Property Purchase Checklist

SECTION 1

BUDGET AND FINANCE

  • Are you aware of your maximum borrowing capacity?
  • Do you have an excess line of credit to protect you against untoward and unforeseen circumstances arising?
  • Are you aware of all upfront costs involved in the borrowing of money and the purchase of the property?
  • Have you arranged a facility or do you have the liquidity to cover these costs as well as the deposit during the contract period as well as at settlement?
  • Have you prepared a budget to determine available funds for loan repayment serviceability?
  • Have you considered an increase in interest rates and its effect on cash-flow as well as whether fixed, variable or a “cocktail” loan is suitable?
  • Have you worked out which type of loan is appropriate to your circumstances (i.e. principle and interest, interest only, low doc, no doc)?
  • Have you organized appropriate insurance to protect your ability to service the loan or keep the property in the case of unforeseen circumstances arising?
  • Do you have conditional finance approval before going to contract and are you aware of the importance of it being in place?
  • If investing, have you prepared initial cash flow costings to ensure you are working within your budgetary constraints?

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