Any tips for First Home Buyer?

Discussion in 'Real Estate' started by lettuce, 5th Jul, 2007.

Join Australia's most dynamic and respected property investment community
  1. lettuce

    lettuce New Member

    Joined:
    1st Jul, 2015
    Posts:
    3
    Location:
    Sydney, NSW
    I am about to buy my first property in NSW on the Central Coast.

    Any tips for a first home buyer? I've got Pest and Building done, getting an independant valuation (as well as bank valuation) and have a good conveyancer but wondering if there is anyone who has learnt the hard way that there are some things you can't leave it or don't get told?

    Any recommendation for a good mortgage provider? I am currently going with Westpac at 7.37% adn $395 per year package fee.
     
    lettuce, 5th Jul, 2007
    #1
  2. Bantam Roosta

    Bantam Roosta Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    101
    Location:
    Canberra, ACT
    Simon is probably one that could help you there. There are plenty of other mortgage brokers around that could fill you in on those details as well.

    BR
     
    Bantam Roosta, 5th Jul, 2007
    #2
  3. Glebe

    Glebe Well-Known Member

    Joined:
    29th Sep, 2019
    Posts:
    819
    Location:
    Central Coast NSW
    Don't buy until you get your finance approved first. The deal of a lifetime comes along every month..
     
    Glebe, 5th Jul, 2007
    #3
  4. Glebe

    Glebe Well-Known Member

    Joined:
    29th Sep, 2019
    Posts:
    819
    Location:
    Central Coast NSW
    I've got that mortgage, 85% LVR too. Interest only, with 100% offset.

    My mortgage broker set up lines of credit at the same time, so it's all set to go.
     
    Glebe, 5th Jul, 2007
    #4
  5. Jacque

    Jacque Jacque Parker Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    2,652
    Location:
    Sydney
    Hi Lettuce :)

    Ensure you read the contract yourself and quiz your conveyancer about anything that you don't understand. Sometimes "overlooked" issues include land tax payable by you as purchaser, easements or covenants on land that prevents you from future building/extending of things like sheds and pools, surrounding development ( I suggest you ring the council and enquire on individual properties surrounding, to ensure no-one is going to block your view with a planned DA, or a Hungry Jacks is planned for the empty commercial block next to yours etc!) any restrictions on building that you may want to carry out in the future, heritage issues included.

    Ensure you carry out a thorough inspection of the property and note (photograph if you're able to) fittings and fixtures that are there- stranger things have happened when brocade curtains go missing only to be replaced with nylon cheapies upon settlement, or worse.... I recently had a vendor who tried to take the $4K oven with her because the solicitor had overlooked the fact that it wasn't crossed on the front page as an inclusion!!

    Ensure you are completely happy with the pre-settlement inspection as well, as once settlement has passed, it's usually a very expensive exercise to chase the vendor for missing items or faulty appliances etc.

    Above all, enjoy the process and good luck with the move!! Where is the property, by the way? I like the NSW Central Coast myself :)
     
    Jacque, 8th Jul, 2007
    #5
Buy Property Interstate WITHOUT Buyers Agents!

Buy Property Interstate WITHOUT Dropping $15k On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia