Finding your first property

Finding the perfect property will be a lot easier if you do your homework and don't rush the process. It's important to see a variety of properties in order to get a feel for the market and make the right decision.

Here are some helpful tips

Get conditionally pre-approved finance

Get your finance together before you begin house hunting. Applying for our Home Seeker conditional pre-approval is simple, and having your finance conditionally pre-approved will mean you’re ready to buy if you find a property you like. Plus, your conditional pre-approval is valid for 6 months so you can take your time to find the perfect place.

If you leave it too late to apply for your Home Loan, other buyers who already have conditionally pre-approved finance may beat you to your chosen property. What's more, should you successfully bid at auction without having your loan conditionally approved, you could lose your deposit if your loan doesn't come through.

Find out more about getting pre-approved.

Set time aside

House hunting is hard work and there are no easy shortcuts. Try and devote at least one day a week to serious house hunting.

Location, location, location

Remember, your first home may not be your dream home. However, if you buy right the first time round, this will springboard you into a better place further down the track.

Look at location first, property second. That means buying with capital growth in mind and avoiding areas that could devalue.

Our Property Value Guide is a great way to research not only the average value of houses and units in an area, but also how much property prices have changed and the type of people that live there.

When looking around, make sure you take your current and future lifestyle into account. Here are a few things to consider before you settle on a location:

• Is access to public transport important?
• Would you prefer to live near cafes and shops?
• Is having friends and family nearby a priority?
• Are there schools and parks nearby, should you have kids?

Ask around

Talk to real estate agents to get a better idea of properties available and prices in the area. You should also talk to friends and family who have purchased in the areas you're interested in.

Start a property diary

If you’re seeing lots of properties, it’s a good idea to take notes along the way. Jotting down the pros and cons, the price and other distinctive features, may help you make the right decision.

Download our helpful Property Inspection Checklist to get started.

Take photos

We recommend taking snaps or videos of various properties, inside and out, and particularly of details you’ll want to remember.

Don't forget to inspect

To avoid any nasty surprises or costly problems, arrange for property and pest inspections before exchanging contracts. A pre-purchase inspection by a specialist will check:

• Under-floor areas, for ventilation
• Exterior walls for straightness, cracks and mortar quality
• Weatherboards for sagging or rot
• Roof condition, guttering, flues, chimneys and flashings
• Eaves, for water staining that may reveal roof or gutter problems
• Rooms, for evidence of water entry or mildew
• Garages and sheds, for water penetration
• Timber floors for, rot, mould, borer and termites
• Concrete floors for exposed perimeters, cracks and water penetration
• Wet or damp areas like bathrooms, showers and laundries for cracks, leaks and mildew
• Services such as water flow, wiring, gas service and electrics, especially switches and power points
• Evidence of existing or past pest activity
• Any trees nearby, for possible structural damage caused by roots

Here are some things you can do. When inspecting a home, look beyond superficial appearances. Simple measures like switching on lights and flushing toilets can sometimes reveal surprises. Keep in mind though that very few properties are problem-free, so you also need to be realistic.

A few extra things to look out for:

Consider common walls, noise from the neighbours; whether the grounds and the complex are kept clean and tidy; if security doors are operational; if there are restrictions on pets, parking, how the common areas are used and the cost of body corporate fees.

Check with the Local Council, State Government and Department of Main Roads whether there are any future plans for the neighbourhood, in case a freeway or supermarket has development plans near by and whether crime is a problem in the area.

If you are buying a strata property, the seller's solicitor will supply a certificate that should show relevant information about the management committee, insurance, the cost of levies, deeds and books.

A pre-purchase strata inspection may also reveal undetected structural problems and any body corporate issues, such as restrictions on the use of common property, adequate funds for maintenance and the policy on pets.

Remember, it’s better to wait for the right place than to rush in and buy something you’ll regret later on.

 

• Important Information
  Applications for finance are subject to the Bank’s normal credit approval. Full terms and conditions are included in the Loan Offer. Other fees and charges are payable.
  If you do not find a property and accept our formal loan offer within 90 days of the conditional pre-approval date, we will need to obtain from you updated financials and confirm that the loan still meets your needs and financial objectives.