Buying a home is a major financial investment
- Prioritise your essential needs - Make a "wish list" detailing the location, size and features you require in your home.
- How much can you afford? - Create a household budget so you can accurately see what mortgage repayments you can afford.
- Once you have set your budget - Consult with your mortgage provider to work out what you can afford to borrow. Obtain a list of fees from the broker these will include stamping of the mortgage, loan application fees and government stamp duty.
- Locate a Solicitor/Conveyancer to handle your purchase, obtain a list of their charges and services including what searches can be completed.
- Contact your Position Property agent to start looking for suitable properties.
- When you find a property that suits your requirements, ask your agent to prepare the contract of sale, ensure that all conditions have been included such as finance, building inspection if you have any questions obtain advice from your solicitor before signing the contract or you can make the contract subject to your solicitor's approval.
- When purchasing an apartment, ensure that the contract documents contain a Disclosure Document. This document outlines the Body Corporate Levies and insurance.
- We recommend that you arrange a building and pest inspection to make you aware of any major defects. If buying at Auction, the contracts are unconditional contracts not subject to any conditions, so you must ensure that you have completed your finance and searches before bidding. You must also have a 10% deposit that is payable on the day. Once you have signed a contract on a property you will need to arrange an insurance cover note to insure the property.
- On settlement day you can request a pre-settlement inspection before settlement takes place. This is to ensure that the property is in the same condition as when you last inspected it and that all the inclusions are as per the contract of sale.
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