorian Government’s State Revenue Office, which is based on the property value

 Loan application and other borrowing costs

 Land title transfer fee and mortgage registration fee

 Any council rates, water, power or gas charges, or body corporate fees (if the property is an apartment or unit in a body corporate block)

Legal and conveyancing costs

 The cost of moving into the new home

 The cost of any repairs or renovations that will need to be done before or when you move in

 Building inspection fees

 Rates and utility connections

 Ongoing mortgage repayments

 Home and contents insurance.

Once your loan is approved, we will make you an offer by providing you with your loan documents. In some cases you may receive your loan documents on the same day as your interview. You’ll need to read, sign and return these so we can take the next steps towards your settlement.

We’ll make sure you have correctly completed all of the documents required.

Your lender will take care of all your documents at this stage. When your loan is funded we’ll send you a confirmation letter

Once your conveyancer or solicitor has reviewed the contract of sale, you and the seller each sign a copy. This is known as an ‘exchange of contracts’.

If you buy a house at auction, you will need to exchange contracts and pay a deposit (usually 10% of the purchase price) on the spot. If you’re not buying at auction, you need to pay a holding deposit (usually 1%) to show good faith and then pay the 10% deposit when you exchange contracts.

Your conveyancer or solicitor will contact us during this time to arrange a settlement date. A cooling-off period may apply after the exchange of contracts.

Once your loan has settled:

Your lender will call you to confirm settlement is complete and confirm your loan details

Stamp duty and registration costs will be charged

We’ll send you a home loan statement and letter with information to help you manage your loan

Your title deeds and mortgages will be registered at the Land Titles Office

 You will get the keys to your new home