Home buyers guide

Home buyers guide

This guide takes you through the steps involved in buying a home, from your first contact with HomeStart up to when you get the keys to move in.

1. Saving your deposit

Visit MyStart for saving and budgeting tips to help you get started.

2. Applying for a loan

Call 1300 636 878 to talk to a Loan Consultant about your situation. We’ll discuss the options open to you after reviewing the documentation you supply us.

Meet with a Loan Consultant to have your application assessed.

Once we’ve assessed your loan application, and you meet all preliminary eligibility criteria, you will receive a Pre-Approval. This provides an indication of the amount HomeStart is willing to lend you, subject to a final review and formal approval process before you purchase a property. It is valid for up to four months.

3. Buying a house

Find a suitable house or block of land. If you decide to buy, make an offer. Sign the contract ‘subject to finance’ and other conditions of your choice such as satisfactory building and pest inspections. Send a copy to your Loan Consultant.

We recommend you hire a conveyancer at this stage, or even earlier. A conveyancer will check through the property contract and represent you on settlement day. Then, pay the deposit to the real estate agent.

4. Organising your loan

Organise building insurance with HomeStart Finance as mortgagee on the policy. HomeStart will then arrange a property valuation. A valuation will help us confirm that the property’s value provides adequate security for your loan amount. This is also the time to let us know if you’d like to fix or split the interest rate on your loan.

Once everything is in order and all eligibility criteria are met, HomeStart will formally approve your home loan. Read, check, sign then return your mortgage documents to HomeStart.

5. Celebrating your new home

As soon as your mortgage documents have been correctly signed and witnessed, it is time to proceed to settlement. In settlement, your conveyancer and the vendor’s representative meet with us to exchange cheques and property title documents. Your conveyancer then provides you with the keys to your new home.

You can now organise moving in – congratulations!

For more information on the home buying process, visit MyStart, our educational website that can help you achieve your home ownership goals or view the infographic on the home buying process.