It’s always good to be prepared – especially before you make one of the biggest purchases of your life.
Check out the information below to ensure you understand your rights and obligations and are well equipped to make a purchase.
The Contract of Sale is the document which once signed, confirms the sale of the property. It can also be used by potential buyers when they submit an offer through a private treaty sale.
The Contact of Sale includes:
The Section 32 is provided by the seller to an intending buyer. It outlines certain information that vendors are required to provide prior to the Contact of Sale being signed.
The Section 32 is a legally binding document and must be factual and accurate. It typically contains the following information but this may change depending on the type of property and requirements:
The Section 32 does not include any information about condition of buildings so you should also consider getting independent advice and obtain a building and/or pest inspection from a qualified inspector.
When a property changes hands the process is called ‘conveyancing’. Conveyancing can be managed by a solicitor or a conveyancer.
Conveyancers specialise in conveyancing work, whereas solicitors can assist with conveyancing and also have broader knowledge of the law in general, which means that they can advise you on issues in addition to the conveyancing.
Solicitors can be more expensive than conveyancers, given their broader legal knowledge and expertise. You should consider your situation and the complexity of the purchase when deciding between a conveyancer and a solicitor.
When you sign your Contract of Sale, if you are purchasing the property with somebody else, you will be asked to specify whether you are ‘Joint Proprietors’ or ‘Tenants in Common’.
In a Joint Proprietor situation, if one owner dies, ownership of the property will automatically transfer to the survivor(s). However, Tenants in Common hold shares (equally or otherwise) in the property and each has the right to dispose of their interest as they desire.
Here are some helpful approaches to paying off your mortgage sooner; reducing the amount you’ll pay in interest:
Things to consider before you purchase a property, including understanding the marketplace and how the buying and selling process works.Buying a Property Checklist.
A checklist of what to keep an eye out for when you inspect properties, including the condition of the building, pests and noise levels.Property Inspection Checklist.
This checklist was created by Consumer Affairs Victoria as a reference guide regarding things you need to consider before purchasing a property: https://www.consumer.vic.gov.au/duediligencechecklist
The documents you are required to supply for a Victoria Teachers Mutual Bank Home Loan.Home Loan Documentation Checklist.
|Resource||What you'll find||Link|
|Online calculators||Easy-to-use calculators to help you prepare for purchasing your first home||www.victeach.com.au/online-calculators|
|Victoria Teachers Mutual Bank Home Loan rage||An overview of our home loans and interest rates||www.victeach.com.au/borrow/home-loans|
|MoneySmart||Case studies, calculators and financial literacy support||www.moneysmart.gov.au|
|MoneySmart – Scott Pape, The Barefoot Investor||Scott Pape's ‘Buying your first home money challenge’||www.moneysmart.gov.au/tools-and-resources/videos/video-scott-papes-buying-your-first-home-money-challenge|
|Consumer Affairs Victoria||Information and checklists on buying a property||www.consumer.vic.gov.au/housing-and-accommodation/buying-and-selling-property/buying-property|
|State Revenue Office Victoria||First Home Owner’s Grant lodgement information and application (Victoria) and more||www.sro.vic.gov.au|
|First Home Buyer’s seminars||Free first home buyer seminar dates and locations||www.victeach.com.au/invested-in-you/seminars|
Our Mobile Lenders can advise and assist you in understanding the buying process, determine which loan is best suited to your needs, help with the home loan application and take you through the settlement process.
A Mobile Lender can visit you at home or work. Alternatively, we also offer phone and video conference consultations via Skype.
For further information or to arrange an appointment, visit our Mobile Lending page or call us on 1300 654 822.
Our experienced Workplace Bankers can come to your work site to conduct financial literacy sessions for staff as a group or one-on-one consultations to help you make the most of your finances. To find out more, contact your dedicated Workplace Banker or call us on 1300 654 822.
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