Buying Help

Essential Tips of the Trade


Purchasing a property is exciting and if you have a plan, enjoyable rather than daunting. Some of the more important issues include location, price, amenities, changing needs, reading the market, and the question of buying new, renovated or unrenovated. So how should you prepare?

Here are some tips:

Start the saving habit early:

Lenders require at least 5% deposit of the property’s value however bigger is definitely better. A larger deposit will help you avoid costly Lender Mortgage Insurance. This is charged when a home buyer borrows more than 80% of the property’s value.

Get your finance pre-approved:

Loan pre-approval lets you head into the purchase process knowing the maximum amount you have to spend on the property, giving you confidence to buy at auction or negotiate on price. Property sellers after often attracted to buyers who have pre-approved finance over those who don’t. The basic premise is to buy the best house you can afford. If you can afford it today, it should be even easier in the future as your income increases (assuming interest rates remain fairly stable).

Know what you want:

List the features that the property must have. Once you know exactly what you’re looking for, you can narrow down the list of homes you wish to inspect.


Location is the proximity to the things that matter most in your life – your job, friends, family and places you visit regularly. Consider transportation costs as well as mortgage repayments when budgeting. Look closely at the lifestyle implications if great coffee and cafe atmosphere is important to you. Shops, hospitals, doctors and schools should all be on the list

Do your inspections:

Once you’ve found a property it is a good idea to conduct pest and building inspections and strata inspections if it is a unit. Professional inspections can give you a clearer insight into that property.

Negotiate the legal stuff:

Ticking all the legal boxes can be a challenge when you’re buying a property. Make sure you use a property conveyancer or solicitor.