Getting a foot in the door of your dream home might be getting harder, but talking to a mortgage broker could get you the keys more quickly.

Purchasing a property in today’s housing market is not for the faint-hearted. Would-be home buyers have only to turn on their TV – or check Facebook or Twitter – for the latest news informing them that their dream home is slipping further out of reach.

Step 1: Speak to an MFAA Accredited mortgage broker

When considering an investment property, your first port of call should be your mortgage broker. An MFAA Accredited Mortgage Broker can help you achieve your investment property goals. They will review your assets and liabilities to determine how much you can borrow, which will, in turn, give you a general idea of your target price range, so you can narrow your property search within your purchase budget.

Step 2: Budgeting

At Arafura Finance Brokers we have seen a spike in interest in buying off the plan investment properties since 2010, which is what has inspired this FAQ.

Buying a property ‘off the plan’ simply means purchasing a property before it is completed and registered with the Land Titles Office.

When buying off the plan the purchaser typically pays a deposit—usually 10% of the purchase price, and once the property is completed is when you pay the balance.

Purchasing her first home could have been a complex task for Lydia, who spent most of the year out of town, leaving little time to search for properties.

Lydia asked mortgage broker Nicholas Kirlew, of Arafura Finance Brokers Darwin, for help with a particular challenge in finding her first property – she was away from her home base for much of the year, so she didn’t have time to look for properties every weekend.

When Jane* approached Mortgage Broker Nicholas Kirlew, she wasn’t sure whether she could buy her first investment property. With good advice and a private treaty, Jane managed it at a favourable price.

Jane was referred to Nicholas, a credit adviser at Arafura Finance Brokers, by a financial planner who looked after Jane’s father.

“Jane was a very stable client,” says Nicholas. With 10 per cent of the deposit saved, a small financial gift from her parents and long-term employment, Jane was also happy to pay for mortgage insurance to secure a fantastic property.