The first thing you should do is go to your bank and find out how much you can borrow. This is important because you will then know where to start looking for a property and what type of property you can afford. You don't want to spend time searching and then find out later that you can't afford a property that you have fallen in love with. Knowing how much you can borrow will mean you will be able to set yourself a budget and know what you will need to repay each month. Make sure that you don't over extend yourself when it comes to repaying a loan. If you can't afford the repayments you could lose the property.
Inspections
Once you know how much money you have you can go out an begin to inspect properties within your price range. When looking at properties keep an eye out for any problems, and check that there will not be any additional expenses, for example paying for repairs on the home or putting in fences. Have a look at whether the property is close to shops, schools and other facilities, as this will help increase its value when you go to sell and will make the property a good long term capital investment.
Contract
You should have already organised a conveyancer, but once you have found a property that you are interested in you will need to get the contract of sale from the real estate agent. Your conveyancer will go over the contract and look for any irregularities.
Finance approval and property inspections
Before you find your property you will have conditional approval from the bank. Once you have the contract for the property you can send them the contract and organise the formal finance approval. Finance will be approved once a valuation by the lender has taken place. You will also need to organise a pest inspection as well as a building inspection. These inspections will be additional costs, but they are well worth it. If you are purchasing through an auction these inspections should be carried out beforehand.
Signing documents and settlement
Once finance has been approved you will receive all the documents that need to be signed. Check the loan amount, the repayments you have to make and the interest rate before you sign. If you find any errors contact the bank immediately. The date of settlement is the day that you take legal ownership of the property. About three weeks before the settlement date you will be forwarded Transfer of Land documents to sign by your conveyancer. The document is given to your lender, and it is also registered with your state or territories titles office.
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