The House Buying Process
Remember to organise your pre-approval first
This gives you a specific price range to look within. Pre-approval generally lasts for 90-180 days, and will give you confidence when it comes to making an offer on a property as you’ll know exactly what you’ll be able to borrow. The bank will already have most of the paperwork, so it’ll speed up the process once you’ve found a house you like.
FIND A SOLICITOR
We recommend involving a solicitor as early in the process as possible. Not only for your home purchase, but to ensure you have the correct legal structure (especially if a trust or LTC is involved). This can also be a good time to organise your Will if you haven’t already. Talk to us, we’ll be happy to recommend one
get the property signed off
Before you put in an offer on a property you like, it’s important to ensure the property is acceptable to the bank. We’ll need the following:
A draft Sale and Purchase agreement from the agent (or the vendor if it’s a Private Sale) if there are any disclosures on the property (ie an un-consented deck, asbestos)
How much you are willing to pay for the property
Body Corporate Fees (if applicable
The bank will advise what conditions you will need to put in your offer (if any). This may be a builders report (particularly if there are disclosures on the property) or a Registered Valuation.
arrange house insurance
It’s important you confirm insurance on your property before going unconditional. The bank won’t advance the loan if the house is not adequately insured. Even if you aren’t successful with your offer, it pays to arrange insurance first!