• Can you show me a recent property sales report to show what the house is worth?

• Why is the vendor selling?

• How long has the property been on the market?

• Are there any known issues with the property, land, or neighbours’ properties?

• Exactly what is included in the sale?

• How long have the owners lived there?

• Is the property listed? If so, what grade is it? And is it in a conservation area?

• How much are council rates / strata fees?

1. Own a home? Get an appraisal as this is a great way to find out how much equity you already have. We at Suzanne Foss Real Estate can give you a free property appraisal to help you here.

2. Contact a Loans specialist to discuss your home buying plans and borrowing capacity

3. Create a budget and save the home deposit

4. Choose a home loan and apply for pre-approval

5. Research property market and neighbourhoods

6. Finalise property must-haves

7. Start house hunt

8. Make an offer or bid at auction

9. Lawyer / conveyancer to review contract

10. Get a building and pest inspection

11. Sign contract and pay deposit

12. Arrange insurance

13. Process First Homeowner Grant

14. Complete settlement and move in

There are 3 main ways to buy real estate in Australia:

• Private treaty - when the vendor, or homeowner sets the price they would like to sell their property forthat price and their real estate agent negotiates individually with prospective buyers to achieve a sale as close to this price as possible.

• Auction - which is a public sale conducted by a licenced auctioneer. Properties are offered up for bid and if the reserve price is reached the property is sold to the highest bidder.

• Tender and Expression of Interest are processes wherein you submit a single offer, usually accompanied by a 5 or 10 per cent deposit, and it is accepted or rejected by the vendor.

• Deposit - usually 5-10% of the home’s overall cost

• Stamp Duty - differs in each state

• Lenders mortgage insurance if you borrow more than 80% of the property purchase price

• Building insurance

• Legal help such as lawyers or conveyancers

• Building, pest and strata inspections

• Council rates and strata fees

• Moving costs

The First Homeowner Grant (scheme) was established to assist eligible first homeowners to purchase a new home or build their home by offering a grant. The grant amount is determined by the date of the eligible transaction and each state has different rules and regulations.

Stamp duty is a charge which is applied by state governments in Australia and is in relation to the transfer of land or property. The State Government charges may vary depending on the purpose of the property purchased.

Website portals such as suzannefossrealestate.com.au and realestate.com.au and domain.com.au are excellent resources along with regional and local newspapers.

Doing due diligence on the property market gives you important understanding of where you can buy, and how much it will cost.

On auction day if you are wanting to bid, you must register in the bidders record and you will receive a bidder’s number that you will use when bidding.

The auctioneer will outline all rules before the bidding begins, including their obligation to refuse bids after the hammer falls, to arbitrate bid disputes and to refuse bids that come from those who have not registered for the auction. There may be more specifics depending on where the auction takes place, so check the rulings and listen carefully to the auctioneer. If you are the successful bidder and the property sells to you, you are required to sign the contract immediately and pay a 10% deposit. There is no cooling off period if you buy at auction.

It is important that you understand these terms before your bid at an auction: Bidder’s guide, Inspection, Vendor and Dummy Bids, Rises and Advances, Reserve, On the Market and Passed In.

To determine the right neighbourhood for you, consider your pace of life - are you young and is the proximity to friends and entertainment important or are you looking for a quieter suburb. If you have family plans consider schools, transport and amenities and safety of suburb. Consider where you work and the daily commute.

Closing (also referred to as completion or settlement) is the final step in executing a real estate transaction. The closing date is set during the negotiation phase and is usually several weeks after the offer is formally accepted. On the closing date, the ownership of the property is transferred to the buyer.

You don’t need a pest inspection, but it is recommended that you get one to ensure the property you are buying has no major issues as this could save you a lot of money in the future.

To qualify for the first homeowner grant you must meet the following criteria: each applicant is a person and not a company or trust, the applicant is a permanent resident or Australian citizen. Each applicant must be 18 years of age or above.

All applicants and / or their spouse / de facto, have not owned a residential property, jointly or separately in any state or territory of Australia before July 2000.

Each applicant must have entered into a contract for the purchase of a home and the total value of the home does not exceed the cap amount for eligible transactions (different in each state).

Must also be the first time an applicant/spouse or defacto will receive the grant and that at least one applicant will occupy the home as their principal place of residence for a continuous period of 6 months commencing within 12 months of purchase.