Buying your first home

What is conveyancing and how does it relate to the buying... Conveyancing is the protocol by which legal title (or ownership) of a property is transferred from one party to another.
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Buying your first home?

The following advice is of a general nature only and intended as a broad guide. The advice should not be regarded as legal, financial or real estate advice. You should make your own inquiries and obtain independent professional advice tailored to your specific circumstances before making any legal, financial or real estate decisions. Click here for full Terms of Use.

What is a Guarantor?

A Guarantor helps you secure a loan by mortgaging their property security for your home loan.

What is conveyancing and how does it relate to the buying process?

Conveyancing is the protocol by which legal title (or ownership) of a property is transferred from one party to another.

This is usually done one of three ways:

  • A solicitor
  • A conveyancer
  • By the purchaser, using a do-it-yourself (DIY) conveyancing kit

How does the settlement process work?

It usually takes four to eight weeks from the exchange of contracts for settlement to be completed. The terms of the contract will make the exact date clear.

Until settlement, the property remains in the possession of the vendor, however, risk passes to the purchaser so it is recommended that the property be immediately insured with a building insurance policy.

  1. Your solicitor / conveyancer will prepare all the documentation that will be required to complete the purchase on the day of settlement
  2. Your solicitor / conveyancer will contact the vendor’s legal representative to arrange the date, place and time of settlement
  3. Your solicitor / conveyancer will advise you prior to settlement, of the exact date, time of settlement and the amount of funds that you are required to provide prior to settlement (if applicable)
  4. After settlement, the vendor’s solicitor will contact the real estate agent that sold you the property and instruct them to release the keys to the property to you
  5. Your solicitor will contact you to confirm settlement has taken place. They will also send you a Statement of Adjustment to show you how the funds have been disbursed to all parties involved

What are 3 tips to help me in the real estate settlement process?

  1. During the settlement period, purchasers are entitled to ask for accompanied access to the property for “reasonable” purposes.  Remember though, the property still belongs to the owner and they are not obliged to grant access
  2. Stay in close contact with your legal representative when planning removal van booking times. It’s crucial that your belongings will be delivered to your new home at a time that fits tightly with the legal process
  3. Your agent cannot hand over the keys to your new home until instructed in writing to do so by the vendor’s solicitor (in writing). You must be prepared for possible legal or banking delays when moving out of your current residence

Will First National help me work out how to purchase a home?

First National Real Estate agents are trained to help first time home buyers think through the practicalities of how to purchase a home. They can advise you on local ammenities like stores, schools and helping with logistics around the best location for you.

They can also help you find a mortgage broker or offer you a range of guides to help you with the process.

How much deposit do I need to buy a property?

To obtain finance, buyers normally have between 5% and 20% of the property’s purchase price. If you have less than 20% of the purchase price, your lender will almost certainly require Mortgage Insurance.

Can I see properties for sale on a map?

You sure can. Try First National Real Estate’s map search by clicking here

I’ll need to rent my first property out to help with mortgage repayments. How much rent can I expect per week?

You’ll need a real estate agent’s assessment for that. First National Real Estate has over 400 offices around Australia & New Zealand. Our property managers know local rates and would love to give you an obligation free appraisal. Click here to contact one of our agents…

Is there anything I can do to pay off my first home or investment property sooner?

Yes, First National Real Estate has lots of tips throughout this website. However, here are some fundamentals:
  • Plan to pay a little more than the minimum monthly repayment. This makes a big difference in the long term.
  • Get a Tax Depreciation Schedule to maximise your tax benefits (when renting your property out)
  • Talk to a First National Real Estate property manager for advice about what you could do to obtain more rent
  • Pay your mortgage twice monthly, rather than monthly, to pay off your loan faster
  • Speak to a financial advisor or mortgage broker to understand the full range of alternatives

How can I renovate to improve my property’s appearance and value, for the least cost?

First National Real Estate has a detailed ‘Home Sellers Guide’ that you can download here. It offers all manner of tips and renovation advice. Alternatively, we have a brief ‘Preparing your home for sale’ brochure.

However, it’s always best to ask about what’s most popular and effective in your locality. Contact a First National Real Estate agent and we’ll happily give you all the advice you need.
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