READY TO BUY?

HOW TO PREPARE YOUR FINANCES TO BE MARKET READY AND STOP WAITING FOR THE PERFECT MOMENT

Preparing your finances to obtain a loan is the crucial first step to buying property. Many hold back, hoping for the perfect time, but finance approval readiness is about taking practical steps now.

This article will help you understand how to organise your finances so that when the right property comes along, you’re ready to act - without waiting for a mythical perfect

moment.

Jumping into the property market can feel overwhelming - especially when it comes to finances. Below we will outline how to know your budget, save smart, boost your credit and obtain finance approval so you can move quickly when opportunity knocks.

Understand your borrowing capacity

The first step is knowing what you can realistically borrow. Borrowing capacity depends on your income, expenses, credit history and current finance commitments.

Obtaining a pre-approval will provide you with a clear budget and demonstrates to sellers that you’re serious.

Save strategically for your deposit and costs

The deposit is often the biggest hurdle but it’s only part of the picture. Remember to budget for stamp duty, legal fees, loan application charges and moving costs. Setting

clear savings goals and using tools such as high interest savings accounts can help you reach your target faster.

Improve your credit health

Lenders place high importance on your credit score when assessing loan applications. Simple steps such as paying bills on time, reducing credit card limits and avoiding new

debts can improve your credit profile. Knowing where you stand allows you to address any issues before applying for finance.

Consider your income and expenses

Take a close look at your monthly income and outgoings. Minimising unnecessary expenses and maximising income streams can improve your borrowing power. Keeping

documentation organised also speeds up the loan approval process.

Obtain expert advice early

Working with our finance team gives you access to specialised knowledge and lenders that might not be available directly to the public.

Our finance team will guide you through the pre-approval process, recommend suitable loan products and help tailor a plan to suit your personal circumstances.

Stay flexible and ready

Market conditions change. Interest rates shift, lending policies evolve. Being finance ready means regularly reviewing your situation and staying informed.

That way when an opportunity arises you’re ready to move quickly - not frozen waiting for perfection.

Mindset matters

Stop thinking about ‘the perfect moment’. Instead focus on practical steps you can take today to be ready. Buyers who prepare their finances and act with confidence are typically the ones who build a successful property portfolio over time.

Take the next step today

Preparing your finances now means you won’t miss out when the right property comes along. Reach out to start your finance readiness journey and make 2026 the year you stop waiting and start owning.

If you'd like help with assessing your personal and financial situation, as well as comparing the loans in the market to see if you're truly getting the right deal for you, then call Bob Malpass now on 0431 862 136, email bob@westhomeloans.com.au