Buying a property is probably the biggest purchase you’ll make in your life, so it pays to do your research. Best to start with a clear picture of what you are wanting e.g house or unit, number of bedrooms, close to public transport or schools etc.
You’ll need to take into account the other costs associated with buying a house:
- Loan set up costs
- Conveyancing/legal fees
- Stamp duty
Stamp duty is the largest expense after your mortgage and varies by state. Stamp duty is payable on both the purchase price of the property you are buying and the amount you borrow for your home loan. Use our Stamp Duty Calculator to work out how much your stamp duty will be.
Make an offer
If you’ve found the perfect place you’re ready to make an offer. There are two types of offers – unconditional and conditional offers. Conditional offers are more common however the type of offer can be discussed and agreed between the seller and buyer.
This is an outright offer to buy a property. You should be 100% sure that this is the property you want and that you have access to the money to buy the property. Once the vendor has accepted your offer, you are legally obliged to go through with the sale. Unconditional offers are the norm at auctions.
A conditional offer is also a binding contract, provided that all your conditions are satisfied. You can only back out now if one or more of the conditions are not met.
If successful you should arrange suitable insurance cover
If successful you should arrange suitable insurance cover, it is recommended that you immediately arrange suitable insurance cover protecting your interest in the property. Contact Elders Insurance for details.
A building inspection covers the condition of the building and identifies any potential problems, including cracks and rising damp, structural movement or inadequate plumbing.
Pest inspections include tricky areas under floors or on roofs to pick up any termite or woodworm infestation.
On settlement day, at an agreed time and place your Solicitor or Conveyancer meets with your lender and the seller’s representative to sign and hand over documents and cheques – neither you nor the seller need to be there. Documents are then sent to the titles office to register you as the new owner.
Your Solicitor/Conveyancer should contact you to let you know that settlement went through successfully. You will also be notified via your agent that settlement has occurred and once the agency receives confirmation from both Solicitors/Conveyancers your agent can hand over the keys to your new property!
Please contact us if we can help in anyway.