Introduction

Life is full of decisions: relationships, children, career and lifestyle.

What kind of home do you want?

The first step is to decide what kind of home will suit your tastes and your lifestyle. Start an all family member housing priority discussion before beginning to look at your options. Begin with a realistic family requirements "must list". Include every member of the family in the discussion.

What can you afford?

Before you actively begin to look for a home, there's one very important thing you need to determine - what you can comfortably afford to pay for your new home?

A few basics about home loans

To obtain a home loan, you'll need to be 18 years or older and have the income to meet the loan repayments. Most institutions will lend money for a home whether it's a flat, unit, house or land package. A number of different home loan options are available. Many lenders maximum term is 30 years for a home loan and 25 years for a residential land loan, however you should consult your lender in this regard.

It's the home of your dreams and you can afford it!

There are two ways to buying a home - auction or private sale. Offers to purchase may be made in two ways - conditional or unconditional.

Buying at auction

Auctions may be held either at the property, agent's office or hotel seminar room. You will be given a chance to inspect the property usually at an open day a week or two before the auction or by arrangement.

What do you do when your bid is successful?

When your bid is successful, you will be required to pay the deposit (usually 10% of the purchase price). Immediately after the bidding, contracts are signed and the deposit is paid. There is no cooling off period. You are committed to buy.