Before you find a property
- Get a pre-approval. Make sure you have your finances in order and have an idea of how much you can afford to borrow and repay. Talk to an experienced mortgage broker who can help to research and compare different lenders and home loan products in the market for you.
- Find a legal representative (usually a solicitor or property conveyancer) to assist you with the property purchase. Ask if they are prepared to review a few Contracts of Sale (also known as Vendor’s Statement Section 32) before you secure a property.
- Find suppliers to conduct the necessary inspections and searches, such as a pest and building inspection and/or a strata search.
Once you have found a property
- Inspect it on a number of occasions and visit the street at different times of the day and week.
- Ask the real estate agent for a Contract of Sale.
- Forward the documents to your legal representative and ask them to advise you if there are any issues that you should be aware of. Potential issues could include an unusual title, detrimental planning permits, or owners’ corporation management concerns (for units and apartments). Some issues identified may need to be referred to your broker to ensure that your finance will not be affected; other issues are simply a matter for you to consider and decide if it affects your opinion of the property.