BUYING HOUSE PERTH
So you are looking at buying house Perth?
Whether you are;
- An overseas investor wanting to buy house in Perth to get into the Australian property market,
- First home buyer taking your first step on the Perth property ladder,
- A couple or family who are in the process of moving to Perth and looking to buy house Perth and set et up home down under,
- An investment buyer or just upgrading, the purchase of a property is a big step.
Buyig your Perth home will be one of the biggest financial decisions you will make.
For those of you that are on the move to Perth you may find that buying home Perth is done a little different to what you are used to. To help you get started buying your first home in Perth I have given you a few tips below.
Remember, when buying house Perth, the Real Estate Agent is obligated to the Seller… not the buyer.
So if you are looking to do the research and buying house Perth for you, you may want to use the services of a Buyers Agent.
I am sure you will find that there services more than cover the fee you will pay for them buying house Perth.
HOW MUCH CAN I BORROW?
The first step for buying house Perth is to establish the costs related to buying a house in Perth and then to see how much you can borrow.
I would recommend that you find out how much you can borrow by speaking to a Mortgage Broker.
The benefit of using a Mortgage Broker to organise your finance rather that going directly to a bank is:-
- A mortgage broker will provide you with a no obligation home loan consultation.
- Most mortgage brokers do not charge for their services, they receive a commission from the bank which they recieve following settlement of your loan. Which, is not passed on to you in any way if you went directly to the lender you would get the same.
- They will have access to a majority of the banks and financial institutions. You would be surprised how the lending criteria differs between lenders, it can sometimes make $000’s dollars difference as to what different lenders will let you borrow.
- Lenders have different assessment policies. Some lenders will allow you to take out a home loan even if you are still on probation. Your Mortgage Broker would know the lenders to approach and is the best option for you. If you go shopping at the lenders yourself you may do damage to your credit history without realising it.
- Because they have access to a wide range of lenders and products they can assist you in determining how much you can borrow and identifying which type of loan will best suit your needs and objectives.
- A good mortgage broker will guide you through the whole purchaing process and will take the time to answer your questions and explain everything that happens.
- Mortgage Brokers in Western Australia are regulated and have to obtain related qualifications and be licensed ao you know you will be dealing with a professional.
THE OFFER FORMS PART OF THE CONTRACT
It is usual in Western Australia to purchase a house via a method known as ‘Offer and Acceptance.
This consists of the Offer and Acceptance form, the “O&A” and the joint form of General Conditions for the Sale of Land, the “General Conditions”.
The O&A can be amended to include any special conditions that meet the needs of the seller and/or the buyer.
Once the contract for buying house Perth has been finalised you will be dealing with both the Real Estate Agent and your Settlement Agent.
A Settlement Agent is responsible for legally transferring property ownership from one party to another. It is important that you have a good settlement agent on your side to ensure that everything is done competently.
There are several insurance issues that you need to consider when you buy your Perth house:
- Builder’s Warranty Insurance (if purchasing a new house or any home improvements over $12,000, such as a pool or pergola);
- Building Insurance for the property. Lenders will require that you have home buildings insurance prior to settlement
- Lenders’ Mortgage Insurance this may be required by some lenders, depending on how much you are borrowing and at what ratio to the value of the house (Loan to Value Ratio) your loan is..
TALK TO A MORTGAGE CONSULTANT
If you are buying house Perth or will be looking at buying house Perth in the future then the chances are you will need to organise a home loan.
So if you are looking to buy a house Perth and would like your own personal mortgage consultant to guide you through the process and discuss show the options you have complete the enquiry form below now.