Buying a Unit or Apartment in Australia [What to Look for]

[@MortgageBrokerAustralia]

Join FB Group (Free Access) 👉 facebook.com/groups/209395390748110/

[@irenam9817]

Hey do you have an advice for someone buying an apartment witouth the bank loan. What things are left to consider with the bank out of the picture. 🙏

[@practicalcheese00]

Oh my god you guys are life savers! We're starting the apartment hunting process and I'm legit about to settle in and binge watch all your videos! Thank you!

[@MortgageBrokerAustralia]

Woooo nice one Kay congrats!!

[@MrKkarlahh]

Amazing videos! I thought I will never find real-estate videos specific to Australia. Shame that this channel was so difficult to find.

[@MortgageBrokerAustralia]

Thanks so much mate, appreciate it! Yeah we need to do a bit more work with our ranking etc but slowly slowly. Well to help you even more I'd love to post a copy of our book to you for free - just shoot me your address and I'll get it into the mail - [e-mail]

[@robertholmes8917]

Completely agree

[@Tirana-qg1ft]

Thanks guys. Great video 4 years later

[@MortgageBrokerAustralia]

Thanks for watching!

[@PuthpiseyKry]

Great content, even after 4 years. Appreciate your work and effort. A quick question, you mentioned to get where a copy of body corporate minute meeting. Who to ask for this? The REA or the body corp's manager?

[@MortgageBrokerAustralia]

Thank you for your kind words! I'm glad you find the content valuable. To obtain a copy of the body corporate minutes from a meeting, you should typically contact the body corporate's manager. They are responsible for maintaining and providing access to these documents. They can give you information on how to request and obtain the minutes of the meetings you're interested in. If you're unsure who the body corporate manager is, you can also reach out to the Real Estate Agent (REA), and they may be able to direct you to the right contact. Remember, the process might vary slightly depending on the specific rules and procedures of the body corporate in question, so it's a good idea to reach out to both the body corporate manager and the REA to ensure you get the information you need.

[@philipmullins6235]

Many banks don't lend of very small studio units also in Sydney not all units are strata title some are company title units , be very careful buying into company title units because you get no real estate for your money instead only shares in a company and some company title units restrict who can live in the unit .

[@MortgageBrokerAustralia]

Thanks for watching philip mullins 😊

[@kodiw202]

How vital is stable rental history? Does it go against you if you move after each lease term? Would staying in a property for 4 -6 years give you an edge in applications, or is it just another myth?

[@MortgageBrokerAustralia]

The rental history is definitely something that can help the application get across the line, esp. with minimal deposit. However, if you have 10% or greater deposit. The rental history doesn't help much. However, the banks do look at how long you've been in a job, how often you move addresses, etc. to get a better idea on what you are like as an applicant, there are the 1 percenters. Definitely not a deal breaker, but the small things that the bank looks at to get a good idea on the bigger picture.

[@MortgageBrokerAustralia]

For more free home buying resources and tools check out www.huntergalloway.com.au/resources/

[@alexial]

Hi guys! Been loving your videos, just wondering, at what point in the home buying process do you do the building and pest inspection? I'm guessing it's once you're very keen on a property, but obviously before settlement? Thanks!

[@MortgageBrokerAustralia]

Hey Cheryl, great question. Ideally you want to get the building and pest once you have the property under contract, because if you pay for it up front and get gazumped (i.e. someone else signs a contract while you're getting organised) you will have to pay the $500 or so for building and pest report for no result! We've got an entire video on this so check it out kzbin.info/www/bejne/g5imZpioaNynedE cheers, Jayden

[@alexial]

@@MortgageBrokerAustralia Thanks Jayden! Appreciate your help :)

[@Movieexplorers.]

Hi Cheryl , if you are looking to buy some property or looking forward to refinance the existing mortgage in NSW and QLD ..please let me know ..I have a great offer .

[@TMC-Family]

Just wondering is thernr anyway i can check whos the builder for the apartment? Thanks

[@MortgageBrokerAustralia]

Hi Trist. Yes, there are several ways to find out who built an apartment in Australia. Contact the Real Estate Agent or Property Manager: If you bought or are renting the property through an agent or property manager, they should have this information. Check the Contract of Sale: If you bought the property, the builder's details might be included in the contract of sale or in any other documents provided at the time of purchase. Local Council or Building Authority: Contact your local council or the building authority in your state. They should have records about the construction of all buildings in their jurisdiction. In some cases, you might be able to access these records online. Strata Management Company: If your apartment is part of a strata scheme, the strata management company might have this information. Conveyancer or Solicitor: If you engaged the services of a conveyancer or solicitor when buying the property, they may also be able to help you find this information. Please note that the ease of obtaining this information may vary based on the age of the building, the regulations of the specific state in Australia, and whether the building company is still in business. If the building is very old, it might be difficult to find this information

[@324liz]

Now it’s seller’s market. I doht know if your steps still apply. People buy off when i start researching. Crazy market these days ever since labor party rules.

[@MortgageBrokerAustralia]

Market conditions are influenced by a broad set of factors, including economic policies, interest rates set by the Reserve Bank of Australia, global economic conditions, and local supply and demand dynamics. While government policies can indeed have an impact on the housing market, they are just one of many influences. The Labour Party, like any government, implements policies that can affect the housing market, including measures aimed at improving affordability, supply, and the regulation of investment practices. The effectiveness and impact of these policies can vary and are subject to debate among economists, industry experts, and the public.

[@324liz]

@@MortgageBrokerAustralia labor doesnt care about us. They care for their money. They got responsibility for high cost of living, rent and housing. We have wasted our tax and time for the referendum instead of sorting out our current issues with housing and rent. Good for foreign investors and wealthy people though. They can buy off properties here and leeches out our hard-earned incomes through renting. Old units cost 650k aud. I dont want to pay for it. I am thinking of moving out of here.

[@kulshinidealwis9521]

Thanks for the video! Who do I ask about the sinking fund? The realtor?

[@MortgageBrokerAustralia]

Yeah you can get it from the real estate agent - or when you request the Strata Report it will all be on there. Cheers, Jayden.

[@Freestyle80]

wont a strata report cover the building inspection? Afaik they cannot lie about building issues in the strata report

[@MortgageBrokerAustralia]

While a strata report provides valuable information on the building's overall condition and history of repairs or issues, it may not detail the specific condition of the individual unit you're interested in. A building inspection can reveal problems within a particular apartment that aren't covered in a strata report, offering a closer look at what you're buying into.

[@Freestyle80]

@@MortgageBrokerAustralia FYI just bought my unit this week, thanks for your videos made it a little bit easier but this process is still so convoluted there's no other way to learn other than just to do it More laws def need to be introduced at some point

[@neuronneuron3645]

music is annoying

[@ErikaJoelle]

Hi guys thanks for all the resources! I've signed a contract on a unit and have a cooling off period so want to get a building and pest inspection done. How different is this from a strata report? The agent keeps saying it's not really necessary but I'd like to have peace of mind.

[@MortgageBrokerAustralia]

Congratulations! It's chalk and cheese. If you watch this video kzbin.info/www/bejne/g5imZpioaNynedE it will explain everything you need to know about building and pest. Wishing you all the best!

[@alexial]

Hey guys! I'm starting to look into buying an apartment, the one I'm looking at has the minutes from body corp and looks like they are working to fix a leak in basement roof. Doesn't seem like a major problem. Is it still a building report for an apartment? Thanks!

[@MortgageBrokerAustralia]

Hey Cheryl, great questions best to confirm with your solicitor. If its something minor and the body corp has enough in the sinking fund to cover then it might be ok but still worth looking into it a bit further. Cheers, Jayden.

[@alexial]

@@MortgageBrokerAustralia Thanks Jayden, I spoke with my conveyancer and they advised against going with this apartment - the builders had liquidated and the fault wasn't covered by builders warranty anymore. An initial quote to fix the problem came to half a million - it would probably end up as a special levy. Thanks again!

[@MortgageBrokerAustralia]

@@alexial yikes!!! Worth asking those questions then. Cheers

[@Unordung]

Hey guys, I'm about ready to make an official offer on a townhouse here in Brisbane. The realtor has provided a body corp report that is very light on details. It shows the admin and sinking fees along with the level of the sinking fund but does not show if any work is planned etc. How do I extract this info?

[@MortgageBrokerAustralia]

Hey Johann, you'll just have to ask the questions or try to go back further and ask for more history on the body corp records to see if maybe they discussed any planned works in previous meetings. Chat to your solicitor and theyll be able to help you out! Cheers, Jayden.

[@jorgeson3586]

Can you explain how to check owner vs renter ration in a building?thanks

[@MortgageBrokerAustralia]

Thanks Jorge, RP Data Core logic have the ratios of rents/owners on their suburb reports. Which will give you insights into the suburbs make up of investors and owner occupiers.

[@sweetsweetyswyoulove7809]

If buy a unit, am I got part of land¿

[@MortgageBrokerAustralia]

Hey @SweetSweet yeah I guess technically you do, the amount you own is worked out by the body corporate/strata so you might own 1/100th of the complex and pay fees accordingly.