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Steps To Buying A Property

Steve Purser

Buying a new property be it your first or 10th is a daunting task and can be a stressful experience but with a little knowledge and guidance, it doesn't have to be. Below we have set out the key steps to help you through the process with as little stress as possible.



1. Narrow down a location & create a wish list

  • Before jumping in headfirst do you know what and where you want to live?

  • How far away do you work – will you be driving or commuting, how long does it take?

  • Local schools – Are they good, how will your kids get there?

  • What type of lifestyle do you want – inner city, beach, bush?

  • How many beds, baths, car spots do you need?


2. Affordability

  • How much does your dream house in your ideal location cost?

  • Do you need money for renovations?

  • How much will the bank lend to you?


3. Lender search

  • Narrow down your lender options so you know how much you can borrow

  • Get pre-approved or at very least prepare all the supporting documents upfront

  • Understand your lender's processing times, is a 14 day finance clause long enough?


4. Property Search

  • Now you know where, what and how much it’s time to go shopping

  • Popular sites are: realestate.com.au and domain.com.au

  • Go to open homes and talk to the agents to find out what’s coming onto the market


5. Property Found

  • Submit an offer in writing

  • Pay a deposit once accepted

  • Appoint your solicitor

  • Submit your loan application

  • Order the Building & Pest inspection


6. Finance

  • Submit any additional documents if required to the bank

  • Arrange building insurance

  • Get your unconditional approval letter

  • Sign official loan documents and return to the lender before settlement


7. Contract Unconditional

  • Pay remainder of your deposit to your solicitor

  • Ensure your solicitor has enough funds to complete (including closing costs)


8. Settlement

  • Arrange pre-settlement inspection

  • Confirm your solicitor isn’t missing anything

  • Organise utility connections

  • Confirm settlement time

  • Collect your keys from the Real Estate Agent

  • Move in


Still unsure where to start? Contact us today and we would be happy to take you through the process by your side.



WARNING: The contents of this communication are not designed to replace credit advice. We have not taken into account your needs, objectives or financial situation.

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Disclaimer

This website has been prepared with all due diligence and care, based on the best available information at the time of last update. Lendd Group holds no responsibility for any errors or omissions within. Any decisions made by other parties based on this information are solely the responsibility of those parties. Lendd Group Pty Ltd ACN: 652 138 424 is an authorised credit representative 533734 of Australian Finance Group Ltd ACN 066 385 822 (AFG) Australian Credit Licence 389087.

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