Everton Park
Today’s post follows on from my previous blog with tips to help you purchase a property.
3. Find a lender – Once all your research is done on a property and you’ve figure out what you think you can afford then it’s time to look for a lender.
The first tip is to have a good shop around and compare what different lenders are offering. If you are internet savvy then look for a website that will compare different home loans for you. When trying to decide on a home loan, think abut things like whether or not you can redraw on the loan or if there are penalties for moving your loan or refinancing. These are just some of the questions you might like to ask. A mortgage broker should be able to help you if you are having trouble finding a home loan.
4. The buying process – When you have decided you definitely want a property and it has passed building and pest inspections (unless they are part of the contract), then it’s time to make an offer.
The agent will ask you for an offer in writing, and they will take this to the seller. There will possibly be some negotiation at this point, but if the buyer accepts you will need to contact a conveyancer or solicitor to organise the completion of your contract. If you have any questions at this stage then ask your agent and they will help point you in the right direction.
When you make an offer it’s important to have a deposit ready. Figures can vary but in general 10% of the purchase price will be owed when the contract is accepted. If you don’t have a deposit ready in cash then make sure your lender is willing to pay the deposit or part thereof or you.
In general, settlement is set for 30 or 60 days from the time that the contract becomes unconditional. A date will be mutually decided by the current owners of the property and yourself. If you haven’t had your building and pest inspections carried out, you have to have it done within the specified time on your contract.
Use the settlement period to organise your insurances (even if you don’t plan on moving into the property on settlement day). Then it’s time to prepare for you move.
The process of buying a property may seem a little scary at first, but if you have any questions along the way then don’t hesitate to ask your real estate agent, they are there to help.