Buyers Guide

Ray White Goulburn

Welcome to Ray White Goulburn's Buyers Guide –your essential companion on the exciting journey of purchasing your dream property.

This comprehensive guide is tailored to empower you with knowledge and confidence throughout the entire buying process Whether you are a first-time buyer or a seasoned investor, our Buyers Guide is designed to be your go-to resource, offering valuable insights into research strategies, effective inspection approaches, financial considerations, expert auction tips, and a detailed exploration of the legal facets involved in acquiring a property.

We understand that buying a home is a significant milestone, and our goal is to arm you with the information needed to make well-informed decisions. From getting organised to planning your move, Ray White Goulburn is here to guide you every step of the way. Happy house hunting!

Finance

Finance

Buying a house is a major investment, and it's important to make sure your finances are in order before starting the process Once you have started to gain an understanding of the market, the next step is to start thinking about how you're going to pay for it So how much money do you need?

What is stamp or transfer duty?

Stamp duty is a tax imposed on numerous acquisitions, including selling real estate, cars and assets belonging to a business

In the case of real estate the purchaser is the one who pays the tax It is a legal requirement for stamp duty to be paid within 30 days of the settlement date All transfers of land, or sales of property, including gifts of property attract a duty, but there are a few exceptions to this, including:

Pensioners

Deceased Estates

First home buyers

Family farmers

Young famers

Principle place of residence

Off-the-plan sales

As stamp duty is a tax levied by the Federal Government, the amount of stamp duty paid changes from state to state. You can calculate the stamp duty for NSW on the Service NSW website: service.nsw.gov.au

In NSW, Stamp Duty is a State Government Tax payable by the purchasers of real estate in NSW based upon the purchase price. The duty is payable to The Office of State Revenue. Some first home buyers may be eligible for a concession on stamp duty.

*** See our guideline for Stamp Duty costs on the next page

First home buyer?

Check to see if you are eligible for the First Home Owner Grant in your state. firsthome.gov.au

Stamp Duty Guideline:

Four steps to securing your home loan

Set your goal

Once you know the type of property you want, and have a rough idea of what it's likely to cost you, set yourself a target for saving a deposit. Remember, if your deposit is less than 20% you may need to pay Lenders Mortgage Insurance, or get a guarantor to offer their property as security - be sure to factor this into your plans.

Talk to a broker

Before you start actively looking for a property, it's worth speaking with a broker. They'll give you an accurate assessment of your borrowing capacity (more accurately than an online calculator) and determine your eligibility for government grants. Your broker will explain all the government fees and charges and ensure you'll be eligible for a loan when the time comes to buy.

Get the green light

Whether you're bidding at auction or placing an offer with an agent, you're in a stronger position with a pre-approval. Pre-approval is essentially a green light from a lender to spend up to a certain amount. This means you'll know how much you've got to work with. You'll usually receive pre-approval within a few days of application. It's generally valid for three to six months, and assumes your financials stays the same.

Close the deal

Whether you buy at auction, by private treaty or off-the-plan, securing a property is cause for celebration. But before you pop the champagne, you'll need to move fast to organise a few important things:

A holding deposit - usually 0.25% of the sale price or 10% for auction purchasers

A solicitor/conveyancer - your broker can recommend someone they trust to take care of your legal work

Notify your broker - so they can quickly move you to formal approval

Final credit assessment

During the time when you are closing the deal, the lender will value the property, process your application and make a final credit assessment If you haven't already, you'll also need to pay the full deposit at this point

What are your nonnegotiables?

Once the decision has been made to buy a home, majority of people turn to the internet for their research. There can be an overwhelming amount of information to wade through online, but there are ways to narrow down the search.

Before you even turn to Google, sit down and write out your property deal-breakers

Which areas will you consider?

How many bedrooms do you require?

Do you need an ensuite bathroom?

Do you need a garage?

Is block size important, if so what is the minimum?

What is your budget?

Once you've decided on the non-negotiables, it will be much easier to narrow down your search parameters, giving you a good list with which to start your hunt

Use technology

Most online real estate agents and portals give you the option to set up alerts for houses that match your parameters Look out for the ones where it's possible to add inspection times and auctions to your digital calender.

Inspections

Open Homes

You've set up the alerts on your phone, planned out the calender and resigned yourself to giving up your Saturday morning sleep-in. Bring on the open for inspections!

What's the best way to approach them?

Firstly, go to as many as you can Open Homes are about more than just the house It's a chance to see the rest of the street, explore the neighbourhood and check out the 'competition’ - the other potential buyers

What should you be looking out for at an inspection?

As you're walking around the property, take note of the following:

Does everything open and shut?

Do doors close smoothly or do they stick?

Do lights turn on and off without flickering?

Do taps work and is the water flow adequate?

Are there signs of water damage (i.e. peeling or bubbled paint work, mould, stained ceilings)?

Do the floors slope or bounce?

Are there cracks in the walls?

Is there any fretting (cracked) brickwork?

Don't forget to walk around the outside of the property to check fences and the condition of the building's exterior including gutters and downpipes

Private inspections

If you require a private inspection, talk to the agent and they will set up a suitable time to inspect the property Remember the Vendors work hard to present their home to you for inspection, so if you need to cancel or reschedule an inspection, please let the agent know as soon as possible

Questions to ask the agent:

Rates

Strata Fees

Any material facts

Copy of the Contract

Pest & Building Report

Easements/restrictions

Have you received any offers?

do you have any comparable sales available?

This information will help you to make an informed decision regarding the potential purchase.

Get digital help

Keep all your inspection notes and checklists on your phone using an app like Evernote or Quip Evernote also lets you add photographs into your notes

Auctions

The excitement and anticipation of an auction is probably the way most people imagine they will buy a property.

The idea of bidding at auction can be daunting or thrilling depending on the individual Most likely it will be a little of both Of course, the best way of approaching an auction is to take the emotion out of it, but that's easier said than done

Preparation

Before you get hold of that paddle, it's a good idea to do some field research

Attend as many auctions as possible to understand how they work and observe bidding behaviour The experience will go towards informing your 'game plan' for the auction Begin taking note of the recently sold prices in your area of choice so you know what price range to expect.

Ahead of the auction, thoroughly read the contract of sale and get all of your questions answered by the agent before the big day.

Buying

The next exciting step is to think about buying. At this point, there are a few ways you can proceed, depending on the vendor and the advice given by the real estate agent.

Bidding

It can be easy to get caught up in the moment when the auction is in full swing, so it's important that you set yourself some limits and goals

Consider your top bid while you're in a calm and rational state of mind and stick to it

Stand right at the front with a good view of the crowd and auctioneer - ask a question right at the start to show you mean business

Start with a strong bid, then increase by smaller increments

Record the bids so you don't lose track

Keep calm and be aware of your body language - give the impression you know what you're doing.

Private Treaty Sale

A private sale has no specified closing date and is usually negotiated between a buyer and vendor with the assistance of an agent or legal representative.

Expressions of interest

Similar to a private treaty sale except that a formal written offer is submitted for the property by a specific date.

Set a limit as an uneven number

People tend to think in round numbers so it could give you an edge For example, instead of $700,000 set your limit to $703,000

Auction Preparation Checklist

Prior to the auction here are some things to remember:

Inspect the property

Have your solicitor review the contract.

Confirm with your broker that you are able to bid

Arrange a Pest & Building inspection if you require

Pre-register for the auction

The auction will be held in our office at 199 Auburn Street Goulburn

Bidder Registration

It is a requirement that you register to be able to bid at auction

You will be required to show your ID and pay a deposit on the day.

A 10% deposit is required on the day unless you negotiate this with solicitors prior to auction day

Registering prior to auction is preferred, team members will be available to assist on the day if needed

Have your solicitor’s details prepared if you are the successful bidder

What to expect on the day

Arrive early, we recommend arriving 30 minutes early to confirm you have everything required to bid.

Notify reception if you have pre-registered or if you need to be registered.

Obtain your bidders paddle or card with your bidder number

Confirm if there have been any amendments to the contract

When you are bidding hold your card up clearly for the auctioneer to see.

Know your limit

What to know if you are the successful bidder

Be prepared to pay the deposit and sign the contract immediately

Your details will be prepared and written onto the contract for you to sign

After you signed the contract, our admin team will send the contract to your legal representative.

After contracts have been completed you may leave the office.

Building insurance is recommended at time of exchange

Trades People

The choice is yours when choosing your pest and building inspector, conveyancer and broker Below are some local trades that you may like to consider to help you with your purchase:

BUILDING INSPECTOR

Dorsett Consultants – Robert 0400215291

Southern Independent Building Inspections - Josh 0400292226

Burgess Building Inspections – Danny 0423631687

PEST INSPECTOR

Southern Tablelands Pest Control – Tony 0419637344

Goulburn Pest Control – Anthony 0421593800

Southern Independent Building Inspections - Josh 0400292226

CONVEYANCERS

STC – Sonia 48235511

Victoria Arnall Solicitors - Victoria 48226887

Johnson and Sendall – 48211588

RMB Galland Elder Lawyers - 48219999

Abernathy Gore – Scarlett Abernathy - 48235648

Goulburn Conveyancing - Dianne - 0429 187 099

BROKERS

Loan Market - Robert Simpson 0410649047

Panache Finance - Ash Pakis 0421505258

***It's important to note that while real estate agents can provide valuable insights into properties, they are not qualified to advise on structural or cosmetic aspects of a building Additionally, agents do not have thorough knowledge of termites, plumbing, or electrical aspects of a home For these matters, buyers should seek advice from qualified professionals, such as building inspectors, pest inspectors, plumbers, and electricians, to ensure they have a comprehensive understanding of the property's condition before making a purchase. It is the buyer's responsibility to arrange and pay for a pest and building inspection report if they require one. This is not the duty of the real estate agent or the vendor. These reports are crucial as they can reveal any potential issues with the property, such as structural defects or pest infestations, which may not be obvious during a standard inspection. It's recommended that buyers engage a qualified and licensed inspector to conduct these assessments to ensure thoroughness and accuracy.

Congratulations!

Your offer or bid has been accepted So what happens next? Your purchase now begins the conveyancing process which is formalised in two parts

The exchange of the contract of sale

2.

1. The settlement of the contract of sale

It’s highly recommended to employ the services of a professional conveyancer or solicitor to ensure the process goes as smooth as possible

This will help you with:

Undertaking title searches to determine if there are any liens, restrictions, encumbrances, or taxes against the property

Meeting all special conditions in the contract of sale

Ensuring that council and water rates are up to date in payment, and that any other rates are similarly paid and adjusted as needed

Paying any other fees or charges, including registration fees and stamp duty

Preparing all legal documents required to transfer the property/s title from the seller to the buyer

What is a contract of sale?

A property contract of sale is a document that is prepared by the vendor’s (property owner) legal representative which is a legally binding document that outlines the terms and conditions of a property transaction between a buyer and a seller It includes details such as the property address and legal description, the purchase price, any special conditions, and the settlement date The contract also specifies the rights and obligations of both parties, such as the deposit amount and how it will be paid, as well as any penalties for breach of contract

Once both parties have signed the contract, and the solicitor or conveyancers exchange the contract, it becomes legally binding, and the sale process can proceed to settlement

To make the settlement period a smooth process, there are a few items to check off the list:

EXCHANGE OF CONTRACTS

Exchanging contracts in real estate marks the crucial moment when the buyer and seller commit to the transaction. This typically involves both parties signing identical contracts, which are then exchanged, often facilitated by their respective legal representatives or in the case of an auction or exchange with a cool off period can be facilitated by the auctioneer or real estate agent. When exchanging with a 66W certificate, the seller waives their right to a cooling-off period, providing more certainty for both the buyer and seller.

Additionally, exchanging with a 0 25% deposit means the buyer pays 0 25% of the purchase price upon conditional exchange and the cool off period will commence (typically 5 or 10 days is negotiated), with the balance of the 10% due before the end of the 5 or 10 day cool off period Exchanging under auction conditions means the successful bidder must sign the contract and pay the deposit immediately after the auction, with no cooling-off period

DEPOSIT

Buyers have several options for paying their deposit when purchasing a property. The most common method is by bank transfer, which provides a secure and traceable form of payment. Alternatively, buyers can use a bank cheque or deposit bond, which is a guarantee from an insurance company to the seller that the deposit will be paid at settlement. It’s important for buyers to discuss their preferred method of payment with their conveyancer or legal representative to ensure a smooth and timely exchange process.

PRE SETTLEMENT INSPECTION

A pre-settlement inspection, also known as a final inspection, is a crucial step in the property buying process. It typically occurs a few days before the settlement date and allows the buyer to inspect the property to ensure it is in the same condition as when they agreed to purchase it. During the inspection, the buyer can check that any agreed-upon repairs or maintenance have been completed, and that no damage has occurred since their last visit. It’s also an opportunity to ensure that any fixtures, fittings, or appliances included in the sale are still present and in working order. If any issues are identified during the inspection, the buyer can raise them with the seller before settlement to seek resolution (through the real estate agent, conveyancer or solicitor).

SETTLEMENT

Settlement of a property is the final step in a real estate transaction. It is the process of transferring legal ownership of the property from the seller to the buyer. Settlement is typically facilitated by legal representatives or conveyancers acting on behalf of both parties. During settlement, the buyer pays the remaining balance of the purchase price to the seller, and the seller hands over the keys and possession of the property. The settlement date is agreed upon by both parties and is specified in the contract of sale. On the settlement date, all financial and legal obligations are fulfilled, and the property officially changes hands.

Moving

Finally, the big day has arrived. All the paperwork has been complete and you have the keys in your hand

Moving into your new home should be the exciting and easy part, right? Some people rate moving house as one of the most stressful experiences you can go through, but if you get yourself organised in advance and keep it flexible on the day, moving will be an ease Follow these tips and you'll be cracking open that bottle of sparkling at the end of the day to congratulate yourself on a job well done

Pre-move

Throw away, recycle or donate all your unwanted items in advance You'll be amazed at how much easier it will be to pack (and unpack)when you're not taking all that junk with you

Book the removalists and boxes in advance Once this is done, you have a schedule to work towards and your move is imminent Consider the day after settlement, in the event of unforseen delay with settlement

Make a note of all the mail you get and gradually change your address with all your received mail, consider placing a mail redirection.

Clear your schedule for at least a couple of days. If you are moving mid-week, book days off work.

Pack and label your boxes by room. Resist the temptation to pack similar items together from different rooms.

Have plenty of stationary equipment - you can never have enough tape, scissors and black markers for moving.

Let our concierge service take care of you

Buying a new house is hard work and the excitement can get lost in all the details We want you to enjoy your new home right from the start, our Concierge service will take care of everything from arranging insurance, storage, trade services, tax depreciation schedules and more Take advantage of our exclusive specials, unique to you as a Ray White client

Enjoy up to 90 days free insurance for purchasing through Ray White

Enjoy $50 credit to spend at the Home & discounts through Astivita

We’ll arrange free qoutes for tradespeople Australia wide through Hipages

Enjoy up to 90 days free insurance for purchasing through Ray White

Receive a reduces depreciation schedule fee with BMT Quantity Surveyors

Free in-home solar assessments & cash back with Solahart

Receive up to 3 free quotes for local removalist services

Receive a free contract review & fixed fee with Lawlab

We’ll arrange everything to make sure your pet is comfortable thanks to Jepets & PetCloud Call 1300 729

More information:

Ray White Insurance

When you buy your property through Ray White, you may be eligible for free insurance pre or post your property settlement We’ll also make sure you benefit from ongoing discounts on all your insurance policies

Conveyancing

Receive a free contract review and a fixed fee for your conveyancing when you book with Lawlab Conveyancing Lawlab have a streamlined online approach which makes the legal process easy for you

Home & Living Products

To help you furnish and decorate your new property, we’ve partnered with online homewares store The Home. We’re offering our clients a $50 credit to spend at their online store.

Storage

Receive 1 month free storage + 15% off packing materials with National Storage. Keep your furniture and belongings in a clean and safe self service facility with one of Australia’s largest self storage companies.

Removals

We’ll arrange up to three free quotes for removal services in your local area Find the best price and value without the ringing around Once your job is booked, relax with two free movie tickets to enjoy as well

Home Improvement Services

We’re partnered with hipages, Australia’s #1 site for hiring tradespeople With a network of 90,000 tradespeople Australia wide, we’ll send you free quotes for your building & pest inspection, cleaning, painting, renovations or emergency trades like plumbers or electricians

Tax Depreciation

If your new purchase is an investment, you may be able to claim some tax benefits for depreciation of your assets Ray White clients will receive a reduced fee when booking their schedule through BMT Tax Depreciation Quantity Surveyors

Solar

We’ll arrange a free in-home solar assessment though Solahart. Receive up to $500 EFTPOS cash back when you purchase a solar water heater or solar power system.

Home Appliances

Receive exclusive discounted offers on a range of tapware, vanities, rangehoods, cooktops, appliances and more with Astivita.

Pet Transport, sitting & walking

Receive one nights free pet accommodation and a discounted rate for pet transport during your move when you book through our national partner Jetpets

PetCloud can also assist you with any pet walking or sitting needs you may have now or in the future

Checklist:

FINANCE

Deposit

Home Loan

Pre-approval

Additional Costs

RESEARCH

Suburbs

Schools/Amenities

Property Features

INSPECTIONS

Doors Lights

Taps

Water Damage

Floor Damage

Wall Cracking/Fretting

Exterior (gutters, pipes ,fencework)

BUYING

Auction

Private Treaty Sale

Expressions of Interest

Tender

CONVEYANCING

Conveyancing Solicitor

Loan Approval

Contract of Sale

Vendor Statement

Stamp Duty

Settlement Date

MOVING

House Clear out

Book Boxes & Removalists

Amenities

Mail

Pack & Label Boxes

Pack overnight suitcase

Collection of Boxes

Ray White Goulburn

199 Auburn Street, Goulburn,NSW,2580

T 02 4821 3788

E goulburn.nsw@raywhite.com

www.raywhitegoulburn.com.au