Step 7. Time to buy

Having put all of the pieces together, it’s finally time to buy. While the preparation up to this point may seem like over-kill, once you find the property you want, the last thing you need is to be rushing around tracking down a lender, waiting for a loan approval, negotiating with solicitors and determining whether the property is a bargain or not. You’re going to have your hands full with the next three steps, so don’t proceed until you’ve caught up.

After being taken on the real estate merry-go-round by a number of agents, eventually you will find the property that you want to buy. Before breaking out the chequebook, it’s time for a quick reality check. How much are you prepared to part with to make this home your very own? No, don’t look at the asking price or believe what the real estate agent tells you the property will probably reach at auction, use your own research (from step 2) to determine a reasonable price.

If the home you crave is being sold via auction, it is critical that you have a pre-auction meeting with your lender. It’s also important to note that any pre-approval you have received from your lender is often subject to their own, independent value of the property – so if you are borrowing right up to hilt and pay too much at auction, that pre-approval is not worth the paper it is printed on.

Having enough of a deposit on the day is a good start, but it’s the remaining 25 years that often gets people into trouble. Bidding more than you have been provided by your lender is purely madness and could leave you in a mess of debt. If in doubt, have a friend beside you, to stop you bidding once you have reached your agreed limit.

What our customers say about us

Thanks for all your help and for making it so easy for me. Life will be so different now.

Jan Vincent
Montrose, VICTORIA

Thank you for your time on the phone yesterday and copying me into the below email.
I just wanted to take the time to say that I have never seen such a comprehensive email provided to clients by a Broker before. Very clear and detailed.
I hope it’s ok that I hold onto your details to refer to clients who may need assistance.
Kind Regards,

Shannon Oatley
Director & Licensed Conveyancer
Property Conveyancing Group, VICTORIA

We have found Barry Le Brocq of Melbourne Mortgage Finance to be very patient, caring and diligent in achieving a successful outcome to our refinancing requirement. We have no hesitation in recommending his services to others.

Don & Christine Perrett
Leongatha, VICTORIA

Many thanks Barry for the exceptional service that you have provided. We will most certainly be recommending you to our daughter (Bank of Melbourne branch manager) for any future customers who need a reverse mortgage loan.

Paul & Barb Spark
Somerville VICTORIA

 

LENDING UPDATE 14.06.19

  • LIVING EXPENSES ARE NOW A KEY ISSUE
  • COMPREHENSIVE CREDIT REPORTING NOW IN EFFECT
  • INVESTMENT LOANS AT OWNER-OCCUPIER INTEREST RATES
  • REVERSE MORTGAGE LOANS FOR SENIORS OVER 60
READ MORE

Melbourne Mortgage Finance offers an extensive range of mortgage products and services including

Home Loans, Investment Loans, Equity Access Loans, Low Doc Loans, 100% Loans, Refinance Loans, Commercial Loans, Deposit Bonds, Reverse Mortgages, Accommodation Bonds, Vehicle Finance, Plant and Equipment Finance, Financial Planning and Business Finance.

IMMEDIATE appointment can be made to meet at your home or office

  • NO CHARGE for assisting you. We receive a standard fee from the lender you select
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  • accreditation with 20 national lenders, allowing you to select from an excellent range of loans
  • we carefully listen to your needs, do our research, then present you with a short-list of three potential loan solutions. You choose the lender.
  • printouts of products, fees, interest rate and loan features are provided
  • arrange for your property insurance and personal insurance requirements to be assessed
  • ongoing availability to assist you after loan settlement
  • over 30 years experience in arranging finance and mortgage loans