Buying a property can very daunting yet very exciting. There are so many things going on, loan approvals, going to open homes, negotiating with agents and going through the settlement process with your solicitor. It can get a little overwhelming for some, especially if its your first time.

Once all the above is done and dusted, when happens then? Well you enjoy your property, whether you move into it or its an investment, below are the things you need to check off your list to make sure you are in the best possible position.

Check your accounts

This is an important step and a good broker will check this a few days after settlement of your loan.

The things we check are

1. Your loan has settled as we initially structured it i.e. Splits are correct, interest rates are correct, fees charged are as per contract.
2. Direct Debit has been set up correctly – this is important to ensure your repayment method is set up and there is no problem with making your monthly commitments. You don’t want to miss your first repayment on your loan
3. Offset Accounts are set up – We check to see if your offset accounts are set up correctly. Offset accounts not being set up could cost you thousands of dollars. Don’t let this happen to you.
4. Move all your banking to the bank your loan is with. – Savings accounts, credit cards, direct debts should be with the same lender your loan is with as you will save in fees and your accounts should all be offset accounts.

Check your insurances

It’s taken a lot of effort, hard working, savings to get your property, now you want protect it. You want to protect if things like fires, accidents, potential mother nature events, but you also want to protect the property from the bank foreclosing on you.

1. General Insurance – Insurances such as Building Insurance (this is required for the bank to advance the loan), landlord insurance (if you have an investment property) Contents Insurance to protect your belongings.
2. Personal Insurance – Many people wont drive a new car out of the showroom without insuring it, but wont insure their income that ultimately is paying for that car.

This a perfect time get the above things done as once they are set correctly to give you peace of mind. It should be a set and forget and reviewed annually or when you experience a life changing event in your life.