Hi all,
I am a FHB and am looking at bidding at an auction later this month for a 3 bedroom unit.
the property will probably go for around 400-420K, unless we have a crazy buyer there. we have 70K saved as a deposit, so looking for a loan around around 350K. have a meeting with mortgage broker this weekend. With an income of 110K pa before tax, between me and my wife, i don't think the pre-approval will be a problem. what do u think ?
Will be taking the brokers quote to the 4 big four if we can get some more value.
I am not really sure of the auction process and wondering what things I need to look out for.
We have got a copy of the contract already, but its large and I got lost reading it so i am going to get a conveyancer to go over it next week.
my questions are.
what about building inspection / pest inspection report ? when do we do / get these ?
do we need a bank valuation done on the property before hand, even if we have a pre-approval ?
also on auction day, they want a 10% deposit. Do I need to have a bank cheque for it? I am assuming that this cheque will come out of the 70K saving that I have.
these just the things that are coming to my mind now. very nervous as it out first home. I hate the idea of an auction, but we like this property and its convenient for us, so we are atleast going to have a go.
any help on my questions and advise to quell my anxiety would be great
I am a FHB and am looking at bidding at an auction later this month for a 3 bedroom unit.
the property will probably go for around 400-420K, unless we have a crazy buyer there. we have 70K saved as a deposit, so looking for a loan around around 350K. have a meeting with mortgage broker this weekend. With an income of 110K pa before tax, between me and my wife, i don't think the pre-approval will be a problem. what do u think ?
Will be taking the brokers quote to the 4 big four if we can get some more value.
I am not really sure of the auction process and wondering what things I need to look out for.
We have got a copy of the contract already, but its large and I got lost reading it so i am going to get a conveyancer to go over it next week.
my questions are.
what about building inspection / pest inspection report ? when do we do / get these ?
do we need a bank valuation done on the property before hand, even if we have a pre-approval ?
also on auction day, they want a 10% deposit. Do I need to have a bank cheque for it? I am assuming that this cheque will come out of the 70K saving that I have.
these just the things that are coming to my mind now. very nervous as it out first home. I hate the idea of an auction, but we like this property and its convenient for us, so we are atleast going to have a go.
any help on my questions and advise to quell my anxiety would be great