First Home Buyer's Area

These are the lists of professional you should have to help you in your First Home Purchase

Mortgage Broker

A mortgage broker is someone who matches your financial needs and objectives with a lender & product available on the credit market. They assess your goals, prepare an application and submit & follow up the application until the loan application is approved. A good mortgage broker will stay with you throughout the loan term & provide guidance and support to pay off your loan faster and cost effectively. This typically includes conducting regular health checks to ensure your loan is the best on the market. 

Though you can go directly to a bank, you will never find out if another bank is offering a loan product which is cheaper or better suits your needs. A mortgage broker is bound to do what is best for clients under ‘Best Interest Duty’, and will compare a panel of lenders from the over 90 credit providers in Australia, so you can rest assured that you are getting the best possible deal on the market to suit you.

Conveyancer/Solicitor

Though you can represent yourself in the transfer of property, we highly recommend avoiding this & using a conveyancer or solicitor. These are professions who specialise in the transfer to titles and funds at the time of settlement. 

A conveyancer is someone who specialises in the transfer of property titles whilst a solicitor is a lawyer who also transfer titles. Typically either of these will be sufficient, however, if you are doing complex loans such as loans with guarantors, loan in trusts or SMSF (self manages super fund) loans then a solicitor may be more practical.

A conveyancer or solicitor will be able to assess your contract of sale before you sign to ensure there are no particulars you should be aware off, conduct relevant title checks and utility checks. They will be able to put in any special conditions you have agreed upon with the seller, such as cutting grass, and will be your primary point of contact going forward should you have any information to relay to the seller. Your lender or mortgage broker will work with your conveyancer/solicitor to ensure all the documentation is ready for settlement day. At settlement day, they will be the ones to transfer fund appropriately, pay your stamp duty & transfer the title into your name.

TIP: Always have a conveyancer/solicitor review your contract of sale before you sign to ensure there is nothing unusual to be aware off. You can put an offer down prior. Once your offer is accepted and you receive a contract of sale, have a conveyancer/solicitor review the contract before signing.

Building & Pest Inspector

A building & pest inspection can be done on any property – new or old; apartment, townhouse or free standing home. The purpose of a building & pest inspection is to uncover any hidden issues with the property you are looking to purchase. This will help you avoid any expensive rectification works and can be used to negotiate a new purchase price. It is best practice to engage a registered building practitioner. Findings they may uncover include termite damage, water damage, structural damage, cosmetic damage, illegal building works, issues with titles & boundaries or to name a few. They will also be able to assist with identifying any works still covered by domestic builders insurance.

TIP: Though doing a building & pest inspection is optional, we highly recommend this.

Buyers Agent

A buyers agent is a recent professional introduced into Australia in the past few years. The role of a buyers agent is to assist a home buyer to source and negotiate their home. They are licenced professionals. Buyers agents can cost between $10,000 – $15,000, However, a buyers agent skilled at negotiating or has strong connections in your desired market can pay for themselves by sourcing and negotiating on a property. Buyers agent can be used by anyone, but can be particularly helpful for those purchasing interstate, do not have the time to source & inspect properties, looking for off-market properties, as a representative at an auction or those needing assistance negotiating.

TIP: Buyers agents are not an essential professional but an option available for those looking. 2K Finance has access to free buyers agents for select First Home Buyers. Get in touch to see if you qualify.