The Australian housing market is booming with record low-interest rates and a number of government schemes to assist buyers in securing a loan and a home. If you’ve ever dreamed of buying a house in Australia, this could be your chance to escape the Garden State. Check out this guide on how to buy a house in Australia so that you can find the property of your dreams and make a smart investment.
Determine Your Budget for Buying a House in Australia
The first step is to evaluate your finances and determine a budget that takes into account the cost of buying a house in Australia.
You need to determine how much money you will need to loan but also how much of your own finances you can put forward. Australian banks won’t lend you money if you can’t prove that you can afford the debt — so be realistic about the property that you can afford.
If it’s your first time buying in Australia check out this guide to the First Home Super Saver Scheme offered by the government that can help you out.
Consider the Area
Perhaps you already have a location in mind that you’re set on. However, if you’re flexible on location then speak to a local realtor who can give you advice on the cheapest city in Australia to buy a house that will give you the best return on your investment.
When deciding on a location, make a list of preferences and non-negotiables. This may include access to public transports and shops.
Get Home Loan Pre-Approval
Before you start shopping around for houses for sale in Australia it’s prudent to get conditional approval of your loan first. You’ll need to provide the bank with all of the necessary financial details, including your credit report.
Once you have pre-approval you’ll know what your price bracket is and start looking for homes that you are certain you can afford.
Preparing for Your Purchase
If you’ve fallen in love with property there are some important steps that you need to take. Hire a licensed conveyancer who can organize inspections as well as manage the exchange of contracts and other legal requirements.
You should get a property valuation before putting in your offer as you want to ensure that you’re paying the right price.
When you make your offer, avoid going lower than 10% of the asking price as you might miss out on the property when others make a better offer.
Footnote: How to Buy a House in Australia
Whether you’re buying a home to live in or an investment property, it’s important to know how to buy a house in Australia. Always begin by determining a realistic budget and getting a pre-approved loan so you can shop around for properties that you know you can afford.
Did you enjoy this post? Our site is full of real estate tips and tricks to help you make smart choices as a buyer — keep exploring our articles for more!
Photo by Joey Csunyo
About the Author/s
The New Jersey Digest is a new jersey magazine that has chronicled daily life in the Garden State for over 10 years.
