Savings and Deposit: Most lenders require a deposit between 5%–20% of the property’s value.
Additional Costs: Be prepared for extra expenses such as:
Stamp Duty (transfer duty).
Legal or conveyancing fees.
Building and pest inspections.
Loan application and lender’s fees.
Loan Pre-Approval: Speak to banks or mortgage brokers to get pre-approval, which gives you a clear idea of how much you can borrow.
Location matters: Consider proximity to schools, hospitals, public transport, and shopping centres.
Price comparison: Research recent sales in the area to avoid overpaying.
Growth potential: Look into suburbs with upcoming infrastructure projects, which may increase property value over time.
Foreign buyers: Non-residents may need approval from the Foreign Investment Review Board (FIRB).
Permanent residents & first home buyers: You may be eligible for concessions or grants, such as the First Home Owner Grant or stamp duty reductions.
Contracts: Always review the contract of sale carefully, paying attention to settlement terms, payment deadlines, and exit clauses.
Get loan pre-approval from your lender.
Inspect properties (attend open homes and auctions).
Make an offer or bid at auction.
Sign the contract and pay the deposit.
Bank valuation and legal checks are conducted.
Settlement: Pay the remaining balance, complete the transfer, and collect the keys.
Always engage a licensed solicitor or conveyancer to handle legal paperwork.
Don’t rush — compare multiple properties before deciding.
Order a building and pest inspection to avoid costly surprises.
Take advantage of government incentives if you’re a first home buyer.
✨ Conclusion: Buying a home in Australia can be both exciting and overwhelming. With the right financial planning, professional advice, and thorough research, you can secure a property that suits your needs and build a strong foundation for your future.
Reader Comments
