Buying with Tips

Enlisting the help of a trusted real estate agent can help you navigate the often tricky world of residential real estate. With our coverage range across most of Sydney's major areas, such as both towns and suburbs, not just being your local real estate agent perfectly-placed to provide you with advice and assistance relevant to the local real estate market, we can help you buy through all areas with the latest market updates and news.

What questions should I ask the agent when buying a home?

●     Can you show me a recent property sales report to show what the house is worth?

●     What is the main reason that the vendor selling?

●     How long has this property been on the market?

●     Are there any known issues with the property, land or neighbours’ properties?

●     How long have the owners lived there? or Tenants?

●     How much are council rates/strata fees? (if it is an apartment/unit/townhouse with strata title)

What are the steps to purchase a home?

1. Own a home already? Get an appraisal as this is a great way to find out how much equity you already have. Your agent - @theBNHteam can give you a free property appraisal to help you here.

2. Contact a Home Loans specialist to discuss your home buying plans and borrowing capacity with the best rate

3. Create a budget and save a deposit

4. Choose a home loan and apply for pre-approval

5. Research the property market and neighbourhoods and download our Free Market Update Report

6. Finalise property must-haves list

7. Start a house hunt tour

8. Lawyer / Conveyancer to review the sale contract

9. Get a building inspection/pest inspection 

10. Make an offer or bid at auction

11. Sign a contract and pay a deposit

12. Arrange insurance

13. Process the First Home Owner Grant

14. Complete settlement and move in, enjoy!

What are the different ways to buy a home?

Here are 3 main ways to buy real estate in Australia:

●     Private treaty - when the vendor or homeowner sets the price they would like to sell their property for and their real estate agent negotiates individually with prospective buyers to achieve a sale as close to this price as possible.

●     Auction - which is a public sale conducted by a licenced auctioneer.  Properties are offered up for bid and if the reserve price is reached the property is sold to the highest bidder.

●     Tender and Expression of Interest - are processes wherein you submit a single offer, usually accompanied by a 5 or 10 per cent deposit, and it is accepted or rejected by the vendor.

What are the costs of purchasing a property?

●     Deposit - usually 10-20% of the home’s overall cost

●     Stamp Duty - differs in each state

●     Lenders mortgage insurance if you borrow more than 80% of the property purchase price

●     Building insurance

●     Legal help such as lawyers or conveyancers

●     Building, pest and strata inspections

●     Council rates and strata fees

●     Moving costs

How can I work out the budget I can afford to buy a home?

Talk to the experts at Home Loans / Your Bank, they can help assess your current earning and assets and develop a plan with you.

What is the First Home Buyer Grant?

The First Home Owner Grant (scheme) was established to assist eligible first homeowners to purchase a new home or build their home by offering a grant.  The grant amount is determined by the date of the eligible transaction and each state has different rules and regulations. 

What is Stamp Duty?

Stamp duty is a charge which is applied by state governments in Australia and is in relation to the transfer of land or property. The State Government charges may vary depending on the purpose of the property purchased.  

What happens on Auction Day?   

On auction day if you are wanting to bid, you must register in the bidders' record and you will receive a bidders number that you will use when bidding. 

The auctioneer will outline all rules before the bidding begins, including their obligation to refuse bids after the hammer falls, to arbitrate bid disputes and also to refuse bids that come from those who have not registered for the auction. There may be more specifics depending on where the auction takes place, so check the rulings and listen carefully to the auctioneer.  If you are the successful bidder and the property sells to you, you are required to sign the contract immediately and pay a 10% deposit. There is no cooling off period if you buy at auction.

What Auction Terms should I know as a Buyer?

It is important that you understand these terms before your bid at an auction: Bidders guide, Inspection, Vendor and Dummy Bids, Rises and Advances, Reserve, On the Market and Passed In.

What should I look for in a neighbourhood?

To determine the right neighbourhood for you, consider your pace of life - are you young and is the proximity to friends and entertainment important or are you looking for a quieter suburb.  If you have family plans consider schools, transport and amenities and safety of suburb. Consider where you work and the daily commute. 

What is the settlement?

Closing (also referred to as completion or settlement) is the final step in executing a real estate transaction. The closing date is set during the negotiation phase and is usually several weeks after the offer is formally accepted. On the closing date, the ownership of the property is transferred to the buyer.

Do I need a pest inspection?

You don’t need a pest inspection but it is recommended that you get one to ensure the property you are buying has no major issues as this could save you a lot of money in the future.