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Buying advice

Know what you want and can afford

Make a list of:

  • your preferred areas
  • essential features (not negotiables)
  • your wish list of non-essential features.

Knowing what you want will help you avoid buying a property that does not meet your needs. This can also help with narrowing the list of properties you may look at via open homes or private appointments.

Budget before you buy property

Carefully assess your financial situation and desired standard of living when deciding how much you can afford to borrow and repay.

Take into account:

  • your circumstances and financial commitments
  • any future plans; for example, starting a family could mean a drop in income
  • other possible changes, such as interest rate rises or unemployment.


Consider the costs of buying a property, including:

Also consider ongoing costs of property ownership, including:

  • insurance (building and contents) if applicable
  • property rates and taxes.


Don’t overlook any concessions you may be eligible for, such as:

  • first home owners grants for buyers of new homes
  • land transfer duty reduction.
  • aged pensioner stamp duty discounts

For more information on the first home owners grant, visit the State Revenue Office website - First home owners section.


When getting a home loan (or mortgage):

  • you do not have to take the full amount offered by the lender. Instead, work out the amount you need and feel comfortable borrowing
  • use loan simulators to see how the amount borrowed, the loan period and the frequency of repayments affect the time you will need to pay off the debt
  • ask questions about fees and charges
  • study the fine print on contracts, brochures and printed material
  • be wary of financial advice or referrals from mortgage brokers.

It is preferable for you to meet with your preferred lender and seek a pre approval before making an offer to buy a property.

You can find budget tools and information about home loans and mortgages on the MoneySmart website - Buying a home page.

Get informed about the property market

Learn as much as possible about every aspect of the property buying and selling process, and the products and services offered by:

  • estate agents
  • legal practitioners
  • conveyancers
  • lenders.

Shop around and compare products and services.

Research the market value of property in your preferred areas by:

  • searching the internet   
  • attending auctions and open homes
  • speaking with agents
  • reading newspapers or web sites for sales results.


Please click this link to read the Due Diligence Checklist

Contact one of our Consultants