Frequently Asked Questions When Buying

How much of a deposit will I need?

Most lenders will require you to have a 20% deposit for your home loan. For example, if you wish to purchase a home worth $400,000, you would require an $80,000 deposit. However, most lenders have loan products to borrow up to 90% of the property value.  

If you don’t have a 20% deposit and need to borrow more than the 80% threshold you should speak to a mortgage adviser who can talk you through your options.

How much can I borrow?

You can use a borrowing capacity calculator to get an idea of how much you can borrow. Mortgage Express have some useful tools you can use.

Where should I start to research potential properties?

A great place to start is online. There are lots of property comparison sites on the web which will give you an indication of the average sale price of houses, land and units in an area.

Also take a look at how a neighbourhood has fared over the past five to 10 years. Have prices steadily increased, stabilised or been in decline? These figures can help you to determine if the property will be a good investment over the long-term.

You can engage your local Harcourts sales consultant to help you find the perfect property for you. Consultants know the areas they work in very well, and can also give you advice on what the neighbourhood is like, if there are new infrastructure projects planned, and how prices have changed over the last few years.

What should I look for when inspecting a property?

Take advantage of an open home and use the time to perform a thorough property inspection. Later on, you’ll want to engage the services of a professional to inspect the building’s structure and for pests, but it’s a good idea to use your initial tour of the home to perform your own inspection. For a complete list of what to inspect in an open home, see our article on What to really look for in an open home.

How do I make a formal offer?

The best way to make a formal offer and avoid any confusion is to make the offer in writing. A sales consultant will most often provide you with a contract to start the process which will also highlight any conditions of sale. The consultant will then present this offer to the sellers.

What other property purchase costs will I incur?

Possible expenses you may incur are:

  • Bank fees
  • Solicitor’s charges may include legal searches (please consult your solicitor)
  • Home protection insurance
  • Miscellaneous costs (Building inspection, rates, removalists, etc)

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