In light of new cooling measures, and an ever-changing property market, we’ve put together a new preparation list. Whether you’ve already shortlisted properties, or are just beginning to look, the following will help create a smooth transaction. Above all, look out for timing issues, option dates, and pre-approved loans, to minimise the risk of costly mistakes: 1. Start paying down your existing loans  It’s ideal to start paying down your debts 12 months before making home loan applications. Even if you’re a bit late, however, it makes sense to quickly get started (at least you can show the bank proof that you’re discharging prior loans). The December 2021 cooling measures lowered the Total Debt Servicing Ratio (TDSR) to 55 per cent. This means your home loan repayment, plus all other debts like credit cards and education loans, cannot cost more than 55 per cent of your declared income. Note that this is slightly tighter than the earlier limit of 60 per cent....