Check these tips out if your in the market...
1. Speak with your financier or your home loan consultant to arrange the best loan to suit your needs.
2. Prepare a short list of preferred areas that suit your lifestyle. Keep in mind affordability and accommodation requirements.
3. Research sales in those preferred areas using The Advertiser Price Guide & Pope Nitschke First National Recent Sales. Inspect every property in your preferred area so you have a feel for the price. Attend all auctions in the area.
4. Develop a relationship with a Sales Agent specialising in your preferred area. The agent will be able to offer additional advice and also alert you to new listings before they reach the media.
5. When you find a property that suits your requirements, ask your agent to send a copy of the sale contract to your solicitor or conveyancer.
6. We recommend that you arrange a building and timber pest inspection to make you aware of any major defects and pest concerns eg: white ant, termites.
7. Following your solicitors or conveyancers advice on the sale contract and taking into consideration the building and pest reports, you are now able to make an informed decision to proceed with an offer on the property through the agent.
8. If you are bidding at an auction, we recommend you read the Office of Fair Trading's "Bidder's Guide" before you attend the auction. You can find a copy of the Bidder's Guide at www.ocba.gov.au
9. Once negotiations have been finalised, you will be required to sign the sale contract and pay a deposit. Your deposit will be held in trust in an interest bearing account until settlement. Interest is normally equally divided between you and the vendor. The vendor will sign the sale contract also.
10. On settlement day, your keys will be handed over and you will be able to move into your new home!
1. Speak with your financier or your home loan consultant to arrange the best loan to suit your needs.
2. Prepare a short list of preferred areas that suit your lifestyle. Keep in mind affordability and accommodation requirements.
3. Research sales in those preferred areas using The Advertiser Price Guide & Pope Nitschke First National Recent Sales. Inspect every property in your preferred area so you have a feel for the price. Attend all auctions in the area.
4. Develop a relationship with a Sales Agent specialising in your preferred area. The agent will be able to offer additional advice and also alert you to new listings before they reach the media.
5. When you find a property that suits your requirements, ask your agent to send a copy of the sale contract to your solicitor or conveyancer.
6. We recommend that you arrange a building and timber pest inspection to make you aware of any major defects and pest concerns eg: white ant, termites.
7. Following your solicitors or conveyancers advice on the sale contract and taking into consideration the building and pest reports, you are now able to make an informed decision to proceed with an offer on the property through the agent.
8. If you are bidding at an auction, we recommend you read the Office of Fair Trading's "Bidder's Guide" before you attend the auction. You can find a copy of the Bidder's Guide at www.ocba.gov.au
9. Once negotiations have been finalised, you will be required to sign the sale contract and pay a deposit. Your deposit will be held in trust in an interest bearing account until settlement. Interest is normally equally divided between you and the vendor. The vendor will sign the sale contract also.
10. On settlement day, your keys will be handed over and you will be able to move into your new home!
Recently I have had some great discussions with some key local finance people about the changing landscape for obtaining finance approvals in Australia. It is amazing that over the last 18 months we have seen such a radical paradigm shift in lending criteria.
I personally like the way the changes have headed - 100% lending and in some cases 107% to include fees and charges on top of the property purchase price - were never going to be sustainable. I love the fact that now borrowers are forced to demonstrate genuine savings, ie not a "gift" from mum and dad of 5% deposit plus fees.
It means it will re-educate young first home buyers and investors also the importance of saving money and creating a safe and secure financial foundation to build from. Whilst I understand very well the leverage of using OPM (other people's money, ie the banks) to invest with as opposed to your own, it is still important to create that financial foundation so that when the economic landscape changes we are able to have a "fall back" position.
For some great info and insights on the finance market in Australia check out http://loansense.com.au/blog/homeloan/lvr/ - Australia Mortage and Loan information - a great website for some easy to understand tips.
Cheers folks
I personally like the way the changes have headed - 100% lending and in some cases 107% to include fees and charges on top of the property purchase price - were never going to be sustainable. I love the fact that now borrowers are forced to demonstrate genuine savings, ie not a "gift" from mum and dad of 5% deposit plus fees.
It means it will re-educate young first home buyers and investors also the importance of saving money and creating a safe and secure financial foundation to build from. Whilst I understand very well the leverage of using OPM (other people's money, ie the banks) to invest with as opposed to your own, it is still important to create that financial foundation so that when the economic landscape changes we are able to have a "fall back" position.
For some great info and insights on the finance market in Australia check out http://loansense.com.au/blog/homeloan/lvr/ - Australia Mortage and Loan information - a great website for some easy to understand tips.
Cheers folks
Federal Budget - Big Build Up - Little Results!
0 Comments Published by Michael Nitschke on Wednesday, May 13, 2009 at 5:25 AM.
Last night we had the announcement of the May 2009 Federal Budget, a budget that the current government of Australia had a great deal of hype about in relation to how tough it was meant to be.
There were some impressive political moves, such as the raising of the pension however it was also paired with the raising of the pension introduction age to 67 in the future.
This was the budget that I believe needed to be heaving hitting, next year is an election year and as a result to remain popular the government will need to not be raising taxes and introducing other initiatives to repay the massive deficite that the Australian Economy will be absorbing now and into the future in 2010. I was hoping for a harder approach by Swan, and this didnt happen. This is a year where the budget could make a serious difference to Australia's Economic Future.
I was dissappointed also to see the self funded retirees once again not being looked at. These are guys who have done all the right things, worked hard and invested their savings into superannuation, only to see it get absolutely gutted with the financial markets crash we have seen in the past 12 months. These guys get little financial benefits, and dont claim the age pension. I think these guys deserve a fair go, why do we reward those who did not save and plan for their retirement like the self funded retirees.
The surprise packet for me was the extension of the first home buyers grant, albeit for a short space of time. I thought this initiative had run its course, and as a result our projections for the starting 6 months of the new financial year were for a slow market in relation to buyer enquiry and turnover. This extension in my view will encourage remaining First Home Buyers to enter the market and take advantage of the grant. This should lead to growth in prices in the houses up to $350,000 in the local Adelaide Hills market place.
All in all, the budget failed to deliver on expectations in my view..
There were some impressive political moves, such as the raising of the pension however it was also paired with the raising of the pension introduction age to 67 in the future.
This was the budget that I believe needed to be heaving hitting, next year is an election year and as a result to remain popular the government will need to not be raising taxes and introducing other initiatives to repay the massive deficite that the Australian Economy will be absorbing now and into the future in 2010. I was hoping for a harder approach by Swan, and this didnt happen. This is a year where the budget could make a serious difference to Australia's Economic Future.
I was dissappointed also to see the self funded retirees once again not being looked at. These are guys who have done all the right things, worked hard and invested their savings into superannuation, only to see it get absolutely gutted with the financial markets crash we have seen in the past 12 months. These guys get little financial benefits, and dont claim the age pension. I think these guys deserve a fair go, why do we reward those who did not save and plan for their retirement like the self funded retirees.
The surprise packet for me was the extension of the first home buyers grant, albeit for a short space of time. I thought this initiative had run its course, and as a result our projections for the starting 6 months of the new financial year were for a slow market in relation to buyer enquiry and turnover. This extension in my view will encourage remaining First Home Buyers to enter the market and take advantage of the grant. This should lead to growth in prices in the houses up to $350,000 in the local Adelaide Hills market place.
All in all, the budget failed to deliver on expectations in my view..
