When looking to purchase a dream home or investment property, timing is everything.
It can be the difference between your dream result or worst nightmare, but how do you know when and how to act?
That’s where we come in. Peasy have a vision of making the property market easy and accessible to all Australians. We understand that the right knowledge helps you act quickly and confidently when securing your home or investment property.
Getting Pre-Approval: The first step to a smooth process
The secret of timing is a good process, and a good property purchasing process starts with pre-approval. You’ll receive pre-approval after the bank has reviewed your information, meaning you’ll have a guide on how much you can borrow. It enables you to act quickly, and means that whatever path you take into the property market, it will be a smooth one.
The Auction: Not a second to lose!
With no cooling off period, auctions can get pretty heated and move pretty fast. With so many parties vying for that much sought-after property, knowing how much you can borrow is essential. With a bit of luck, you’ll have the highest bid above the reserve price and the property will almost be yours.
Following this you’ll need to have a cheque for 10% as a deposit and then have a further 42 days to settle.
Private Treaty / For Sale: Time to make an offer
When a property ‘For Sale’ under a Private Treaty catches your eye, it’s time to make an offer. Once you agree on a price, you’ll exchange contracts and we’ll handle the paperwork to get it signed and exchanged.
Cooling Off Period: Time to evaluate
Depending upon the property, a cooling off period may be granted. You’ll need to provide a 0.25% deposit. At this stage you’ll have 5 business days to do all your property checks like pest inspections, building inspections, and of course getting unconditional approval from your lender.
If everything is as it should be, at the end of those 5 business days, you’ll pay the remainder of a 10% deposit on the property.
66w Document: It’s time to act
An agent will sometimes require you to waive your cooling off period to make your offer more attractive. At this point you’ll need to sign a 66w certificate and provide a 10% cheque. This is where a pre-approval is essential, because once this is signed and delivered there’s no turning back!
This can vary state-to-state and property-to-property. So it’s always a good idea to consult your Peasy broker and your solicitor to ensure all the relevant protection is in place.