

Buyers’ Tips
Top 3 House-hunting FAQ
Q1. How to choose the right property?
A property is a long-term investment with the potential to grow your money over time. However, it's vital to invest in the correct properties because making a mistake here might cost you more than just financially.
Hiccups and setbacks in the property market may cause tremendous strain, worry, and anguish, which have the opposite impact of what successful investing is all about. Here are some of the characteristics to examine when selecting a suitable property for your portfolio so that you can continue on your investment path:
Growth
Opportunity
A lot of money is spent on real estate each year, so keep an eye out for areas that are growing in terms of population, economy, and infrastructure. Investigate what projects are in the works for a location so you can assess its future prospects. Government and council websites often have information on infrastructure project proposals online, and you may reach out to the local council for further information. It's also a good idea to keep an eye on any new residential construction that might be going up near places like schools, shopping hubs, etc.
Understand
Your Property
It's vital to know where you're going to buy so that you can do your research. Know your potential buying location as well as you know your own neighbourhood. Become an expert in researching the area, including vacancy rates and demographics, government spending, and capital growth rates. Look for a tight rental market when it comes to vacancy rates. Check out the most recent vacancy rate figures for your chosen suburb; investing in areas with few vacant homes significantly reduces your likelihood of having an empty property between renters.
Maintenance
Effort
Look for a property that is ready to be taken right away (unless you have big plans to increase the value of your property through renovations). Houses with pools and lush gardens, for example, need a significant amount of attention and time, whereas a similar home on a smaller block with a flat grassed backyard is considerably easier to maintain. For those who are cash-strapped, it's critical to acquire where you won't go into the red, and maintenance fees might be very costly, so they must be considered before purchasing a home.
Q2. How to work out the budget?
Aside from the new house excitement, the first stage you must go through before looking is to understand your budget. Mortgage payments and house ownership expenses affect your budget more than rent payments do.
If you're taking out a mortgage, remember that it's best not to borrow as much as possible. Check out how much the payment is and whether this fits your budget if you're borrowing a home loan. Consider how much you'd be willing to pay back each month in total. To get an idea of monthly repayments, you can use the home loan repayments calculator and find out.
After choosing a lender and securing a home loan, the most obvious significant expense is your house deposit, which will be at least 10% of the property's value, regardless of how much you can borrow.
If you're ready to buy a house, you'll need to know how much money the bank is willing to lend you so that you can move into your own place. To verify your borrowing capacity before making an offer or bidding at auction, remember to contact your home loan specialist and apply for pre-approval.
Q3. Where to get professional advice?
Finding the appropriate real estate agent may make a big difference in your house-hunting process. Our property experts have made it easier to compare locations and homes by quickly allowing you to do so. To begin your journey, contact us now.
House Buying Checklist
☑ Worked out your budget
☑ If you plan to buy at auction, arranged a pre-approved loan. You cannot make the contract of sale subject to finance without the vendor's agreement if you buy at auction
☑ Selected your preferred suburb/location
☑ Worked out what features you want in a property (for example, number and size of Bedrooms). If you are considering a flat, apartment or unit, you should also refer to our Buying an apartment or unit checklist
☑ Inspected similar properties in the area and checked sale results in newspapers and online to find out how much they sold for
☑ Understood the differences between a private sale and an auction
☑ Considered whether to engage expert assistance such as a buyer's advocate, estate agent, conveyancer or legal practitioner
☑ Established if the property requires a building inspection. If buying at auction, make sure you get the inspection report before the auction, as you cannot put conditions on the contract of sale at an auction without the vendor's agreement
☑ Worked out if you need to make the purchase subject to a building inspection for a private sale
☑ Worked out if property require a pest inspection. If so, make sure you get the results before auction, as you cannot put conditions on the contract of sale at an auction without the vendor's agreement
☑ Your legal practitioner or conveyancer check the section 32 vendor’s statement and the contract of sale
☑ Developed a strategy for bidding at auction or for making an offer for a private sale
☑ Knowledge about your cooling-off rights
☑ Asked the agent about any items that appear to be fixtures of the property but could
☑ Instead be items (personal chattels), which the seller may remove at settlement
☑ Organised your deposit, so you can pay when required by the agent
☑ Checked all items you believe come with the property are in good working order and
☑ Stated on the contract of sale
☑ Checked those items on final inspection
☑ Purchased a kit if you decide to do your own conveyancing.

Inline Buying Process
Find a house to buy
Look for a balance between the lifestyle you desire and what you can comfortably afford. Find out our available properties.
Make an offer
You can make either an "unconditional" or "conditional" offer when you're ready.
Cooling-off period
There's no cooling-off period if you buy at auction. If buying privately, there's a short cooling-off period in most states and territories. You can usually get out of the contract and get most of your deposit back if you give written notice.
Work out what you can afford
Find out how much your property is worth by contacting a local real estate agent. After you've done so, go to a loan broker and get pre-approval for a mortgage. Pre-approval lasts anywhere from 3 to 6 months, indicating that you're qualified to apply for a loan upon the amount specified.
Contract of sale
Hire a solicitor or conveyancer to review the contract before signing. The best approach to avoid expensive blunders is to hire a legal expert.
Building & pest inspection
Getting a building and pest report done by a professional could save you a lot of money down the track.
FIRB for overseas buyers
Except for Australian citizens, residents and Visa 444 holders, overseas buyers must obtain FIRB before purchasing any properties in Australia.
Paying Deposit
If buying at auction, expect to pay a deposit immediately (10% of the purchase price). If buying privately, the contract of sale will include the deposit amount and when you need to pay it.
Settlement
The settlement date is when the property title is transferred into your name, and your mortgage begins. The contract of sale sets out the settlement period when you have to pay the full purchase price. Your solicitor or conveyancer will finalise the settlement with the lender and seller. Then you'll get the keys to your new home.