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Financially Ready

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Being financially ready for your first home A STEP BY STEP GUIDE

Step 1 have your loan pre-approval in place

Knowing how much you have for a deposit and how much you can borrow gives you the confidence to make a calculated offer on your property of choice.

Step 2 choose the right home in the right location

Research your chosen suburb by checking all advertised listings in newspapers, the internet and real estate agents. Make sure that you know the price of recently sold comparable properties. By visiting open houses and attending auctions you will be more informed of the realistic value of a property. Does the property fit your family’s growing needs?Step 3 make an offer

For properties sold by private treaty you will need to make an offer to the listing real estate agent. Obtain a copy of the contract for sale and organise for your conveyancer/legal representative to check it.Properties being auctioned are frequently open to offers prior to the auction date. However, if sold at auction you will usually be required to pay a deposit of 10% immediately. The contract for an auctioned property is unconditional and no cooling off period applies. If bidding at an auction, make sure that your conveyancer/legal representative has checked the contract and organised pest and building inspections before you bid.

Step 4 conveyancer/legal representative

The real estate agent will provide a copy of the contract for sale which should then be given to your conveyancer for advice and checking. The conveyancer will advise you of your cooling off rights (which varies from state to state). Once the contract has been signed by both parties, the contracts are legally binding. The contract will indicate when the deposit will have to be paid. If no pest and building inspections have been carried out, it is advisable that they are ordered by the conveyancer.Step 5 final loan approval


This article is generic in nature. All investment decisions should be considered wisely and based on your personal and financial circumstances.

Seek proper advice before committing to any course of action. This is not deemed as advice.