As well as being a major financial undertaking, for many people a property purchase also involves an unfamiliar process. For that reason, we've created this simple guide so you'll have a better idea of what to expect.
You can make things easier and focus your search for a suitable property by asking yourself a few simple questions:
You should always make sure you have pre-approval for a home loan before you make an offer or go to an auction. So if you would like to meet with one of our Personal Lending Managers about getting a loan pre-approval now, simply Contact Us.
Once you've answered the questions in Step 1, you now need to search for a property that meets your criteria.
Ideally you should contact the most experienced solicitor or conveyancer you can find. They can then review the purchase contract, arrange for inspections, and advise you on your loan documents. The fees they charge can vary widely, so make sure you agree to the costs up front.
When you find a property you're interested in, you should have building, strata and pest inspections carried out by independent qualified professionals who have insurance. They may discover issues with the property that require attention and add to the overall cost.
The most common ways of buying a property are:
The solicitor or conveyancer you appointed in Step 3 should examine your “contract for the sale of land” carefully and raise any concerns they have with you. If you decide to proceed with the purchase, a deposit will need to be paid. Your solicitor or the agent will exchange the contracts for you.
Settlement takes place when you pay the balance of the purchase price and all other outstanding fees. After that, the property is yours. Congratulations!
This is a guide only. You should contact your solicitor, accountant or financial adviser for a detailed explanation on purchasing property. Please also see our website disclaimer.
