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Beyond Settlement: Navigating Your First Year as a Homeowner
Manage episode 477407349 series 3603762
What happens after you've settled on your dream home? The journey doesn't end when you get the keys - that's just the beginning of a whole new chapter in your homeowner story.
Most new homeowners don't realize that the cashback they received from their bank comes with strings attached. For typically three years after settlement, switching lenders means repaying that welcome bonus you received. We break down why hasty bank-hopping could cost you more than you think when weighing up lawyer fees against potential benefits.
Your mortgage advisor shouldn't disappear after settlement day. We recommend scheduling a check-in six to twelve months later to review your loan structure and ensure everything's working as planned. By this point, you've settled into your new normal - you understand your budget, council rates, insurance costs, and household expenses. This makes it the perfect time to develop strategies for paying down your loan faster and potentially exploring your next property move.
For new build owners, we highlight the importance of understanding your warranty coverage - usually a 10-year Master Build guarantee that can save you significant headache and expense when things go wrong. We share a cautionary tale about burst pipes, insurance excesses, and the stark difference between new builds with warranties versus older homes where you're on your own after purchase.
The relationship with your mortgage advisor should be ongoing rather than transactional. Though we try to maintain regular contact with all clients, we're honest about sometimes dropping the ball in follow-ups. Don't hesitate to reach out if you haven't heard from us - we're always here to help navigate your ongoing mortgage journey and remember your unique situation in ways that big banks simply can't.
Ready to revisit your mortgage structure or discuss your next property move? Get in touch today to ensure your homeownership journey stays on the optimal path for your financial future.
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Chapters
1. Introduction to Post-Settlement (00:00:00)
2. Cashback and Clawback Periods (00:01:39)
3. Advisor Relationship Beyond Purchase (00:03:29)
4. New Build Warranties (00:05:42)
5. Insurance Lessons from a Burst Pipe (00:06:47)
6. Episode Closing and Advice (00:10:20)
68 episodes
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