Buying a house is a big step – whether it’s your first, or you already own multiple properties. It should be a straightforward and exciting experience, but it can be daunting and confusing.

There’s a lot to consider, but with Liberty, you’re not alone. This guide will give you an overview of the steps you are likely to face and the support we can offer you along the way.

This guide is designed to provide general information only. We would strongly recommend gaining expert advice relating to your situation and your local market from a lawyer, real estate agent or conveyancer, for example, before purchasing.

BUYING YOUR NEW HOME

Our goal is to help more people get financial and realise their homeownership dreams.

STEP 1: THINK AHEAD

As money and home loan experts, they can:

• Give you tips on the easiest ways to budget and save

• Explain how much money you might need for your deposit

• Go through the other expenses you may incur throughout the buying process

Making a savings plan can seem difficult, but it’s important to do.

Even if you think that homeownership is a long way off, it’s never too early to start building that nest egg. A great place to start is to cut back on extras and set out a budget. Paying off any existing debts, credit cards or loans will also help you to accrue savings without extra debts getting in the way.

So, take the time to look at your finances, identify areas where you could cut back, and how much you would like to save each week. Being diligent with your savings now will put you on a fast track to getting the house you love later.

Our advisers can help each step of the way.

Regular savings will help to build your deposit and prove to lenders that you are able to repay a home loan.

STEP 2: KNOW WHERE YOU STAND

While building your deposit, consider what you might be able to afford in repayments. There are some easy-to-use online repayment calculators that

can estimate repayments based on loan amount, interest rate, and loan term. Our advisers can help explain the benefits of making principal and interest

repayments compared to interest only.

Lenders access your credit history report whenever you apply for finance. By visiting mycreditfile.com.au you can request a

free copy of your credit report. If you’re not sure about any aspect of your credit report, our advisers can help.

It is also worth checking the state of your credit history.

STEP 3: GET YOUR LOAN PRE-APPROVED

Once you have an idea of the type of property you want to buy, it’s a good idea to get a pre-approval.

A loan pre-approval will state the amount of money you can borrow, subject to various conditions. Most pre-approvals will be subject to the lender valuing the property you intend to buy. It’s important to understand all the conditions of your pre-approval.

A pre-approval can also give you an edge over your competition as it shows real estate agents and sellers that you’re a serious buyer. It will also help to speed up the process once you’ve found the property you like.

To help with pre-approval, our advisers can:

• Advise you on the appropriate loan options for your needs

• Help you navigate the application process

• Clarify any pre-approval conditionsIf you’d like to know whether you will be

approved for a loan and for how much, visit Liberty’s Indicative Pre-Approval Tool.

Having your pre-approval in writing will help you to bid and buy with confidence.

STEP 4: PLACE AN

OFFER

After weeks or months of house-hunting, finding a property you like within your budget can be both exciting and stressful.

You don’t want to miss out. But, buying a house is a huge decision, so you don’t want to rush or feel pressured.

Unless you’re buying at auction, you will want to make a conditional offer so that you can thoroughly assess the property and pull out if you find any issues.

Ensure you have all required checks made in advance and have the funds to buy. Especially if you are buying at auction, or want to make an unconditional offer.

Now is the time to be patient and do your homework.

Our advisers can:

• Ensure your repayment frequency is set-up correctly.

• Provide tips on paying your mortgage off faster.

• Discuss loan protection options for peace of mind.

STEP 5: MAKE IT OFFICIAL

After all the highs and lows, you’re now just a few steps from being a proud new homeowner.

With checks complete, offer accepted and finance and settlement dates confirmed, it’s time to get down to business.

This means working with your solicitor or conveyancer to sign the contract of sale, pay your deposit and use your home loan and savings to complete the purchase.

Sleep easyNo one likes to think about accidents, illness, theft or nasty surprises, but unfortunately, they can happen. Buying a new home can be an ideal time to ensure you have insurance in place and your adviser can help set this up.

STEP 6: ENJOY YOUR NEW HOME

Congratulations! You’re now a homeowner. To save yourself stress, try not to move into your property on the same day it is vacated.

It is also a good idea to put aside some moving essentials, such as snacks, water, wallet, phone, pen, paper, bedding and a first aid kit in case you need them.

Our advisers are committed to supporting you every step of the way – to homeownership and beyond. They can help you:

• Understand how to access equity to buy an investment property in the future.

• Upgrade to a new home when you’ve outgrown your first one!

CONTACT AN ADVISER TODAY

Approved applicants only. Lending criteria apply. Liberty Network Services Pty Ltd (ABN 65 151 158 628 | Aus-tralian Credit Licence 408042) (LNS) including Liberty Financial Pty Ltd (ACN 077 248 983) which owns LNS.