Whether you are a first-time home buyer or a seasoned home owner purchasing a new home or investment property, we have gathered few tips to help you make the best choices during your property buying journey:

• Do a budget, review your monthly expenses and determine what you can afford to borrow using loansHub borrowing power calculator. Excessive spending and credit card habits will have a negative impact on how much you can borrow.

• Gather the paperwork you will need to provide with your loan application. For detailed list of what documents lenders want with mortgage applications, refer to our checklist here. If some of the money going towards your home was gifted, you may need documentation for that as well. Depending on your situation, additional documentation may be required. All applications are subject to individual lenders credit policies.

• Make a list of what you want in a new home purchase. Consider location, type, (ex. House, unit, townhouse) square footage, age of the home, and specific home features. All of these factors will influence price, loan amount dependant on your contribution and eventually your mortgage repayment amount.

• Learn about the types of loans and decide which will work best for you. Read about different home loan products offered by lenders here. Note, the lender may restrict the loan type you are eligible for based on their policy. Example, lenders are selective in approving interest only loans for someone who’s going to live in the house that the mortgage is against, where as an investment property is commonly financed on interest only basis.

• While it's not necessary to hire a buyer's agent, they can help you decide what type of home is best for you, help you locate available homes, and help you negotiate and complete the purchasing process if you are time poor or not based locally. Caution should be applied; buyer’s agent fee tends to be a costly affair and may not provide value to everyone.

• After you make an offer with a "sales contract," you enter into negotiation with the vendor in most private treaty sales. This is when a buyer’s agent will be the most beneficial, especially if you are not a confident buyer.

• Engage a solicitor or conveyance as soon as you have a signed contract of sale, you should always get a professional to review a contract of sale to ensure that all legal requirements are met for settlement.

• If buying a detached dwelling (house), ensure to have the property inspected by a building and pest inspector. Before engaging one, google the business to ensure that they don’t have negative reviews against them. Choose a reputable service provider.

• Refer to our knowledge hub for additional resources to help you with your property dreams.