Buying a home for the first time can be a tricky process which could be exhausting if you are unaware of the elements involved. Merely having a great real estate agent to help you with the purchase is not sufficient. To become a homeowner you will have to carry out quite a bit of research on home loans, hiring the right property agent and solicitor on your own.
To help first time home buyers with their purchase we have compiled a short but precise guide with the key steps to owning a home. We hope this simplifies the process of purchasing a home in Australia and aids you in securing the home of your dream.
Choosing a Property
This is the first step where you have to decide the location of the house along with its internal and external features. If you are planning to immigrate to Australia the best option for you is to visit real estate websites for home descriptions and their asking price.
Get in touch with the estate agents representing these homes and ask them for further information also inquire if you qualify for purchasing real estate in Australia. You will also want to know the population, culture, economy and crime rate of the city you wish to live in, for this purpose research the Australian Bureau of Statistics to get an idea of what to expect.
The Benefits of Finance Pre-Approval
Before you approach a bank or a mortgage company to loan money for your home you should have a clear picture of your finances. This includes possessing at least 10 percent of the down payment in cash which your lender will require when you purchase a house apart from the legal fees, inspection charges etc.
Getting a pre-approval will help you search for homes within your budget, and in a competitive real estate market the seller will take your bid seriously knowing you are already approved for mortgage and serious about the purchase.
First Home Owners Grant
The government of Australia has set up a grant for first time home buyers. The criteria required to be eligible for this grant states you have to be an Australian citizen or a permanent resident and the house value should not exceed $575,000.
This grant is available for purchase or construction of a new home, the purchase of an established home is also included. To find out if you qualify for this grant or any other scheme by the government visit their website http://www.firsthome.gov.au.
Choosing a Solicitor or Conveyancer
Legal paperwork which involves red tape is quite stressful for new home owners. This is where a conveyancer can help you fill out all the paperwork, file deeds and conduct a title search making sure it is free of all claims.
Especially if you are moving to Australia and are not a citizen or a permanent resident you will have to get permission from the Foreign Investment Review Board before purchasing property. This is also an area where you will need the help of law experts.
To ensure your first home is according to your preferences and to make the home buying process smooth it is imperative to hire a good real estate agent who might be able to assist you with the home loan and solicitor. And, of course professional estate agents who value their clients make certain they get them the best deal available in the market.