FIRST TIME BUYING PROCESS! help!!

[joe2030]

I will be using equity in my house and only wish to spend around 450k max, incl costs. Looking at an 88% LVR for our first IP.

I have been asked below and don't know what one to go for- I'm still researching QLD and NSW regional areas so probably purchase end of April.

Please help me out?

Firstly, we can do a refinance on your property, to obtain deposits and stamp duties.
Secondly, we can opt for a pre-approval then you can start looking for a property.
Or we can go for an unconditional where this is once you have found a property we require signed contracts.

Thanks
Teddy

In my case I have settled one of properties yesterday in QLD,

1. Valuation and Refinance from bank A to bank B -> 3-4 weeks.
2. Pre-approval from bank C right after the above 1 -> a few days.
3. Unconditional from bank C after sending the signed contract -> a few days.
( I communicated with a broker to do the above processes.)

I planed to buy in February but postponed to March because of refinancing to get the additional increased fund from bank B.
What I learned here is refinancing taking lots time so better to do earlier as possible.

Hope it'll help.