Buying a House in Australia: A Step by Step Guide + Perks for First Time Buyers

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00:00 How do you buy a house in Australia?
00:20 Step number. Decide you're ready to go.
00:40 Are you ready to buy a home?
00:42 Sarah's story
02:05 If it's the right timing for yourself?
02:22 Step number two is to know your budget
02:35 How much deposit do I need?
05:01 Understanding your capacity or the amount that bank will lend you.
05:34 Multiply your annual income by six
06:41 Buying costs associated when buying a home
08:35 Getting a pre-approval in place is certainly good starting point
10:05 House hunting
13:21 Right home for
15:12 Get ready to make your offer
15:42 Preparing your offer and special condition
18:06 Counter offer
18:54 Signing the contract to sale
20:10 Pay the first deposit
22:17 Home and contents insurance
22:46 Building and pest inspection
22:42 If you haven't already, we'd start your lending application
23:59 Talking with your solicitor
24:18 Now that your loan's approved
24:56 Once your home loan's been approved, you need to pay that second deposit
25:28 It's time for settlement. Crack the champagne
26:09 First official home loan repayment is due one month
26:38 How to get in touch with us
Stamp duty changes for NSW first home buyers!
• Stamp duty changes for...
How To Negotiate In A Buyers Market: The Ultimate Guide
• How To Negotiate In A ...
T: 1300 088 065
E: www.huntergalloway.com.au/con...
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[@Aussie618]

It’s good to see someone who explains it in simple terms Cheers

[@MortgageBrokerAustralia]

Thanks for the feedback Lee!

[@naou4030]

This video gives me some hope. I'm a nurse/case manager and I make about $100,000 per year. I'm looking to buy just an older brick unit for 300-350 somewhere, just as a starter. Scrounging for 20k-25k deposit to expand my options a little, im about 1/4 way there but saving about 2k a month aside. Wish me luck 🙏

[@MortgageBrokerAustralia]

Thank you for sharing your story! It's great to hear that this video has given you some hope. It sounds like you have a solid plan in place to achieve your goal of buying an older brick unit. Saving 2k a month is an impressive feat and it's definitely going to help you reach your target deposit amount. It's inspiring to see how hard you're working towards expanding your options and securing your financial future. Wishing you all the best of luck in your journey! 🙏

[@jameszbierski391]

How did you go mate

[@leonie563]

Google SA Virtual Health/Hospital.....that's your career future and pretty sure you won't be on $100k. Take a risk and buy a pet, but don't lock yourself into being a Landlord when Blackblob is on its way to buy housing stock. It's done deal so start reading and googling.

[@alirezazadeh1876]

Thank you for making these videos, very helpful.

[@MortgageBrokerAustralia]

Glad it was helpful!

[@satya4866]

Thanks for taking time to put all the details

[@MortgageBrokerAustralia]

No problem 👍

[@lorenavincent776]

Amazing explanation. Thank you

[@MortgageBrokerAustralia]

Thanks and appreciate it!

[@gracelacson1592]

Thanks for the info. I would like to ask question. We had bought a land and hoping to start the build last Aug but there was an issue with the permit. We have to start all over again with the loan prcess and change the building type. We decided to just sell the land and buy an established house. I'm a little confused. Are we still to be considered for home buyer if we go for that option?TIA

[@MortgageBrokerAustralia]

Thanks Grace, that's a great question and might be one that would need to be double checked through the office of state revenue as it's a bit outside to box

[@satya4866]

Good one

[@MortgageBrokerAustralia]

Thank you! Cheers!

[@malwalker4437]

Thank you

[@MortgageBrokerAustralia]

You're welcome

[@arns3143]

Just subd..Can you do selling a house in aus step by step thanks and good job mate!

[@MortgageBrokerAustralia]

Thanks Arns, appreciate the sub and will put it on the pad!

[@avajeon2023]

Thank you 🙏

[@MortgageBrokerAustralia]

You’re welcome 😊

[@BWAC]

Starting this process, slowly. Maybe I missed it or I just know nothing about the process (yet) but what actually is a solicitor? could that be you or is that a seperate entity? cheers

[@MortgageBrokerAustralia]

Great question, a solicitor is a legal professional who is trained and licensed to practice law in a specific jurisdiction. In the context of property transactions, a solicitor typically acts as a conveyancer. This means that they are responsible for handling the legal aspects of transferring ownership of a property from one party to another. This includes drafting and reviewing legal documents, managing the exchange of money and other financial considerations, and ensuring that all legal requirements are met throughout the process. As a property lawyer, a solicitor's role is to advise clients on their legal rights and obligations, and to represent them in legal proceedings if necessary. They are also responsible for ensuring that the conveyancing process is completed in a timely and efficient manner, and that all parties involved in the transaction are protected throughout the process.

[@BWAC]

​@@MortgageBrokerAustralia Thanks for getting back to me, Will contact you in I assume a year and a half lol

[@MortgageBrokerAustralia]

🤣 sounds like a plan!

[@piimus9056]

Why not buy a home that costs like 200k?

[@uwattan6275]

For first home buyer..which one is more secure and advantage... buy new unit available or secondary unit...pls give some advices...

[@MortgageBrokerAustralia]

Certainly! Both buying a new unit and a secondary (pre-owned) unit come with their own set of advantages and considerations. Here’s a simple breakdown: New Unit: Modern Design and Features: New units often come with the latest design standards, modern features, and up-to-date building codes. They may also have energy-efficient systems which can save on utility bills. Warranty: Many new units come with builder warranties that cover the cost of repairs and maintenance for a certain period. Customization: There's often more scope to customize a new home to your taste before or during construction. Less Maintenance: With everything brand new, there will likely be fewer repairs or maintenance issues initially. Potential for Growth: If the area is up-and-coming, there could be potential for property value appreciation. Community Amenities: New developments often come with community amenities like gyms, pools, and parks. Secondary Unit: Established Neighborhood: Secondary units are typically in established neighborhoods with known amenities, schools, and community vibe. Price Negotiability: There might be more room for price negotiation compared to buying a new unit. Immediate Availability: Pre-owned homes are usually ready to move into sooner than new builds. Historical Charm: Some buyers appreciate the unique charm and character of older homes. Potential for Renovation: There might be opportunities to increase the property value by making updates or renovations. Mature Landscaping: Established gardens and trees can be a desirable feature. In terms of security, both types of units can provide a good level of security, but new units might have more modern security features installed. Making a decision between a new or secondary unit would depend on your personal preferences, financial situation, and long-term goals. It might be beneficial to consider factors such as the location, community, budget, and your readiness to handle any maintenance or renovation tasks. It's also advisable to consult with a real estate professional or a mortgage broker to get a better understanding of what might suit your circumstances best.

[@dipeshshrestha3464]

Should i go for big house or unit as first home buyer?

[@MortgageBrokerAustralia]

Certainly! The decision between purchasing a larger house or a unit as a first home buyer is a significant one and depends on several factors: Affordability: Your budget is a primary consideration. Houses are generally more expensive than units, so it's important to determine what you can comfortably afford without overextending yourself. Location: Units often are located closer to city centers providing easy access to amenities and work, whereas houses might be situated in suburban or rural areas. Consider the location that suits your lifestyle and work commitments. Maintenance: Houses usually require more maintenance than units, both indoors and outdoors. If you prefer lower maintenance, a unit might be a more appealing choice. Space Requirements: If you need more space or plan to grow your family in the near future, a house may be a better fit. Conversely, a unit might suffice if you have smaller space requirements. Investment Goals: If you're viewing this purchase as an investment, consider the potential resale value and rental income opportunities. Sometimes, units in high-demand urban areas can offer good rental yields and appreciation. Lifestyle Preferences: Your lifestyle preferences will also play a significant role in this decision. For instance, if you value having a garden or a larger outdoor space, a house might be more suitable. On the other hand, a unit may offer more community engagement and possibly better security. Community Facilities: Units in a complex often come with shared facilities like a gym, pool, or communal gardens which can enhance your living experience without the personal maintenance responsibility. Privacy: Houses generally offer more privacy compared to units. If privacy is a priority for you, a house may be a more appealing choice. Future Resale Value: Consider the potential resale value of both options in the future, keeping in mind the growth trends in the area you are looking to buy. Finance Approval: Lastly, it might be easier to secure mortgage approval for a unit due to its lower price point. However, it's advisable to consult with a mortgage broker to understand your financing options better. Each of these factors could impact your decision, and it may be beneficial to weigh them according to your personal circumstances and long-term goals. It might also be helpful to consult with a real estate advisor or a mortgage broker to get a professional perspective tailored to your situation.

[@nodazeoff6545]

do you need to prove good superannuation in order to be accepted?

[@MortgageBrokerAustralia]

No, your superannuation doesn't directly affect your mortgage application in a uniform way across all ages. It's true that younger applicants may have less in their superannuation funds compared to those closer to retirement age, simply due to fewer years of contributions. However, this difference in superannuation balance isn't a primary factor lenders consider when assessing your ability to repay a home loan.

[@nodazeoff6545]

@@MortgageBrokerAustralia Perfect Great to know appreciate your reply 🙏🏻

[@johney3734]

Will banks loan you a 30 year lone if you are 40

[@MortgageBrokerAustralia]

Yes, banks can offer a 30-year loan to someone who is 40 years old. Your age alone doesn't typically prevent you from qualifying for a 30-year mortgage. The banks will also consider other factors like your income, credit history/assets, and employment status to determine your eligibility.

[@xXTatiJellyXx]

So you are in possible risk of no only losing your house but also your parent’s ? 😵‍💫😵‍💫😵‍💫😵‍💫

[@danielkemp4187]

500k house? What cardboard house are you buying? Medium is around 850k

[@tylerdurden4129]

That's why I'm moving to perth

[@YourFrienjamin]

bg music hella annoying. Good vid otherwise

[@MortgageBrokerAustralia]

Sorry about the music, mate! We were aiming for a vibe but might've missed the mark for you. Cheers for the heads up - we'll keep it in mind for next time. Glad to hear you still found the vid useful though! If you've got any more thoughts or need some info, just shout. Appreciate your feedback!