Make a list of:
Knowing what you want will help you avoid buying a property that does not meet your needs.
Carefully assess your financial situation and desired standard of living when deciding how much you can afford to borrow and repay.
Take into account:
Consider the costs of buying a property, including:
Also consider ongoing costs of property ownership, including:
Don’t overlook any concessions you may be eligible for, such as:
When getting a home loan (or mortgage):
It is illegal for estate agents to give financial advice.
Learn as much as possible about every aspect of the property buying and selling process, and the products and services offered by:
Shop around and compare products and services.
Research the market value of property in your preferred areas by:
Never rush or be pressured into making hasty decisions.
Make sure you are committing to the right property for you.
You will feel more confident about your investment if you make an informed decision.
You may come across different types of contracts, including loan contracts and contracts of sale.
Read and understand the document before you sign. Make sure you understand all terms, conditions and fine print.
Ask for any verbal agreement in writing, so you know exactly what you are committing to.
If something is unclear, ask for an explanation. If you are still uncertain, seek independent advice before signing.
Keep a copy of all documents you have signed.
Many terms and conditions with sellers, agents, lenders, legal practitioners and conveyancers are negotiable.
There is a 6-star energy efficiency environmental standard for all new homes, and for renovations, additions and relocations of existing homes.
New homes must have:
Renovations, additions and relocations must have a 6-star energy rating for the building fabric, but do not require a rainwater tank or a solar hot water system. If a renovation or addition is more than half the volume of an existing house, the whole building needs to be upgraded to a 6-star standard.
For new apartments, the average is a 6-star energy rating for the whole block with a minimum of 5-star for individual apartments.
When buying an established home, consider the benefits of sustainable features that can reduce running costs, reduce greenhouse gas emissions and add to the value of a property.