Buying property – whether a new home or an investment place – is on the top of many Aussies’ to-do list this year. But with the past interest rate rises, the cost-of-living increases and the general day-to-day struggles that many Aussies are dealing with, buying any property might feel more like a pipe dream.
But it doesn’t have to be. In the dynamic world of real estate, timing and expertise are everything. So, we’ve pulled together our best tips and insider knowledge to help you learn how to snap up property quickly and affordably.
And with the expert teams at Lending Loop and Hello Haus, the innovative property coaches and expert negotiators recently acquired by Listing Loop, Lending Loop's sister company, you’ll be on the property ladder before you know it!
If you want to be able to get a property in today’s competitive environment, you need to be able to move quickly on any properties that are in your price bracket. Easier said than done? Here are some tips to be able to do just that!
To move quickly, you need to be prepared. Understand what you’re looking for in a property, including the features you absolutely need, and those that are just a nice to have.
You also need to understand your own financial situation. Complete a financial health check and be brutally honest with yourself about what you can really afford. If you aren’t where you want to be, identify the areas you can improve.
Take a look at your expenses, your spending and your income. If you aren’t saving much, where can you cut back? Can you manage to put any more away into savings each month? Are you able to find a way to get a bit more income coming in?
Small wins like these can really add up over time. And the more little changes you make, the better. Lenders will see you as a better risk and you’ll be in a better position to get a great deal (and a more affordable property!). Plus, when you’re prepared, you’re able to move more quickly on any property that meets your needs.
When it comes to being able to buy a home at a better price, one of the best things you can do is improve your credit score. A good credit score shows lenders that you've always paid your debts – including utility bills, personal loans and credit cards – on time, every time. To a lender this makes you a low-risk investment because they’ll see you as financially reliable and trustworthy.
So, how do you better your credit score? Be rigorously focused on paying off your debts and always meet your repayment requirements each month. Direct debit payments can help if you find it difficult to remember to pay bills (and many people do). Decreasing the limits on your credit cards (so your ‘potential’ debt) can also help.
Pre-approvals are a great way to get yourself into a position to move quickly when the right property pops up. But when to get one matters.
Firstly, pre-approvals are only valid for around three to six months. Although you can sometimes extend them, you still need to be very sure that you’re in a position to buy (practically, financially and emotionally) before you seek one out.
Secondly, every pre-approval you apply for (whether you get it or not) impacts your credit score. While it’s good to shop around – you don’t want to apply for more than one. Every time you apply for a pre-approval, a lender will check your credit score and your credit file.
These are considered ‘hard enquiries’. And multiple hard enquiries – particularly if they’re done in quick succession – can make other lenders think that you might be in financial straits. In other words, they could see you as a riskier investment. As hard enquiries can stay on your credit file for up to five years, it’s definitely something to watch out for.
So, while we’re huge fans of getting pre-approvals, you need to be very sure the time is right first.
Getting the right team behind you is one of the most important parts of being able to buy a property quickly and affordably. That’s why we’re thrilled with the partnership between Lending Loop and Hello Haus.
When it comes to getting the right team behind you, we’re thrilled to introduce you to Hello Haus who are transforming the way Australians buy property.
How are they doing that? Hello Haus is a team of buyer coaches, property analysts and expert negotiators who are helping Australian property buyers buy faster, for less and without the typical real estate games.
Hello Haus is committed to empowering property buyers with tools and insights that were previously only accessible to industry insiders. They use advanced technology, precise market analysis and expert real estate knowledge to make sure you’re making well-informed decisions.
Clients of Hello Haus gain access to over 20% more properties, including pre and off-market listings. This broadens your choice, so you can find your perfect property faster. In fact, on average Hello Haus clients buy properties seven times faster than the industry average.
Clients of Hello Haus also get better deals on their properties, saving an average of $41,000 compared to people who navigated the property market alone.
When it comes to experts, our team at Lending Loop are always on hand to offer you personalised mortgage solutions. We know that every buyer’s financial situation is unique. And our experts can tailor financing options that give you exactly what you need.
We also pride ourselves on making the mortgage process as smooth and stress-free as possible. Our team of experienced brokers can help you find the best lenders who can offer you the best deals, while also handling the complexities of loan applications.
While we’re huge fans of Hello Haus and everything they do for their clients, we believe the combined power of Hello Haus and our Lending Loop team will create the best outcomes for you. Our partnership means that you’ll not only be able to buy your dream property faster and at a better price, but you’ll also be able to secure excellent financing effortlessly.
The partnership between Hello Haus and Lending Loop is more than just a convenience. It’s a game changer in the property buying process. Our tips, as well as our expert team, can empower you with knowledge, tools and insights that will help you to snap up your ideal property quickly and affordably.
If you’re ready to get started on your property buying journey, give Hello Haus a call. Then give our team a call. We’re here to provide you with the best mortgage solutions. Together we can make buying your dream property a reality.