Buyers Tips and Hints

Before looking at purchasing your property, whether for your first home, an investment property or a new home, there are many things to consider before committing to a purchase.

BEFORE BUYING YOUR PROPERTY....

Choose the area you wish to live in. Go out for a weekend drive and check out the neighborhood to see if it suits your budget and lifestyle. The key to finding the right property for you is the three P's...Property, Price and Position. Make sure you always carry a notepad with you when looking around at the locations and compile a shortlist of the properties, prices and the position. Research the area for history of flooding, etc.. Also contact local real estates, council and news/media services for information on recent sales and the price ranges that have been met with these sales. When you do find a property that you feel is right for you, ask your agent for a contract and refer it to your solicitor to go over any legal details . Compare lenders. Don't just shop around based on rates, also look at initial fees (application/processing fees), ongoing fees (account keeping fees, redraw fees etc), flexible payment options, lump sum payment options, redraw facilities and other features. Choosing the correct repayment option can save you many years off your payments and help you own your dream much sooner.

Once you have chosen your lender, obtain pre-approval. Depending on the lender, this will usually involve you supplying latest pay slips and group certificates. A letter from you employer and evidence of savings history, along with the application form. Pre-appproval can usually be given within a few hours, depending on your chosen institution. If you are eligible for the first home buyers grant or any other grant, make sure you ask for any information and conditions that may apply to the grant. Your lender should have all the required information on hand.

Inspect the place again, at different times of the day and if possible, in different weather conditions (such as rain). Look for obvious defaults in the walls and floor, electrical, plumbing, fittings, exterior and outdoor areas. If you are satisfied that the property is to your standards, organize a building and pest report. If you are looking at an apartment, contact your solicitor for a strata report.

When the purchase has been approved, your solicitor will exchange contracts with the other party and make sure you are happy with all details of the contract. If there are any areas of the property that you feel require attention before you purchase the property, arrange with your solicitor to make sure all maintenance is carried out or agreed to be completed prior to your purchase.
Once everything has been signed by all parties you can move in! Make sure your first priority is your home and contents insurance, and possibly public liability.

....you are now a property owner!