Buying Tips & Advice

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It’s important to know how much you can afford. To do this set a realistic household budget with a tally of your ingoings and outgoings. This will give you a clear picture of your current expenditures and spare change that can go toward a home loan. Seek advice from a financial advisor to help set you budget and talk to a reputable mortgage consultant to find out how much you can actually borrow. Even if you’re not quite ready to buy, by speaking with a mortgage consultant you will find out what you need to save or pay off in order to secure a mortgage.

Needs and wants

Establish a clear vision of what you are looking for in a property making sure you know what your needs and wants are. Have a second look at your list and highlight things you are willing to compromise on. When buying a property almost everyone heads out with high expectations as to what they can actually afford – and there are few properties that tick every box. By being realistic about what your ‘must have’ items are will help provide a clearer picture of what your main priorities are in finding a property. Consider the minimum number of bedrooms, bathrooms, living spaces required, is you willing to renovate, location and most importantly your financial constraints.

Market Research

Educate yourself about the market by looking at a number of properties that are close fits with your needs. A great place to start is looking online, the Saturday Advertiser and local messenger. Sought after areas will attract a premium, so if location is on the top of your wish list you may need to compromise on the house or land size to fit within your budget. Go to as many opens as possible, and talk to the agent as they will be able to advise of recent sales and whether your wish list is aligned with how much you are looking to spend.

Familiarise yourself with the property & the Contract 

Once you have found a property you are interested in, request a copy of the contract and become familiar with the property title, contract terms and conditions. Organise a thorough building/ pest inspection of the property and be aware of anything major before making an informed decision.

Making an offer

When you have made a decision about a property, we recommend you present a strong offer first time through your agent. When making an offer be prepared to close the deal. If there is a lot of interest in the property the agent may ask parties to present their best offer – you may not have a second chance to negotiate a higher price with the vendor so be prepared that what you offer is your best and final price.

Buying at Auction

If you are looking at bidding at auction make sure you are familiar with the property and contract. Advise your broker that you are looking at buying at auction to ensure you have accepted finance in place, that you are well aware of how much you can bid up to and have a deposit ready if you are successful at auction – A 10% deposit is a standard requirement but check this prior with the agent. If you intend to bid you will need to bring appropriate identification to register as a bidder. Someone may bid on your behalf provided they have a bidding authority form signed by you. If the property fails to reach reserve, the highest bidder usually has first rights to negotiate with the owner to buy the property.

Contracts & Deposit 

Once the offer is accepted, try to organize contracts as quickly as possible. Once the contract is signed by both parties, yourself and the vendor, you have formally secured the property. A 10% deposit is a standard requirement which will be held in trust until the property has settled.

Building Insurance

It is the buyer’s responsibility to arrange building insurance on the property from this time until settlement.


Your conveyancer/solicitor should notify you when the property settlement has been finalised. The agent will be able to provide you with keys for your new home once settlement has gone through … enjoy.

  • Finance
    • Work closely with your finance company to secure the best loan for your requirements
    • Make sure you know what your needs and wants are, and be aware of your limits
    • Educate yourself about all market and contract terms and conditions
    • Don’t disclose all of your intentions to all other parties
    • Organize a thorough building inspection of the property and be aware of anything major before making an informed decision
    • When you have made decision about a property, we recommend you present a strong offer first time through your agent
    • When making an offer be prepared to close the deal. A 10% deposit is a standard requirement
    • Once the offer is accepted, try to organise a contract as quickly as possible

Use the Property View Mortgage Calculator to organise your finances.

  • Overseas Buyers

A growing market has seen the number of overseas buyers considering investing into our local market.

Proposed acquisition of developed non-residential commercial real estate is normally approved unless it is deemed contrary to the national interest. Proposed acquisition of residential properties (both vacant land and existing dwellings) which are within the bounds of a resort that the Treasurer has designated as an integrated Tourism Resort are exempt from examination. Proposed acquisition of real estate for development is normally approved subject to the condition that construction begins within 12 months. Foreign invests are normally given approval to buy vacant residential land where construction has commenced.

For more information see the Treasury Website.

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