9 Things First Home Buyers Should Know About Conveyancing
BlueKey Lawyers, one of North Brisbane Home Loans partners, share 9 things every first home buyer should know about conveyancing.
In this blog, BlueKey Lawyers reveal the top three questions conveyancers are asked and the six things every first home buyer should know.
Being equipped with this knowledge and information will help you navigate the home buying process with greater confidence.
Plus, if you’re a North Brisbane Home Loans client, you’ll get access to exclusive discounts from our partner network, including discounted fees from BlueKey Lawyers. Find out more about these offers here.
Conveyancing FAQs from First Home Buyers
Here are the most frequently asked questions BlueKey Lawyers get asked by first home buyers:
1. When should I apply for finance?
Getting pre-approved for a loan before signing a contact is always preferable.
These days finance can be trickier to obtain and it is a good idea to have it pre- approved and verified so the sooner this is organised the less stress buyers will feel.
This is where North Brisbane Home Loans can ensure you’re sorted. Sometimes it might even be worth getting in touch 3-6 months before you plan to buy, so that you’ve got time to get your savings sorted and cover off on anything that needs to be done prior to make your application look better.
2. How much will conveyancing cost?
Unfortunately, hidden fees are common in our industry. Solicitors may not be charging rates at a fixed fee and any correspondence sent or received, documents prepared, or time spent on a matter may be billed. It is important to ask your Conveyancer whether or not their fees are fixed, and what events or circumstances could cause further charges to be incurred.
3. What do I have to do?
- Be contactable
- Supply paperwork quickly (and remember documents may need witnessing)
- Organise a building & pest inspection[a2]
- Be in contact with your bank/mortgage broker & make sure they know who your conveyancer is. This is where working with both North Brisbane Home Loans and BlueKey Lawyers can help simplify the process!
What are the top 6 things you wish every First Home Buyer knew?
1. Be Organised
This might be the most important part of purchasing a home. Following up with your broker/bank, legal team, and agent can be quite helpful. Having documents completed and returned as soon as possible ensures that the process is undemanding.
2. You may be eligible for concessions
Properties under $500,000 do not incur stamp duty and this could save you a lot of money.
Shop around for a property that will work with you and consider that the difference between a $499,999 and $510,000 property, could work out to be a lot more with stamp duty added.
3. Be careful of what information you give the real estate.
Remember that the real estate agent is ultimately employed by the seller.
It’s good to be in negotiations with the agent after consulting your legal team but, do not under any circumstances tell them about your financial position.
4. It’s wise to have your contract reviewed prior to signing.
While you may be feeling the pressure of putting pen to paper there may be special conditions that are not standard and are not in your favour.
If you’ve already signed the contract your legal advisers should review the document and inform you of any red flags or requirements of you.
5. The searches we do on your behalf are necessary.
The charges for these are priced based on the cost from the relevant authority.
We can also conduct extra searches relevant to your property that may cost you extra now but can save you a lot of money in future.
6. We’re here to help!
Whether you’re a first home buyer or not, BlueKey Lawyers can answer all questions, big or small.
A firm willing to spend time with you and answer any queries you have is a must. Buying your first home should be exciting and the more information you have the easier you’ll sleep at night knowing you’re in capable hands. Don’t be afraid to ask questions or seek clarification.
How the Conveyancing Process Works for First Home Buyers
Find out everything you need to know about purchasing a home for the first time, including the nitty gritty legal requirements – get in touch with BlueKey Lawyers today on 07 3188 1555 or visit their website www.bluekeylawyers.com.au
Need to speak with an experienced, friendly mortgage broking team – contact North Brisbane Home Loans on 07 3889 9719 or enquire online here.
North Brisbane Home Loans is Brisbane’s leading mortgage brokers with more than 90 years’ combined experience.
We offer expert advice on a huge range of services including First Home Loans, Purchasing Your Next Home, Refinancing or Home Loans for Self-Employed. Contact us today on 07 3889 9719 or enquire online today!
Patrick Cranshaw, a Certified Mortgage Professional for over 21 years, founded North Brisbane Home Loans in 2002. His career began with ANZ Bank in New Zealand, where he progressed over 16 years to a Business Banking role in Virginia. After moving to Brisbane in 2000, Patrick led the QLD market for a home loan agency, helped set up the REMAX Real Estate Finance division, and practiced as a broker.
