Is this your First Home?
Things you need to do!
- Contact a Conveyancer & get advice.
- Look at the property you like at least twice before making an offer.
- If exchanging (signing & dating the contract) with an agent request a 10 day cooling off period.
- Make sure you ask your finance provider to apply for the First Home Owners Grant on your behalf.
- Speak to your financial advisor.
Things you should not do!
- Don’t buy unless you have confirmed finance pre-approval.
- Don’t forget to communicate with your Conveyancer.
- Don’t Buy on Impulse.
- Don’t Delay. (Notify your Conveyancer when you have found the property you want to buy)
PURCHASING – The Process
Exchange – The 2 methods involved
With an Agent (signing & dating the contract) – Cooling off period applies (time to investigate the property & obtain finance if its required). A 0.25%deposit is used during this period & forfeited if you decide not to buy the property.
With a Conveyancer (signing & dating the contract) – No cooling off period. Exchange is done after the property is investigated, finance is obtained & the purchaser (you) is satisfied with the property. The 0.25% is not required.
Mid Transaction & Settlement
- Questions & inquiries are made about the property.
- Documents are prepared & executed during this time.
Settlement
- The purchase completion (settlement) is organised.
- Settlement is performed & completed.
- Time to get the keys.
Estimated Legal Costs
Legal Costs involved with a purchase can vary from $1,500 to $2,500 depending on what is involved in the transaction.
Legal Costs involved with a purchase can vary from $1,500 to $2,500 depending on what is involved in the transaction.
- The above estimate should include Pest, Building & or Strata Reports.
- We can organise Pest ,Building & or Strata reports on your behalf or you can choose to do it yourself.
- Costs associated with the property to think about when forming your budget:
- Council Rates
- Strata Levies
- Water Rates & Usage
- Pest, Building & or Strata Reports,
- Survey and Building Certificate
- Bank Fees & Charges
First Home Owners Stamp Duty
For more information relating to buying your first home visit the Office of State Revenue website.
Should you have further questions please contact Sheree Hayden Conveyancing.