Buying your first home should be one of the most exciting times of your life, but it can feel overwhelming if you aren’t sure what to expect. At Universal Mortgage Experts, we’re here to simplify the process and guide you at every step so you can navigate your buying journey with clarity and confidence. From securing pre-approval to move-in day, this timeline outlines what to expect at each stage.
1. Get your pre-approval
Pre-approval is where your home ownership journey begins. During an initial conversation, we’ll assess your financial situation, including income, expenses, credit history and existing debts. Pre-approval gives you an understanding of how much you can borrow and helps set a realistic budget so you can confidently focus your search in the right price bracket. It also shows sellers you’re a serious buyer, and may give you more negotiating power.
2. Start house hunting
Once we’ve secured your pre-approval, you can begin inspecting properties that align with your lifestyle and budget. Take time to research different suburbs, attend open homes, and recognise what qualities are most important to you. It’s useful to stay in contact with your mortgage broker as we can provide updated estimates on repayments and ensure the property is within your approved borrowing range.
3. Make an offer and sign the contract
Now comes the exciting part. Once you find a property that’s right for you and within your borrowing range, you can submit an offer. When your offer is accepted, you will pay a holding deposit, which is typically 0.25% of the purchase price. Paying this deposit shows that you’re committed to purchasing the property, but the home will not be taken off the market until you exchange a contract of sale (a legally binding document that outlines the terms and conditions for the sale). We recommend engaging a solicitor to review your contract before signing to ensure your interests are protected. If you don’t have a trusted solicitor or conveyancer, we can introduce you to someone who can help.
4. Gain formal loan approval
After all parties have signed the contract of sale, it’s standard practice for the lender to order a property valuation for your new home to confirm that the value aligns with the loan amount. Once the valuation and final checks are complete, your lender will issue you a formal approval for the loan, clearing the way for settlement preparations. During this process, we regularly talk to the lender to keep things moving efficiently. We’ll keep you updated on the progress at every stage.
5. Arrange insurance and finalise documentation
It’s prudent to secure home and contents insurance before settlement to protect your new property against unforeseen damage. If you own an apartment or individual unit in a strata property, you don’t need to take out separate building insurance for your lot, but you may wish to insure your contents. During this time, we’ll assist you in preparing and finalising any necessary documentation for the lender for a smooth process. You may wish to talk to the real estate agent to arrange a pre-settlement inspection to take measurements of the space, and plan what you’ll need to do ahead of move-in day.
6. Celebrate settlement
Settlement is the official transfer of property ownership from the seller to you. Your solicitor or conveyancer will coordinate with the lender and the seller’s representatives to finalise payment and hand over the keys to your new property. It’s time to celebrate, congratulations!
7. Move in
With the settlement complete, all that’s left to do is move in. Moving into your home marks the beginning of a new chapter, and is a chance for you to make the space your own. Take time to familiarise yourself with the small details of your property, update your address, and ensure your utilities are connected.
We’re here for you, now and after your purchase
At Universal Mortgage Experts, we’re here for you from initial consultations and pre-approval to the moment you step through the door of your new home.
However, our service to you doesn’t end when you get the keys. We offer ongoing support, including annual loan reviews, to ensure your mortgage aligns with your financial goals and lifestyle.
Ready to walk the path to homeownership or curious about how much you can borrow? Get in touch with Universal Mortgage Experts. We’re here to support everyday Australians taking the next step toward their future home.
9 September
