Deal News

  • Written by Mark Ribarsky

If you are tired of your landlord not fixing things or your being forced to move out because your landlord is selling again you’ve come to the conclusion that it’s high-time to get into the property market. Here’s a checklist of what you need to consider when buying your first home.


When applying for a loan, a bank will lend you 80% of the property value you would like to purchase.

If you have less savings and need to borrow more money, there is an option of mortgage insurance.

Normally this will only give you an additional 5% to 10% additional borrowing capacity.

The cost of mortgage insurance can be sky high, up to $15,000 in fees, depending on how much money you need.

Home loan pre-approval.

Speak to a mortgage broker to work out your borrowing capacity. Mortgage brokers have access to hundreds of different loan products and banks around Australia.

A good mortgage broker can work out your best needs and match a loan that suits your lifestyle requirements.

One of the biggest benefits of using a broker, if finance is tight, the broker will know which bank is more flexible when it comes to loan approval.

The best part of hiring a mortgage broker is their fees and commissions are paid by the bank once the property is purchased. Hence the buyer pays nothing up-front.

Hire Help

Once you have loan pre-approval in place, speak to a buyer’s agent to discuss your needs. A buyer’s agent can save you tens of thousands of dollars when negotiating a house and also save you a lot of time.

To understand what a buyers agent does, think of how a real estate agent represents the best interest of the property seller working hard to get the sharpest deal for their client.

In the same way, a buyer’s agent works for the best outcome for the property buyer. They can source property that is on and off market then negotiate a great price.

Is the building and roof structurally sound?

You can speak to a family member that have some sort of trades experience or hire a building and pest inspector. They cost around $600 and will provide you details of what needs to be focused on with regards to long term maintenance and repairs.

Speak to a property conveyancer

Their job is to look after the legal side of buying a property. They are your communication piece between yourself and the seller’s legal representative.

They main aspects of their job is to:

*  Review contracts prior to you signing.

*  Make sure all parties fulfill their end of the contract of sale.

*  Help with legal proceedings if something goes wrong.

*  Make sure your funds are paid to the correct parties.

*  Help organize settlement of the property.

The process of buying a property can be difficult, even stressful at times. If you have the right people in your corner, the decision-making process can be a good experience as you avoiding the mistakes a typical homebuyers makes.

About the Author.
Mark Ribarsky is the founder of Wise Real Estate Advice & Property Managers Melb.

He is an experienced residential property developer, a fully licensed real estate agent, a buyer’s agent and property manager.

Buying A House Check List

If you are tired of your landlord not fixing things or your being forced to move out because your landlord is selling again you’ve come to the conclusion that it’s high-time to get into the property market. Here’s a checklist...

Best Gifts For the Outdoor Enthusiast

You may have a loved one in your family or a special someone who loves the outdoors. Whether it’s family or a friend, you may be curious about what the best outdoor gifts are for the enthusiast who always loves their activi...

4 Tips to Save Money on Razors

Facial hair defines a look. An average suit transforms into James Bond level sophistication with the right trim of a beard or mustache. To make your friends envious of your facial hair, treat it with care and respect. A typ...

Time to start hustling on the side

Very few people are happy with the money that they earn. There are only a handful of people out there who think that what they bring home is enough. And most of those satisfied people are ones who work for themselves. Because...

Making Your Home More Attractive – The Curb Appeal

One of the most important parts of the house is the front of it. Be it you want your guests to be impressed or you want to look and admire it as your drive home or you just want to make it attractive to potential buyers you...

Baseball Caps - How to Pick the Best Closure Type

When you go to buy a baseball cap, there are many options to choose from. There is the style of the hat, the type of hat, whether or not it has graphics and the type of closure it has. The type of closure that is available fo...

The Benefits of Taking a Self-Driving Holiday

If you’re planning on going on holiday, you have a few options. You can fly, you can take a cruise, or you can take a self-driving holiday around the country. Australia has some amazing places to visit, and if you’ve never be...

Peppers Kings Square Hotel

Mantra Group’s next property opening, Peppers Kings Square Hotel in Perth WA, has unveiled the first of its new stylish guest rooms. Offering a first glimpse of what future guests can expect when the contemporary new hotel...

Lauren Bath Explores the Kimberley Coastline with Kimberley Quest

Australia's first professional Instagrammer, Lauren Bath, returned to the Kimberley in August for her third visit, this time taking the opportunity to join Kimberley Quest on board their luxury cruise vessel for a 10 day adve...

Victorinox Alloy Luggage Collection

Victorinox Alloy Luggage Collection, for everyday adventure, jetting off to someplace new, or getting down to business at the office. Spectra™ Dual Access Carry On The Spectra™ 2.0 Dual-Access Carry-On is the ultimate trav...

Villa Pangi Gita

Secluded and private, Villa Pangi Gita lies beside the banks of the Pangi River in the traditional Balinese village of Pererenan, south-west Bali.  Water is an important feature here, and its importance is reflected in the v...

Villa Kinara in Seminyak

Tucked away at the end of a cul-de-sac within an exclusive residential enclave behind the Oberoi Hotel, Villa Kinara in Seminyak is just five minutes from the world famous Ku Dé Ta and a wide array of dining, drinking and sho...