Do your Sums before applying for a Mortgage Loan to Buy property

Your First Step
Applying for a mortgage loan can be daunting even if you’ve been through the process before. This is partly because the banks’ lending criteria change in line with fluctuating market and interest rate conditions. So it helps to be prepared.
Your first step is to draw up an accurate household budget. If you don’t know how you’re spending your money, you will only be able to guess how much you can afford to spend on home loan repayments.
In addition to the deposit (usually 20% unless you take out mortgage insurance), you need to make provision for the costs associated with buying property. The biggest cost usually is transfer duty (unless a concession applies, such as the current first home buyers’ concession for new homes), but there are other costs too, such as removalists’ costs, costs for conveyancing, any strata, building and pest inspection costs and insurance.
Your Finance Application
To make a start, speak with a bank or mortgage broker member of the Coffs Harbour Chamber of Commerce (you can find a link to such members by clicking on Financial Services in the Chamber website at http://www.coffschamber.com.au) about how much you can borrow and the relevant requirements.
The Purchase, Conveyancing and Mortgage Registration Process
Once your mortgage loan has been approved, and you are ready to buy, then speak with a real estate member of the Coffs Harbour Chamber of Commerce, or link from the Chamber’s website (http://www.coffschamber.com.au) to a member real estate agent’s website to help you find your dream property.
Next, when you have made your offer and it is accepted, refer to the Coffs Harbour Chamber of Commerce again for information about Chamber members who provide Legal Services to assist you in your purchase.
You can also find details of other relevant service providers via the Coffs Harbour Chamber of Commerce, including Insurance and other Professional Services, such as accountants, pest inspectors and building inspectors.
The Coffs Harbour Chamber of Commerce
The Coffs Harbour Chamber of Commerce can assist you in sourcing the right legal and other professional services from its members’ list.  In fact, the Chamber’s members’ list – on the website at http://www.coffschamber.com.au/members.php – is quick and easy to find resource for direction to the right legal services, other professional services, such as mortgage brokers, accountants, real estate agents and even banks and other lenders.
It’s easy to look under the headings Business Services, Financial Services, Insurance, Legal, Professional Services and Property and Real Estate, or the friendly Chamber staff will be most pleased to help if you call on 6651 4101.