There might be one thing worse than being outbid for your “dream” property – not being able to bid at all because your finances aren’t in order. This is a sadly familiar story for those who want to buy a home they see on a property website but can’t move quickly enough to secure it. We all know that buying real estate can come with as much uncertainty as it does excitement. It can be a process that leads to pleasure and security, or heartache and financial ruin. Even once you pin down the ideal property, it can be hard to know where to find all of the contractual trapdoors and financial slippery slides. Consumer Affairs Victoria publishes a checklist of 15 things for prospective property buyers to help them avoid disaster. It covers areas such as property inspections, auction strategies and conveyancing, but the top list item is ensuring buyers have a budget in mind and that their finances are in place. How much can I borrow?Use UNO's calculator to estimate your borrowing capacity. Calculate Now What stumps many buyers is knowing what is involved in the actual process of securing finance. Unless you’re an investor, securing a loan to buy property is something you might do just once or twice in your lifetime. It’s strange and scary territory for even the hardiest of souls. How much can I borrow? What fees will I need to pay? How much will it all cost?A good start for finance hunters is signing up for UNO Home Loans, which helps homebuyers compare hundreds of loan products from major and specialist lenders. Book in a quick call with our customer care team, they can help you choose a loan package that best suits your circumstances. Tim Bowcock, UNO’s head of mortgage services, has prepared a series of simple steps that shows how UNO can help prospective buyers move from property dreamers to homeowners.
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