Tips for First Home Buyers
SET YOUR BUDGET
It’s crucial to know how much you can realistically afford. To help set your budget speak to a financial advisor, your lender or make use of an on-line calculator.
WORK OUT WHAT YOU WANT
A clear vision will make it easier to find the home you are looking for. Work out which locations you’ll consider, how many bedrooms you require, what other features you need and whether you are prepared to renovate. See our list of what to look for in a property room by room.
ARRANGE PRE APPROVAL FOR YOUR FINANCES
Opportunities can come and go quickly. Having finance pre-approved means you can make a move as soon as you find the right property.
GET A FEEL FOR THE MARKET
It’s important to do your research before jumping in. Once you have a clear idea of your budget and needs, start attending open houses and auctions of properties that meet your criteria. You may end up adjusting your expectations during this process. Research using our recent sales.
TALK TO OUR AGENTS
If our agents know what you are looking for we can help guide you in your search, providing advance notice of upcoming listings and email notifications of available properties. Email our sales team.
ASK FOR THE CONTRACT
When you find a property you are interested in, ask the agent to send a copy of the sale contract to you or your solicitor or conveyancer. They will advise you of any issues you may need to consider.
ARRANGE A BUILDING AND PEST INSPECTION
Your solicitor will normally insist on seeking a pest and building report. This will alert you to any hidden structural problems or pest issues.
MAKE AN OFFER
If you like a property then the best way to make your interest known to the owner and agent is to submit an offer. If possible submit your offer by email or fax and then call the sales agent to discuss. The sales agent will negotiate the final sale price between you and the vendor. A cooling off period applies unless you choose to waive this.
BUYING AT AUCTION
If you intend to bid at auction you must bring appropriate identification and register as a bidder. Click here for our Auction Bidders Guide. Someone may only bid on your behalf if they have a bidding authority form signed by you. If the property fails to reach reserve, the highest bidder normally has first right of negotiation.
PAYING YOUR DEPOSIT
Once your offer is accepted you will need to sign the sale contract and pay a 10% deposit. Until the property is settled the deposit will be held in a trust account.
The buyer and seller will sign their sale contracts and the solicitor/conveyancer or sales agent will exchange the contracts. The final settlement of contracts generally takes around 6 weeks, however in some cases this may be negotiable.
INSPECT PRIOR TO SETTLEMENT
It is wise to undertake a pre-settlement inspection of the property. This will ensure that the property is in the same condition as when you agreed to buy it and that all the inclusions meet the contract specifications.
PICK UP THE KEYS
Once notified that settlement has been finalised your agent is able to give you the keys to your new property.
Relax and enjoy your new property!