Purchase of your first home can have lasting financial ramifications for both you and your family, while marking the start of an exciting new chapter in life.
Process can be daunting, but there is plenty of help out there to make the experience smoother. Here are some helpful Queensland buyer tips that should get you going in your purchase journey.
One of the primary considerations in purchasing property is establishing your borrowing capacity – this may differ depending on which lender you use; there are online calculators you can use as guides. Once established, it will enable you to search properties within your price range.
Your options for purchasing property may include private treaty, auction, tender or “off the plan” packages (land + building package). Each method offers benefits and drawbacks – take the time to carefully research them all to identify which option best meets your needs.
Make an educated decision regarding whether to purchase existing property or build new. Your decision may depend on factors like location, government incentives and long-term investment goals. When building new, be sure to factor in costs such as building inspections and development application fees as well as getting an extensive valuation before submitting offers on any properties.
Queensland property settlement periods usually range between 30-90 days from exchange of contracts. Within this timeframe, you will need to finalise finance arrangements and arrange a building and pest inspection, with assistance from your conveyancing solicitor who can advise what documents must be presented to the bank as well as disbursing transfer duty (commonly referred to as stamp duty) and any concessions or grants available to you.
Before exchanging contracts, it’s essential that you plan for other transactional expenses like legal and mortgage establishment fees. Your solicitor/conveyancer should provide a “costs agreement”, outlining these charges before exchange. These costs include title searches, title insurance and building and pest inspections.
Once settlement has taken place, you’ll have access to your new home! Be mindful of paying your council rates promptly and any land tax obligations. Your lawyer should assist in meeting these obligations for existing properties while for new Queensland developments the developer usually handles this payment on your behalf.