23
Have your loan preapproval in place
Knowing how much you have for a deposit
and how much you can borrow gives you the
confidence to make a calculated offer on your
property of choice.
Choose the right home in the right
location
Research your chosen suburb by checking all
advertised listings in newspapers, the internet
and real estate agents. Make sure that you
know the price of recently sold comparable
properties. By visiting open houses and
attending auctions you will be more informed
of the realistic value of a property. Does the
property fit your family’s growing needs?
Make an offer
For properties sold by private treaty you will
need to make an offer to the listing real estate
agent. Obtain a copy of the contract for sale
and organise for your conveyancer/legal
representative to check it.
Properties being auctioned are frequently
open to offers prior to the auction date.
However, if sold at auction you will usually be
required to pay a deposit of 10% immediately.
The contract for an auctioned property is
unconditional and no cooling off period
applies. If bidding at an auction, make sure
that your conveyancer/legal representative
has checked the contract and organised pest
and building inspections before you bid.
Appoint your conveyancer/legal
representative
The real estate agent will provide a copy of the
contract for sale which should then be given
to your conveyancer/legal representative for
advice and checking. The conveyancer/legal
representative will advise you of your cooling
off rights (which vary from state to state). Once
the contract has been signed by both parties,
the contracts are legally binding. The contract
will indicate when the deposit will have to
be paid. If no pest and building inspections
have been carried out, it is advisable that
they are ordered by the conveyancer/legal
representative.
Arrange final loan approval
We will organise for loan documents for the
balance of the purchase price to be prepared
and signed by you.
Organise your insurances
Your lender will require you to organise
building insurance.
Other insurances to consider are mortgage
protection insurance, lender’s mortgage
insurance, life, TPD, income protection and
home and contents for your new home. Ask us
for an explanation of these insurances.
Perform a final inspection
Arrange for a final inspection (just prior to
settlement date) with the real estate agent.
Check for all inclusions in the contract for sale
and that they are in working order. Check
light switches, power points, air conditioners,
exhaust fans, hot water, swimming pool
equipment and security system and request
copies of all manuals for stove, dishwaters etc.
A STEP BY STEP GUIDE
7
6 5
3
2
