BUYING A HOUSE IN PERTH
So
you are looking at buying a house in Perth?
Whether you are, an Overseas Investor, first home buyer, British couple or family looking to set up home down under, an investment buyer or upgrading, the purchase of a property is a big step. For those of you that are on the move to Perth you may find that some things are done a little different in Perth, so I have given you a few details below to get you started:
Remember, when buying house Perth, the Real Estate Agent is obligated to the Seller… not the buyer.
So if you are looking at some help and guidance buying your Perth home
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.
HOW MUCH CAN I BORROW?
The first step for buying a house Perth is to establish the costs related to buying a house 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 consultation. They receive a commission from the bank on settlement on 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.
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.
Mortgage Brokers in Western Australia are regulated and have to obtain related qualifications and be licensed
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.
SETTLEMENT
Once the contract for buying your house in 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.
INSURANCE
There are several insurance issues that you need to consider:
Builder’s Warranty Insurance (if purchasing a new property or any property improvements over $12,000, such as a pool or pergola);
Building Insurance for the property…Lenders will require that you have property 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).
TALK TO A MORTGAGE CONSULTANT
If you are buying house Perth or will be looking to buy a house Perth in the future then the chances are you will need to organise a mortgage.
So if you are looking to buy a house Perth and would like to be contacted by a qualified mortgage broker to discuss your mortgage options then complete the enquiry form below.
