Arranging Finance
Whether arranging you finance through a bank or broker it is extremely important to know your comfortable limit. You need to factor in life changes like your partner temporarily losing their job, sickness etc. It’s a good idea to have adequate insurance to cover unlikely contingencies.
Be open & honest with agents
Good agents will work hard to find you the right property and this may take a while. However it is important to be honest with the amount you can afford to spend.
Some buyers quote a buying limit to agents 10% less than they can actually afford hoping to grab a bargain. In essence this tactic may cause you to miss the best available property because the agent is searching in the wrong price range for you.
Use your cooling off rights
When you find the right property, the safest way to protect your interest is to sign the contract of sale for the property and pay the required .025% of the agreed purchase price ie: $250.00 for every $100,000. A $400,000 purchase would require $1,000.00 part deposit on signing the contract.
Once the vendor has also signed you cannot be gazumped! You have 5 business days after the day you signed to go through the contract with your solicitor or conveyancer. Complete your finance application, arrange valuations, pest & building inspections, strata etc.
Using your cooling off rights is the only way you protect yourself from a higher offer or better terms from another buyer.
For more information on purchasing a property using your cooling off rights click here we will be happy to email you our detailed buyers guide.