The property purchasing process

We’ll help you to get pre-approval for your loan so that you can bid with confidence on the property of your choice.

Research your chosen property by checking all advertised listings in newspapers, the internet and with real estate agents. Make sure that you know the price of recently sold comparable properties in the area so you don’t pay too much. By visiting open houses and attending auctions, you will be more informed of the realistic value of a property. (For more detailed information, ask us for a customised property report.)

Once you find the property you want to buy, you will need to make an offer and organise building and pest inspections before you proceed any further.

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 of sale from them and organise for your conveyancer/legal representative to check it.

If no offer is possible and the property is going to auction, you will need to get a copy of the auction terms and sales contract and get your solicitor/conveyancer to check them before the auction date. Also ensure that your building and pest inspections are complete before the auction date.

The real estate agent will provide a copy of the contract of sale which should then be given to your solicitor/conveyancer for advice and checking. They will advise you of your cooling off rights (which vary 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.

We will arrange the balance of the purchase price with the lender to be prepared and organise the loan documentation and make sure it is all signed off by you.

Your lender will require you to organise building insurance. To be on the safe side, this should be organised as soon as you sign the contract.

Arrange for a final inspection (just prior to settlement date) with the real estate agent. Check for all inclusions in the contract of sale and that they are in working order. Check that everything works – light switches, power points, air conditioners, exhaust fans, hot water, pool pump, security system and request copies of all manuals for the appliances and equipment installed in the property.

Your conveyancer will attend to settlement. This is the day on which the balance of the purchase price is paid to the vendor. Stamp duty and lender’s mortgage insurance (if applicable) will also have to be paid. You can collect the keys from the real estate agent once settlement has been confirmed.