5 things people forget when buying their first home

About to buy your first home? Then there is a very good chance that you are feeling a little out of your depth and unsure about what needs to be done.

Even if you were on top of things when you start house hunting, by the time you’ve trawled through a thousand property listings and visited a what feels like a hundred open houses, your bound to be feeling a bit overwhelmed and lost.

Our biggest tip would be to seek some professional advice, give us a call today and we can help you make sure you don’t miss anything…especially the below:

Stamp Duty Tax

Stamp duty is a tax levied on most property purchases in Australia. The amount will vary depending on the purchase price and which state or territory you live in, but it needs to be paid on settlement, so be sure to include it in your budget.

Lender’s Mortgage Insurance

If you’re borrowing more than 80% of the house’s value, you’ll usually need to pay Lender’s Mortgage Insurance (LMI). LMI is a form of insurance that protects the lender in the event that the borrower defaults. Saving up for a larger deposit could help you get around this requirement.

Getting the Contract of Sale reviewed

It’s exciting buying a house, and it can be easy to forget about the sales contract. You need to get the contract reviewed before making an offer.

If you’re serious about a property, be sure to obtain a copy of the contract as soon as you can.

Conveyancing

Conveyancing is the process of transferring the legal title of a property from the seller to the buyer.

It can be tedious and complex, so it’s important to find a qualified professional conveyancer or solicitor to handle this for you.

Statement of Adjustments

Your conveyancer or solicitor will prepare a Statement of Adjustments. This document covers the adjustment of any rates, taxes, rental and owners corporation fees applicable to your purchase.