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If you are looking to buy in the near future, have a look through our selection of information on making the buying process easier.
Simply click any of the below links to learn more about purchasing property and what pitfalls to watch out for. Make your selection below:
 Arrange a pre approval through your mortgage broker before you find a property to purchase. You will be able to find out exactly how much you can borrow, allowing you to set a suitable limit. Your broker can also advise you how much your new home loan will cost you on a weekly / monthly basis (helping you to budget). By organising your finances you will be well positioned to commit to a purchase, either by bidding at an auction or negotiating a private sale.
Have your solicitor review the contract prior to signing. This is particularly important when special conditions apply. Most solicitors will do this as part of their professional service.
When you have found the ‘right property’ and are ready to enter into a contract to purchase, insert into the contract appropriate ‘subject to’ clauses. Ensure time frames for these clauses are realistic, ie. a minimum 14 days for finance approval (even if you have pre approval), building and pest inspections, and at least a further 14 - 21 days after this till settlement. Remember Public Holidays will impact on the available time.
If you are purchasing using existing property equity, your broker should have advised you that the mortgage provider may not require a valuation to be done (on the purchase property). You may wish to instruct a valuer of your choice to ensure you have negotiated a fair market price (at your cost).
Insurance cover is the responsibility of the purchaser from the time the contract comes into force. This is very important. The mortgagee’s interest may need to be noted on the insurance cover note, confirm these details with your mortgage broker.
Make certain all ‘subject to’ clauses are met to your satisfaction. Your mortgage broker will advise you and your solicitor of the finance approval. Once your solicitor advises the sellers solicitor that all clauses have been met satisfactorily, then the contract is unconditional (almost time to open the Champagne).
Keep in contact with your solicitor, make certain all is in order at least 5 working days before settlement is due. Do not assume that all is ok if you haven’t heard anything – it can be a very costly error if the settlement has to be postponed.
When all is said and done….. it often isn’t. Make sure your bank account details are up to date. Ensure that any new arrangements are in place and working in readiness for the first repayment to take place.
Now is the time for the Champagne……..Enjoy your new home!!
With so many lender's out there, where do you start? There is a multitude of options available to you, whether you are a first home buyer, looking to re-finance, self employed or looking for an investment loan, there will be a loan tailored to your needs. But where...
At Bank Of Queensland, you are guaranteed a Loans Manager who will take care of you for the life of your loan!
Personalised service, so you will feel like a valued client and not just another number in the system. As your needs change, you will have that familiar contact to advise you of which direction is best suited to you and your lifestyle.
For excellent service from a true proffessional in the industry, Call Daryl Hermann on 07 3263 5190
Welcome to the Remax Ultimate/ Bank of Queensland First Time Home Buyers Guide! You will find ideas and advice if you are planning to buy your first home.
We hope you find this information informative and useful when looking for the dream home!
The key things you need to look at are:
- Home Loan
- Understanding the property
- Conveyancing
- Making an Offer on your dream home
- Insurance
- Settling your new home
First, you need to know your budget. Bank of Queensland - Daryl Hermann (Bank Manager) 07 3263 5190 will calculate how much you can borrow, depending on your income, type of property you wish to purchase, etc
Remember - Stamp Duty, conveyancing fees, bank costs, insurance and moving fees will all add to the cost of your purchase. It's better to overestimate these costs than be caught short.
Home Loans are available to individuals, joint borrowers, companies and trusts. A basic, no frills will suit some, while others might want additional features. The variable rate might be lower than the fixed rate, but will it stay that way? If you are looking for an investment property, a tax efficient loan structure will be more important. Make sure you thoroughly review all your loan options before choosing one.
Before your loan can be assessed, you'll need to complete an application form and provide some of the following items;
- photo identification
- credit cards, Medicare card, store cards
- birth certificate
- you most recent pay slip from employer (original)
- copy of last two taxation returns or group certificates
- evidence of any other income/allowances
- full copy of the signed ‘contract of sale'
- details of your solicitor / conveyancer
If you are purchasing your first home you could be eligible for the Federal Governments First Home Owners Grant. The Grant is not means-tested, so you can apply regardless of your income. You will need to be:
- A couple or individual buying or building your first home
- An Australian citizen or permanent resident
- Entering into a binding contract to buy or build a new home after 1 July 2000
Check out www.firsthome.gov.au for a full eligibility checklist.
Houses, townhouses, flats and units all qualify for the Grant.
You must apply within 12 months of settlement on an established home or 12 months of your home being built. You must also move into the home within 12 months.
To receive the Grant you will need a signed and dated contract of sale and a fully executed transfer of land document, or, if you are building, a signed and dated building contract and certificate of occupancy.
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