Buying your first home

Get prepared for buying your dream home

Steps to buying your dream home

Saving for your new home

  • Before starting your house hunting, make sure you’ve understood the real estate market trend and considered the following factors, such as:
    1. the property transaction volume of your preferred district
    2. the property price range
    3. transportation
    4. facilities nearby ( such as schools, hospitals, shopping malls and other leisure facilities )
  • Estimate your risk tolerance and evaluate if your funding in hand is sufficient for the property purchasing expenditure. Set up a savings plan to help achieve your goal of buying a house
  • Pay attention to the debt-to-income ratio and the impact of interest rate changes on your loan-repayment amount
  • You can do the mortgage stress test and find out about your maximum affordable loan amount
  • Join the "Mortgage Insurance Programme" to get enough funds for a lower down payment. Loan amount is normally up to 80% of the purchase price or appraised property’s value (whichever is lower). Customers who fulfils relevant requirements can borrow up to 90%
  • Know other extra costs involved, such as stamp duty, mortgage insurance fees, solicitor fees, property agent commission fees, renovation expenses, deposits for water, electricity, gas services and property management fees. Make sure you prepare an extra budget in case the economy takes a turn

Making the deal

  • Keep an eye on Hong Kong property price trends and check property valuation regularly
  • Discuss with mortgage consultants from a reliable bank to clarify your enquiries, select the most suitable mortgage plan and get the initial assessment of mortgage application before making a deal
  • To buy your ideal property, you will need to pay an initial deposit and sign the Provisional Sale and Purchase Agreement. If you have to borrow money from the bank to buy a house, don’t forget to bring the agreement and other required personal information documents 
  • After the above steps, start handling the housing contract. You will need a lawyer to help you draft the formal agreement, settle further deposits, stamp duty and other arrangements

Moving into your new home

  • Move-in procedures on your first day: Change to a new set of locks and keys for security. Inform the property management office to update the owner emergency contact and change of owner for management fee deposit 
  • Hire an property inspector to conduct house inspection. Don’t forget to bring the house inspection checklist and inspect the house with the property inspector. Arrange renovation if needed
  • After moving in, you have to pay the deposit for the water and electricity bills. Upon successful registration of the water, electricity and gas bills, you can consider paying them via the auto and bill payment service in e-Banking so you can manage your home expenses with ease
  • The renovation cost is subject to your own needs and the existing condition of the property. If you need an extra cash flow, you may consider applying for a cash instalment loan with flexible loan amount and repayment period
  • Whether you live in your own property or decide to rent it out, home insurance is essential as it provides coverage against damage to household contents of the Insured and any family member from the same residence caused by acts of God or other covered accidents, it also includes loss of rent, temporary accommodation, as well as worldwide personal liability
  • Make sure to inform all service companies or organisations such as banks, insurance companies and the Registration and Electoral Office for the change of address and contact information
  • Using credit card is a good way to save. Make good use of your credit cards to buy new furniture and electrical appliances while enjoying discounts and cash rebates
  • Online shopping is also a popular idea to buy quality home goods while earning extra rebates
Explore our products
Home Care Plus Home Insurance
  • Protects against damage to household contents caused by acts of God or other covered accidents
  • Covers loss of rent, temporary accommodation, as well as worldwide personal liability
  • As a free upgrade to doubles the maximum benefit of “Worldwide All-Risks Cover for Personal Belongings” under “Home Care Plus Home Insurance” during the insured journey with a valid policy of the Travelsure Protection Plan
Terms and Conditions apply. The above general insurance plan is underwritten by QBE General Insurance (Hong Kong) Limited.
Mortgage services
  • Designated mortgage consultant to follow up from enquires handling to completion of mortgage application 
  • Online appointment for free mortgage consultation and initial assessment service
Terms and conditions apply.
Other points to note
  1. To borrow or not to borrow? Borrow only if you can repay!
  2.  Investment involves risks. 
  3.  Terms and Conditions apply.