Owner Occupier Guide

Purchasing a property will likely be the biggest financial decision you ever make, so it's important to get your finances in order. A good place to start is by working out how much you can borrow and afford in repayments.

Online calculators can give you a rough idea, however you'll need to see a mortgage broker or lender for an accurate assessment. Without a broker, liabilities or income can be missed. An alcove broker will do a credit check and uncover any debt against the borrower and in some instances, highlight things they may not have mentioned in an initial discovery. Getting in touch with us at the beginning of the process will help you work out what you can afford and how much of a deposit you will need.

Typically a deposit is 20 percent of the purchase price, however, you may be able to buy with as little as five percent if you take out Lender's Mortgage Insurance (LMI). LMI is an insurance that protects lenders if the borrower defaults on thair home loan and the property is sold for less than the loan balance.

There are many federal and state-based grants and incentives that assist first home buyers with purchasing a property. At alcove, we can help you understand which grants and incentives are applicable to your situation.

First home owner grant
First home owner grants are available across Australia and vary depending on the state. Visit first home.gov.au for more accurate and up-to-date information on state-based initiatives.

First home guarantee
This federal government scheme helps eligible buyers purchase a property even if they don't have a 20 percent deposit. Housing Australia will allow buyers with as low as a five percent deposit avoid paying LMI by going Guarantor for up to 15 percent of the property's value. This scheme applies to new and existing properties.

Family home guarantee
This is another federal government scheme that provides a guarantee for deposits as low as two percent for eligible single parents with dependants. It applies to new and existing homes.

First home buyer super saver scheme
Need help reaching your savings goals? This scheme helps buyers save for their first home by allowing them to make voluntary super contributions and take advantage of the lower tax rate those contributions attract.

Much like getting your first home loan, refinancing can feel complex at first. But with the right guidance, it can open new opportunities to strengthen your financial position and achieve your next goal with confidence.

Speaking with your Alcove broker early in the process can help you understand your options, feel in control, and find the loan structure that best supports your lifestyle and plans.

Reasons for Refinancing
Refinancing simply means switching from one home loan to another. This might involve changing lenders, or adjusting your current loan product with your existing lender. The key is finding the structure that best suits your unique needs and long-term goals.There are a few common reasons homeowners choose to refinance:

• To secure a lower interest rate, reduce fees or simplify repayments
• To switch between fixed and variable rate options
• To access the equity in your home for renovations, investment or other financial goals
• To add or remove someone from the mortgage or property title

No matter your reason, the right refinance strategy can improve cash flow, reduce costs and give you more flexibility for the future.

Deciding to upgrade your home is an exciting milestone, but it can also bring a new set of considerations. Even if you’ve bought property before, your next move often involves more complex decisions, from whether to sell or hold your current home, to budgeting for a larger mortgage, adjusting to lifestyle changes or exploring new suburbs and schools.

Upgrading is not just about more space. It is about finding a home that truly fits the next stage of your life.
Why You Might Consider Upgrading:

• You need more room for a growing family, pets or multi-generational living.
• You want a home with improved features such as a larger kitchen, backyard, pool or extra storage.
• You see your next home as part of a longer-term financial strategy or investment plan.
• Your current property no longer reflects your lifestyle or vision for the future.

Upgrading your home can be both a practical and emotional decision. 
With the right guidance and structure, it can also be a smart financial move that helps you secure a home that better supports your goals for the years ahead.

Deciding to downsize your home is a significant life decision. Whether your lifestyle has changed, your family has grown and moved on, or you’re simply looking for a home that’s easier to manage, we can help make the transition smoother and more rewarding.

Even if you’ve bought and sold property before, downsizing often brings a new set of considerations. You may be deciding whether to sell or retain your current home, adjusting to a new pace of life, exploring different suburbs or states, or rethinking your financial strategy to better suit your current stage of life.
Why You Might Consider Downsizing:


• You want a smaller property that’s easier to maintain and more manageable day to day.
• You’d like to reduce utility, maintenance or mortgage costs.
• Your current home no longer suits your lifestyle or needs.
• You’re looking to release equity and create more financial flexibility for the future.

Downsizing is as much about gaining freedom as it is about simplifying. With the right structure and advice, your next move can give you both comfort and confidence for the years ahead.

When it comes to applying for a home loan, the first step is to find a mortgage broker you trust to guide you through the journey. An alcove broker will explain the process step by step and find the best loan product for you.

When deciding on the right home loan, you can choose between interest only, and principal and interest, and then whether you want the interest rate to be fixed, variable or split. We can weigh up the pros and cons of each loan type and determine which one is best for you. It's important to do your own dut diligence here and assess each option carefully.

The pre-approval process for a home loan varies from lender to lender, however it's a good idea to get all of your financial documents together in preparation. This will likely include proof of income, a list of assets and debts, und expenditure.

Once you have pre-approval for your loan, it's time to start the property search. Choosing the perfect home will involve a few key factors: where and what you can afford, how much space you require, whether you have children or pets, and what is important to your lifestyle.

Research homes on a property portal such as view com au and sut any preferences you may have regarding the type of property, amount of bedrooms or specific features. Another good idea is to attend inspections and auctions of similar properties in suburbs that you are interested in to see what they sold for, You can also save properties in your property
portal app view come and the track results.

The research phase will give you an idea of what you can afford and where, If all the properties in your dream suburb are selling above your budger, try looking at adjacent suburbs or setting your search wider. Keeping up-to-date with property news, market trends and median house prices is another helpful part of the research phase.

Once you've narrowed down your list of homes, head to inspections and take a good look around. Take photos, videos, ask the agent questions und carefully consider the kuy features of the property. You might want to bring u trusted friend or family member for a second opinion.

I a property has passed your inspection with flying colours, consider getting a professional building and pest inspection. These checks will ensure there are no nasty surprises after you ve signed on the dotted line.

There are two main ways to buy a property in Australia, auction or private treaty. Depending on which way you purchase your home, different rules apply and these can vary from state-to-state. If you are confused or intimidated by the buying process, you may want to engage the services of a buyer's advocate. This will come at an extra cost, so it's important to do a cost-benefits analysis and decide whether this is right for you.

Making an offer on a property involves contacting the listing agent and tolling them what you arg prepared to pay. This can be as simple as a phone call, however the agent may want you to formalise the offer in writing, If you purchase via private treaty, a cooling off period will apply. This period is typically two to five business days and allows the buyer to do research into the property and cancel the sale if they change their mind.

you're intending to bid at an auction, make sure you familiarise yourself with the rules. You should also decide how much you are willing to pay for the property und stick to it - regardless of how frenzied the bidding gets. Cooling off periods do not apply to properties bought at auction, so make sure you are certain before you bid.

Conveyancing and settlement. Conveyancing is the legal process of transferring ownership of a property from the vendor to the buyer. This can be done by a conveyancer or a solicitor. The process can include preparing transfer documents, reviewing contracts for sale, sharing documents with your lender and coordinating settlement

Settlement is when ownership of the property is transferred from the seller to the buyer. This process is managed by the seller and vendor's solicitors or conveyancers and the buyer and seller are not required to be present.

Steps that will occur as part of the settlement process include a final inspection of the property, registering your mortgage against the title of the property, making the final payment to the vendor, and receiving the keys to your new home