At BlueRock, we understand what it’s taken to get that deposit and we want the purchase process to be rewarding.
Like a lot of things in life, some basic prep will give you the competitive edge, calm nerves and confidence to enjoy the experience. So here are seven things you should be on top of when buying your first home.
1. Review Contracts Before Making an Offer
Before submitting an offer, have your Contract of Sale reviewed by a legal representative. Independent advice helps you understand the terms, negotiate conditions, and protect your interests well beyond settlement.
2. Understand Loan Approval
Pre-approval is a strong indication from the bank, but it isn’t a guarantee. You can sign the Contract of Sale subject to finance to safeguard your deposit if the lender changes its decision or values the property below the purchase price. A broker can also assist by seeking valuations from multiple lenders.
3. Know Your Stamp Duty Exemptions and Concessions
Government grants, exemptions, and concessions can significantly reduce costs for first-home buyers. We’ll guide you on the property types and price ranges that maximise your eligibility and ensure you don’t miss out on potential savings.
4. Principal Place of Residence Concession
If your property costs $600,000 or less and you intend to live in it for at least 12 months within the first year of ownership, you may qualify for a stamp duty reduction. This can make a substantial difference to your upfront costs.
5. Budget for Additional Fees
Beyond the purchase price, factor in other costs such as:
- Stamp duty – land transfer duty
- Professional fees – legal or conveyancing services
- Lodgement fees – Land Titles Office charges
- Adjustments – council rates, taxes and utilities
- PEXA fees – $114.07 for electronic settlement
We’ll outline these early so there are no surprises at settlement.
6. Arrange Property and Pest Inspection
An inspection by qualified professionals helps identify hidden issues and gives you confidence in your purchase. It’s a small cost that can prevent expensive problems in the future.
7. Checking Building and Planning Permits
Ensure the vendor provides all relevant planning and building permits, defect reports, and building insurance. Without these, you could face costly rectifications or compliance issues.
Helping You Move Forward with Confidence
Buying your first home is one of the biggest financial decisions you’ll make. With the right preparation and support, it doesn’t need to be overwhelming. BlueRock is here to guide you every step of the way — from finance to settlement.
