Are you a first home buyer ready to purchase your first property?
We understand that you are quite likely new to purchasing property. Purchasing your fist home is probably one of the most important decisions you would have made thus far. Buying a home requires financial planning, market research especially when it's your first home. We assist our clients who are buying their first home very closely as they can be new to this process.
Financial planning: mortgage approval
This could be the first step that you should take. Speak to your banker/broker about your intention to purchase your first home.
There are government grants that you should be aware of and that you could be eligible for. The First Home - New Hoem Scheme provides that eligible purchasers will be exempt from transfer duty on new homes valuded upto $550,000 and concession for new homes between $550,000 and $650,000.
Eligible purchasers buying a vacant block of residential land to build their home will pay no duty on vacant land valuded upto $350,000 and will receive concession for vacant land valuded between $350,000 and $450,000. It is important to keep mind that these grants vary and it is thus important that you understand exactly what your eligiblity is before comitting to purchasing a given proeprty.
If you are an eligbile first home buyer your application must be accompanied by all supporting documents as and when you have exchanged contracts to purchase the new home or vacant block of land. To be eligible fo rthe duty concession or excemption:
- at least one buyer must be an Australian citizen or permanent resident;
- the agreement must be for the purchase of whole property;
- you must be a natural person i.e. not a company or trust;
- you must be over 18 years old;
- you or your partner have not previously owned a property in any state or territory;
- at least one purchaser must occupy the home within 12 months and needs to live in the home for a continuous period of at least 6 months.
You can apply for the exemption or concession through your financial institution or bank or directly through Office of State Revenue (NSW). Again, the application must be accompanied by supporting documents and you must have already exchanged contracts to purchase the new home. if applying directly with Office of State Revenue (NSW), the house must be complete and you must registered on title. The application must be lodged within 12 months of completion or settlement of yoru new home. We can help you to lodge your application and supporting documents.
Find a property that ticks all boxes & conveyancing
Once you have found a property that you would like to purchase, you make an offer and this is where Sydney Conveyancing comes in. We suggest that once your offer has been accepted but before you sign the contract and pay a deposit, you ask for the real estate agent to give you a copy of the contract which you forward onto us. If you want we can assit you by getting this contract directly from the real estate agent. We review this contract thoroughly and assist you in understand the entire conveyancing process starting with reviewing the contract, giving you contract review feedback, seeking amendments to the contract as required, liaising with your financial institution, attending settlement and beyond.
How long does it take to complete conveyancing of a proeprty?
The number of days between signing/exchange of contracts and settlement day is 42 days as a standard. This is however negotiable and we will negotiate this on your behalf as per your requirement.
What is final inspection or pre-settlement inspection?
On the day of settlement or a day before settlement, the buyer visits the property for a pre-settlemnt property inspection to ensure that it is in a state that you expect it to be or how you saw it when you signed the conract. Also the property should be reasonably clean, all inclusions (fixtures and fittings) are still there. Which underlines the importance of a thorough contrat review at the start of the purchase process whereby you should be made aware of the inclusions so you know exactly what to expect.