Great news for 1st Home Buyers - As of the 1st of July 2023 First Home Buyers will receive a full exemption from transfer duty if buying a new or existing home up to $800,000.

This month for those of you who have never purchased a home before we have prepared a step by step guide to home ownership.

1. Gain finance pre-approval from your bank, building society or broker
2. Select a solicitor or conveyancer to review the contract & property purchase
3. The search begins for your dream home through online research & attending Open Home viewings
4. Once found, place your offer in writing of the confirmed purchase price to the Sales Agent who will submit this to the Vendor
5. Acceptance by Vendor - Provide full details of your name (including middle names)and negotiate terms with your agent for the sales advice instructions for your Solicitor or Conveyancer. Terms to consider are how long of a cooling off period you require, when you would like the property to settle, adequate time to gain formal finance approval and to allow for due diligence.
6. Pay .25% holding deposit to your Sales Agent who will hold this in their trust account.
7. Work with your Conveyancer or Solicitor to get the contracts exchanged with a cooling off period to allow for due diligence of building and pest inspections, property valuations & formal finance approval. You may exit the contract during this cooling off period however if you do exit you will forfeit the holding deposit. This holding deposit is then paid to the vendor for compensation of not accepting other offers during this time. Your advantage during the cooling off period is that the vendor cannot sell the property to anyone else once the sales contract has been dated.
8. Formal approvals gained for unconditional finance. Loan documents will be sent out to be signed & returned. Pay 5 or 10% deposit to your sales agent depending upon agreed contract terms. Once again this deposit will be held in a trust account.
9. Contracts are exchanged being marked appropriately for vacant possession or existing tenancy, the ‘Sold’ sign goes up and you should arrange insurance for your property
10. Your conveyancer or solicitor will advise you and your sales agent of the property settlement date. Organise a date for the final inspection of the property with your sales agent a day or two before settlement to ensure the house is as it was upon your original inspection, with inclusions and exclusions of the property noted as being present.
11. Settlement day :Your conveyancer or solicitor will facilitate money transfers between accounts & the title will be transferred into your name as the legal owner.
12. Congratulations! Collect the keys from your agent to take possession of your home