Buying real estate
Buying real estate is probably the biggest decision and financial commitment you will ever have to make. However, it is also an exciting turning point, one that will almost certainly make the most impact on your lifestyle.
For many, it will be something never done before. Selecting the right property, in the right area, organising finance and negotiating the sale - it can be a little daunting. However it is not as complicated as you may think and there are many ways McGregor First National can help.
What kind of home are you looking for?
The first step is to decide what kind of home will suit your tastes and lifestyle. Establish family priorities - don’t forget to include the kids in the discussion! Anticipate potential changes in lifestyle: size, family, job changes etc. Consider extracurricular activities and schools when choosing your new home.
What can you afford?
Establish the price range you can afford - before you even start looking at homes, McGregor First National Real Estate can help by assisting you in determining both your priorities and potential price range.
Start hunting!
Prepare a short list of preferred suburbs that suit your lifestyle, bearing in mind affordability and accommodation requirements. Research sales in those preferred suburbs. Inspect every property in your preferred suburb so you have a feel for the prices. Attend all open homes in the area.
You’ve found it…
There are two ways of buying a home - auction or private sale. Offers to purchase may be made in two ways - unconditional (commitment to buy the house as listed at the price agreed) and conditional (you will buy if certain conditions are met, e.g. obtaining finance to purchase the property)). At auction, make sure you keep your financial limit in mind. Remember, once you have made a bid, it cannot be withdrawn.
First home owers grant
If you are purchasing your first home you may be eligiblefor the First Home Owners Grant (FHOG). Eligible applicants will be entitled to a one-off payment of up to $7000. You may also be eligible for a concession on the stamp duty, payable on the purchase price of the property, to a maximum of $4000.
You will need to ensure your solicitor/conveyancer and/or lender are aware that this is your first home. For further infomation please visit the Department of Treasury and Finance web page.
What happens on settlement day?
Typically:
- The lender authorises payment of the loan, and payment is made to the vendor/vendoor's solicitor
- You (or your solicitor) authorise the vendor to collect the deposit money that has been held by the real estate agent, in trust.
- You will receive a signed Memorandum of Transfer and your solicitor or bank will arrange for the Recorder of Titles to register the transfer and the loan.
- You pay the stamp duty on the purchase price and home loan (if applicable).
- You are given the keys and the house is yours!
Request a copy of our FREE Home Buyers Guide - for information on home loans, what you should do at auction, essential checklists and worksheets and understanding technical and legal terms.
