Buying a home is a dream many young people share, but it can be hard in a country like Australia where the median price hovers around the whopping the $658,608 mark. Borrowers are typically expected to put down a deposit of between 5 and 20 percent of the purchase price in regular circumstances. At the median home price, a minimum deposit of 5 percent will still cost you around $33,000, which is separate from fees like stamp duty, solicitor fees, agent fees, inspection fees and bank loan fees.
Your property settlement day is just as stressful as the process of actually buying the house because you're finally handing over your life savings and willing to put yourself in debt for the dream of owning a home. But some preparatory actions ahead of settlement can actually make things run a lot more smoothly. Follow them and reduce your stress.
Get Your Loan Contract In Order With Your Lender
Do you want to invest in a particular property? If yes, what form of proprietorship is it under? In most cases, potential buyers don't have a clue of the type of arrangement pertaining to property ownership. However, a professional conveyancer can assist a property buyer understand the kind of property he or she intends to acquire. This article explains the various classifications of property ownership that buyers are subject to when they buy properties.