Three ways to prepare to buy your own home

Purchasing a home involves many steps, but with the right tools at your disposal, you can increase your likelihood of finding a property you love, within your budget.

If you’re in the market to buy a new home, there are a number of things you can do to streamline the process and get you closer to your goal.

It often starts with collecting the right information and having a good support network around you.

The following three steps may bring you closer to knowing what you can afford, where you may find it, and who can help you along the way.

1. Speak with lenders to determine your buying power.

Before you get a home loan, it’s important to work out how much you can afford to borrow. For most people, this depends on how much you (and your partner) earn, how much of a deposit you’ve saved and what other assets and liabilities you have.

To get a rough idea, you can use a home loan calculator and look at the loans on offer for your circumstances; for example, if you’re a current or retired member of the Police Force or a first-home buyer, you may be eligible for a lower rate.

For a more precise estimate, you can speak to a member of the Police Bank team on 131 728 or email loans@policebank.com.au..

2. Line up your support team.

Through the buying process, you’ll need to engage a number of people to help. Here are a few to consider finding and contacting when you need them:

• Your lender – Before you make an offer on a home, you need to ensure you have finance pre-approved.
• A real-estate agent – The agent will manage conversations between you and the vendor if you have chosen a property and wish to make an offer.
• A building inspector – To check for structural damage or pests and recommend any repairs before you purchase the property.
• A solicitor/conveyancer – To check the initial contract and prepare and lodge everything you need to settle the property.

3. Research the properties and suburbs in which you’re interested.

To narrow down where you’d like to buy, it’s critical to have the right tools and insights in your arsenal.

The Police Bank CoreLogic tool allows you to do granular research of suburbs and individual properties, with detailed reports on sales history, comparable sales and estimated value.

It may just help you locate the property you’ve been looking for, while giving you an indication of what it may be worth.