Congratulations, becoming a First Home Buyer is a very special and exciting time in your life.
You’ve saved hard, foregone luxuries and delayed holidays to be a first home buyer. The keys to your new home are just weeks away. One final step is the conveyancing to ensure the legal transfer of the property to you. It’s vital you get this process right.
As a first home buyer, you may be overwhelmed with that list of things you need to do. That’s understandable; it can seem confusing with a range of legal terms that may be all new to you.
You need a conveyancer who will take the time to explain the process. It is important that you know your legal responsibilities and understands what you are signing. Also, you must understand the ramifications of getting it wrong. Just because you are a first home buyer doesn’t give you an excuse to cause a time delay. Your Seller has plans and obligations and will also rely on completing on the scheduled settlement day.
The worst case scenario is that your actions may cause the contract to fall over.
The good news is with careful planning and a flow of timely communication, most of these pitfalls can be avoided.
Some of the benefits of being a first home buyer include:
- Possibly exemption or reduced stamp duty costs depending on the value of the property and whether it will be the place you live (principal place of residence)
- Great Start Grant, available to First Home Buyers, $15,000 towards buying or building your new home for eligibility requirements https://greatstartgrant.osr.qld.gov.au/
Please download our Frequently Asked Questions resource. It will help answer some of your questions.
Some of the key terms for you to know more about are:
- Cooling off period / waiving or shortening of cooling off period
- Building and Pest Inspection
- Due diligence
- Finance consideration
- Things to do when your contract goes unconditional (e.g., insurance)
- Settlement Date
Would you benefit from talking to Kim Matheson for 10 minutes to resolve your most immediate First Home Buyer questions? Kim will review your situation and give you the practical advice you need right now. The answer will help determine the best course of action for you, your family and your future.
Ask Kim your questions today.