Buying your first home: From planning your budget to moving in

Buying your first home

Get prepared for buying your dream 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

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

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

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