How to buy your home?
It may seem as though the process of purchasing a home is a complicated, overwhelming and filled with legal formalities which will serve only to burden and ultimately wear you out. Sydney Conveyancing is here however to guide you through the process, taking care of the entire conveyancing process from beginning to end so that you may relax and focus on the excitement of purchasing your property. Below we have broken down the transaction into simple steps to aid you in gaining some peace of mind.
Step one: Check out your Mortgage Finance options
The first step in beginning the process for purchasing a house is to speak with financial companies, a financial planner, a mortgage broker, an accountant or the bank to arrange your mortgage. . If you do not already have a financial entity with which you have a strong relationship, please consider contacting our office to arrange for a free consultation and assessment with a mortgage broker to provide you with the knowledge and appropriate advice to help you choose the best option for your personal circumstances.
Step Two: Search for your dream home
In choosing a property, it is a good idea to consider whether the area in which it is located in is appropriate for your goals, lifestyle and future enjoyment. Other important considerations are ascertaining the structural integrity and the condition of the property.
Step Three: Checking the contract
Our conveyancing service will ensure all your needs and legalities are met when entering into a property contract. There are two ways to purchase a property in Australia.
i. By Auction treaty
When buying the property through auction, ensure that your conveyancer diligently goes through the contract and helps you understand the terms and conditions that you will be entering in to. You should ensure that the contract specifies the inclusions that are part of the property upon its sale. If this list is not mentioned in the contract, then you will not receive those inclusions once the property settles.
Also you will have to advertently note down the terms of settlement and dates as to when you have to pay the final balance to take control of the property. One of our property law experts from Sydney Conveyancing will be glad to assist you and get you through this process. Contact us today to speak with one of our conveyancing specialists.
ii. By private treaty
Private treaty means the buyer directly negotiates with the seller or real estate agent who represents the seller.
Step Four : Final settlement
A few of the final things in which it is important for you to pay attention to are affairs prior to settlement like payment of stamp duty. You will also need to arrange with the agent closer to settlement to do the pre-settlement inspection of the property. This allows you the opportunity to ensure the property is in the same condition as when you first signed the contract and inclusions remain within the property.
Other tasks to consider before you move into your new home include arranging electricity, telephone /internet connections, changing locks, changing your home building and contents insurance and contacting other service providers that you currently use and advise of the change of address. If your purchase is for investment purposes, then you may be looking for a new tenant and/or finding a managing agent to look after the rental.
The entire process seems to be an intimidating and complicated process, but Sydney conveyancing will help you get through this process easily, and eliminate any unwanted trouble and stress!!! Contact us for a competitive conveyancing quote.
The difference between a loan from a banker and a mortgage broker
Benefits of using a qualified mortgage broker and how he/she can get you a better deal:
- Choice of different lenders and banks
The biggest advantage of a broker over a bank is choice. A banker can only sell their particular bank product. With a mortgage broker, they compare over 10 banks/lenders to find you the best product and rate to suit your needs,
- Experience and Knowledge
Brokers often own their own businesses and are committed to their clients in the long term, with many years of industry experience. Bank staff get replaced and it is very frustrating for clients when they are introduced to 3 different staff members dealing with their loan from the start to finish because the previous lender has left or been promoted to another division of the bank.
- Specialisation and training
You can find brokers that specialise in first home buyers, brokers that specialise in property investment and growing your property portfolio. This is not a service that many banks offer. They are required to service the general public. Most bankers are not trained up in the trends and conditions and do not have the experience to cater for specific advice.
- Follow Up
There is constant follow up as your loan application progresses to formal approval and then to settlement. It is both time consuming and frustrating. An experienced mortgage broker will have systems in places for this to be done in a timely manner.
- Personal Banker vs a Mortgage Broker
A mortgage broker acts like your personal banker. They will ensure everything is done on your file as it’s their business to ensure that you are happy.