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First home buyers lending tips from CommBank

Posted by Wilsons Real Estate on 06/07/2016
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Wilsons know that buying your first home can be daunting… So we connected with Steve, branch manager from the Geelong Commonwealth Bank & Victoria home lending specialist.

We asked him to offer some advice on the first steps you can take to get you on the right path to owning your first home. He shared some great feedback from local customers on how they went about this process.

Start saving

There’s no use putting it off, the sooner you start saving, the better. Commonwealth bank has lots of tools and tips to help you with your budget planning.

Wilsons can also help you look at homes within your price range, and show you the advantages of spending that extra money or not. In some instances you will be better off saving for that extra six months.

“Saving up for a deposit is a matter of cutting back on some of the things you would normally spend your money on, and sacrificing some of that to put towards a deposit”. – Nathan, from Geelong

Do your research

Becoming familiar with the asking prices, and sale prices, of different types of properties in different suburbs can help you get an idea of what you can afford, where you want to live. Geelong has many growing suburbs, take time to consider if you want to be in a younger family demographic or an older established area.

“Be as prepared as you can be. Really keep an eye on the market. Be very clear about what you want. Get a really good idea about what properties are worth.” – Nicky, from Belmont

The Wilson name has been synonymous with Geelong real estate since 1972… so it goes without saying that we have an acquired knowledge about our city and surrounding suburbs market prices. If its being informed of the local market is a key point for your home purchase we are always more that happy to start the conversation with you and your family. Just pop into the office and have a chat with one of our friendly agents or sign-up to our weekly property alerts for updates.

Talk to your lender

A conversation early in the process can clear up lots of questions, whether financial or about the ins and outs of the home buying process. Finding a lender you feel comfortable talking to and trust will help make the process a lot less daunting. Pairing this early conversation along side your agent means your are well prepared purchase plan and ease your mind.

“Get the right bank on your side. You need to find the right person, who’s able to give you the time and energy to help you understand what’s going to happen. The first home is nerve-wracking. You need a person who’s happy to talk you through it.” – Sunayana, from South Geelong

So, whether you are buying your next renovators project, place of retirement building up your investment portfolio or settling in on your dream home, knowledge is power to you. Wilsons experience is your advantage.

Get conditional pre-approval for a home loan

When you find the right home, you want to know how much you’ll be able to borrow. Getting conditional pre-approval will help you understand how much you can offer. This can not only help with your budget calculations and give you peace of mind; it also shows vendors that you are serious about making an offer.

“Be ready to act quickly and definitively.” – Nicky, from Ocean Grove

Being pre-approved and understanding your limits on what you can afford gives Wilsons the best opportunity to negotiate the appropriate price for you, and ensures you don’t miss out on the home you are after. If you need any further advise on this please pop into our office.

So what are you waiting for?

Keep your real estate radar on at all times by connecting with our informative blogs, and follow us on Facebook and Instagram. Or if you are thinking about buying or selling your home, contact us here at Wilsons for friendly professional advice.

Good Luck and happy house hunting!

For further advice

Getting the right mortgage can take time… But has the potential to save you thousands of dollars in repayments, fees and interest over the life of your loan. Pop over to see the friendly peeps at Commonwealth Bank Geelong Branch and speak to one of their home lending specialists today about buying your first home. Talk to either Victoria Ferrer 0403 602819 or Rose Jelicanin 0414 889084 our Home Lending Specialists at the Geelong Branch to help you get the ball rolling.


This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. You should consider seeking independent financial advice before making any decision based on this information.

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