Initially, you need to settle on where you want to live and how large your budget is. You also need to talk with your Finance in Sydney consultant to establish whether or not a lender is prepared to provide you finance for your property purchase. This can be done by submitting an application to the lender for a Pre- Approval. During this process, you should connect with a Conveyancer or solicitor to guide you through the legal process in purchasing a home. It's also imperative that you research the area in which you're looking to purchasing a home. Some of the key requirements that our client's mention are as follows:
- Transport services
- Medical facilities
- Demographics of the area
- Potential for capital growth
- Major development in the local area that could impact on your property
We can provide you with some key information through our free Residex Reports – valued at $65 each, which are provided to you free of charge. The Residex Reports will provide you with the following information:
- A single price estimate for the property you‟re looking to purchase
- Sales history for the property (where applicable)
- Range of values in the street
- Comparable recent sales
- Demographic data
- Medium values and returns
- Predictions/projected growth for the suburb
- Housing and rental data for the area
When you have found the property that you are interested in, you can make an offer. We should note that the process of buying a property differs from state to state. Sometimes you may have a cooling off period written into the contract, allowing you to arrange pest and building inspections or strata searches where applicable, as well as finalising your unconditional loan approval. This involves getting a valuation of your property to confirm its purchase price.
Once all of your background research and due diligence has been completed – and your loan has been unconditionally approved – you are now free to commit to purchasing the property and placing a 10% deposit down. Note from time to time you may be able to negotiate a 5% deposit or provide a deposit bond instead of cash.
As a general guide, there are usually 6 weeks (42 days) between when you sign the contract and when you settle on your property. During this 6-week period, we will be talking with both your solicitor and your lender to ensure that everything is progressing the way it should be. Note that you may be able to negotiate a shorter time to settle or an extended settlement if necessary. On the day you settle, your agent will have the keys to your new home and you are free to move into your property. The lender will provide you with a letter advising as to when your first repayment will need to be made – they will also confirm how the repayments will be made. This is often done through a direct debit.