9 STEPS TO BUYING YOUR HOME
1. Get a Pre-approval
Before beginning your property journey, consult with your mortgage broker to assess your borrowing capacity and obtain pre-approval. This will help prevent future finance issues along the way.
2. Property Search
Begin your property search with the Domain or Real Estate app or website. These platforms provide easy-to-use search tools to explore suburbs or areas on the map and refine your criteria. If your desired area is too pricey, look into neighbouring areas to widen your search.
3. Attend Property Inspections
Use the inspection tool on both apps to track viewing times for properties you like. Avoid cramming too many viewings in one day. Take your time to look closely at each property and its neighbourhood, noting amenities like schools, parks, shops, cafes childcare, and noise levels.
4. Request a Contract
When you find a property you like, ask the agent for the contract and send it to your conveyancer for review. While most conveyancers charge a fee, they might waive it if you proceed with the purchase and use their service. Therefore, only send contracts for properties you're genuinely interested in buying.
5. Building, Pest, Strata Report
If you're buying a house, it's important to get a building and pest inspection report. These reports give you valuable information about the property's condition, helping you avoid unexpected expenses later on. Building reports typically start at $500.​
For unit/apartments make sure you organise strata report, which cost around $300.
It's also a good idea to organise an insurance quote to help determine if the property is situated in a flood or bushfire zone.
6. Ready to Buy
Before making an offer, it's important to do your homework. Understand recent sale prices of similar properties in the area. Our team can also provide you with property reports from RP Data for a price estimate.
7. Private Treaty Sale Vs Auction
In a private treaty sale, you make an offer and negotiate with the agent. Ensure that your offer is reasonable to be seen as a committed buyer. Usually, buying privately allows for a cooling-off period, subject to finance and the regulations of the state where you are purchasing your property. During the cooling-off period, your mortgage broker will order valuations and work with banks to secure formal approval.
In an auction, there is no cooling-off period, and you must immediately pay the 10% deposit if you win. It is crucial to set a budget beforehand and adhere to it during the auction.
8. Contract Exchange and Deposit
After both parties have signed the contract, it is 'exchanged', making it a legally binding agreement. You will then need to pay the agreed deposit, which will be held in the real estate agent's trust account until settlement.
Make sure to send the signed contract to your mortgage broker and conveyancer to prepare for settlement.
9. Settlement
Settlement is when you pay the remaining sale price and become the legal owner of your new home. Your conveyancer and mortgage broker manage this process. Once your lender disburses funds for your home loan, you'll receive the keys to your new home. Hooray!
We're here to support you through the entire home buying journey.
Make an enquiry
Send us an enquiry or call us on 1300 103 998. Our team will call you within 30 minutes during business hours. Our service is free of charge.
Get a pre-approval
We’ll review your situation and help you understand what you can afford by obtaining a pre-approved home loan.
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House Hunt
Once pre-approved, you can start house hunting. If you find a property you like, inform us, and we'll provide detailed property reports to assist your decision-making.
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Settlement
Once you sign the contract, our team will manage the loan settlement with the bank.