Ideally you will have been preparing to buy a home, and have your budget, expenditure tracking and relevant information collated and ready to go.
UNDERSTAND YOUR BORROWING POTENTIAL
We recommend getting in touch with our team before you start looking so you can have a good understanding of your borrowing potential so you can plan your property search accordingly.
Having a conditional approval can help set your expectations and speed up the borrowing process once you’ve found your ideal home.
LOOK FOR PROPERTIES
Set up property alerts with the large real estate sites, and form relationships with real estate agents in your preferred suburbs.
Make sure of valuable resources such as flood maps, zoning regulations and other guides that can help you decide if a property has any inherent risks.
PUT IN AN OFFER
When you find a home you love, put in an offer. When accepted, you will need to pull together your team to help complete the process.
APPOINT A CONVEYANCING / LEGAL REPRESENTATIVE
A conveyancer will help you navigate the legal requirements of buying a home. There are a number of requirements that need to be met, and an experienced, qualified conveyancer will look after this for you and ensure the buying process moves along and meets the contract deadlines.
SIGN A CONTRACT
Once your offer has been accepted by the seller, a contract is signed by both parties.
The contract specifies a range of things including:
- The full names and addresses of both parties
- The chattels list (things that are included in the sale of the home)
- Settlement conditions (including conditions such as finance, building and pest inspection).
- Sale price
- Deposit amount and due date (It’s important to remember this goes into a Trust account and is used at settlement).
- Date the contract goes unconditional (assuming all settlement conditions are met)
- Settlement date
It is important to have the contract reviewed by a legal specialist to ensure all conditions are fair.
GET BUILDING AND PEST REPORTS
A common condition of a purchase contract is an acceptable building and pest report, which details any structural issues or pest activity (such as termites or white ants) on the property.
It is not a legal requirement to get a building or pest report, but it is highly recommended so you know exactly the state of the property you’re buying.
GET APPROVED FINANCE
At this stage you’re applying for formal approval of a home loan on that specific property. The process includes the lender getting a valuation of the property in question. We work closely with the lenders to reach approval and keep you informed during the process. You can see our home loan process here.
CONTRACT GOES UNCONDITIONAL
When all settlement conditions are met, the contract goes unconditional and you then wait for the settlement date. (Prior to informing sellers it’s important you inform your solicitor finance conditions are met).
During this time you can organise home insurance, and appointments for the connection of utilities (gas, electricity, internet) so that the moving in process is smooth.
A final inspection happens shortly before settlement to ensure the condition of the property meets the agreed standards.
Settlement can be 28-90 days from the contract date and is a date agreed by both parties during the contract negotiations. On settlement date, the payment is transferred and your conveyancer looks after the process and informs you when settlement is confirmed.