This handy infographic will provide you with key information that you need to know before you try to purchase a home while outlining the step by step process from start to finish.
Firstly, before you endeavour to buy a house you need to be prepared and you need to get your own affairs in order before the lenders will give you a chance. Having a â€śGoodâ€ť credit report is essential, currently just one late payment in a year could cause you problems. Then having a job and proof of at least six months employment is an important requirement. The banks are currently requiring a 15% deposit so you will need to save this up and ensure that this is all in place.
Now you can start the process, many would think that the next stage is to find a house but itâ€™s not. You will need to find your lender first, it may seem like a mundane task but it is important to find out if you can get the funds in place first before you find your desired property. Many look over this stage only to find their dream home and not being able to act. Once you've got a mortgage in principle in place you can be rest assured that you are a qualified buyer and you will be able to act swiftly and start to make offers. It usually takes about three months to complete and the behind the scenes process is provided towards the second half of this presentation. As with most infographics convenient statistics are provided throughout.