Steps To Buying A Property
Buying a new property be it your first or 10th is a daunting task and can be a stressful experience but with a little knowledge and guidance, it doesn't have to be. Below we have set out the key steps to help you through the process with as little stress as possible.
1. Narrow down a location & create a wish list
Before jumping in head first do you know what and where you want to live?
How far away do you work – will you be driving or commuting, how long does it take?
Local schools – Are they good, how will your kids get there?
What type of lifestyle do you want – inner city, beach, bush?
How many beds, bath, car spots do you need?
How much does your dream house in your ideal location cost?
Do you need money for renovations?
How much will the bank lend to you?
3. Lender search
Narrow down your lender options so you know how much you can borrow
Get pre-approved or at very least prepare all the supporting documents upfront
Understand your lender's processing times, is a 14 day finance clause long enough?
4. Property Search
Now you know where, what and how much it’s time to go shopping
Popular sites are: realestate.com.au and domain.com.au
Go to open homes and talk to the agents to find out what’s coming onto the market
5. Property Found
Submit an offer in writing
Pay a deposit once accepted
Appoint your solicitor
Submit your loan application
Order the Building & Pest inspection
Submit any additional documents if required to the bank
Arrange building insurance
Get your unconditional approval letter
Sign official loan documents and return to the lender before settlement
7. Contract Unconditional
Pay remainder of your deposit to your solicitor
Ensure your solicitor has enough funds to complete (including closing costs)
Arrange pre-settlement inspection
Confirm your solicitor isn’t missing anything
Organise utility connections
Confirm settlement time
Collect your keys from the Real Estate Agent