FIRST TIME BUYERS
We will be with you every step of the way.
It is understandable for first time buyers to feel anxious, but solid preparation and knowledge of the process will help you buy the house of your dreams.
As obvious as it may seem, the crucial first stage on the road to home ownership is being aware of exactly what you can afford to buy. Your lender will offer pre-purchase approval so that you know where you stand financially from the beginning.
Once you have identified a property you would like to buy, the lender will then be able to formally approve a loan much more quickly thanks to your proactive approach - our finance team can help you with this step.
While it might be tempting to avoid sundry costs as much as possible - given that you are about to invest a significant amount of money into the purchase of the home - it is unwise to ignore the value of LIM reports and building inspections.
You would be well advised to stress the high level of urgency of these inspections to whoever you contract to do the job - and the same applies to your solicitor or your conveyancer.
Depending on the location your new property is located in, you may come across a contract that includes a "subject to…" section, with factors such as finance approval, building inspection and satisfactory LIM report often listed as prerequisites to a sale.
The property cannot be sold to another party for the period of time stipulated in the contract.
An alternative approach to consider is buying at auction. This is a scenario that may seem intimidating to many first time buyers, but if you do your research it can be a viable strategy. However to bid at auction you need to be 'cash unconditional' and to have completed your due diligence prior to auction.
Many of the steps that go into purchasing a property privately also apply to auctions, such as arranging the required inspections and seeking formal approval of your loan.
Although it is possible for properties listed for auction to be sold in advance, in the majority of cases they will go under the hammer on a specified date.
If you are the successful bidder at the auction, you and the vendor will enter into an unconditional contract.