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Steps to Ownership

1. How much can I borrow?

Before searching for your home it’s important to know how much you can borrow. An EPG broker can help you to calculate this while factoring any benefits and costs. Perhaps you’re eligible for the First Home Owners Grant? Pre-approval can be obtained at this stage.

2. Property Research

When searching for a home, it’s important to find the one that best suits your lifestyle needs. Do you need to consider local services such as schools, hospital or public transport? Investigate the future growth of population and value of surrounding suburbs. Remember, if you win at auction you are required to immediately exchange contracts and give 10% of the purchase price as deposit.

3. Putting in an offer

If your offer is accepted you will be asked to sign a formal contract. This is subject to finance approval and property inspections. You will be asked to provide a token deposit upfront before contributing a more significant deposit later on. Cooling off periods of 5 days give you the opportunity to change your mind if you’re not happy with your decision (this is not applicable to auctions). Before putting in an offer, it is advised that you speak to your solicitor.

4. Arranging Finance

A finance date is given on the contract, by which finance must be approved with no attaching conditions. If you already have a pre-approval obtained, you must give the lender a copy of the contract and confirm the final loan amount. A property valuation will usually be undertaken before the final approval is given. Once the loan is approved and all solicitors notified, the contract becomes unconditional.

5. Pest and Building Inspections

A contract will usually permit 7 – 14 working days to conduct any necessary inspections which usually include building, pest, electrical, strata, and a land survey. Depending on the severity of any problems with the property, you can either negotiate with the seller or withdraw from the contract.

6. Settlement

Congratulations on your new home! Remember to check that all utilities are connected and contacts are aware of your new address.

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