Buying a property is one of the biggest financial decisions most Australians will ever make. And understanding the steps involved can help to reduce the stress and smooth out the process for you. At No1 Property Guide, we’ve streamlined the buying process so you spend less time waiting and saving, and more time actually finding a property you want to live in. Here’s how our low deposit new and existing home system works from start to finish.
Step 1: Calculate Your Borrowing Power With our Webapp
Instead of guessing what you can afford, you can calculate your borrowing power instantly through the No1 Property Guide webapp. Just answer a few questions about your income and expenses and you’ll get a clear picture of what you’re working with from day one using our low deposit system.
This first step gives every potential buyer a realistic starting point before they even begin looking at listings. Meaning you will spend less time wasted on properties outside your budget and giving you the confidence to take that first step towards homeownership.
Step 2: Skip the Years of Saving With our Low Deposit System
Traditionally, saving a 10-20% deposit, is what stops most home buyers from getting into the market. They go to their banks, speak to their brokers, and get told the same thing: “go away and save some more.” Our low deposit system changes that. Because Darren Walters has developed his specialised low deposit system, you don’t need to spend years saving before you can start buying a property.
Of course, this doesn’t mean skipping due diligence on your finances. It just means the traditional deposit hurdle is no longer the barrier it once was. Instead, with as little as $6,000, No1 Property Guide can help renters become homeowners across Australia.
Step 3: Our Inhouse Team Confirms Your Borrowing Power & Qualifies You
Once you have filled in our Webapp and received your borrowing power, our inhouse team will confirm your borrowing power and work with you to qualify you to one of Darren’s lending policies. Finally, providing you with your purchase capacity; the maximum price you can pay for a property.
We do this for you so you can move ahead with confidence, knowing that as long as you can find a property in your budget, we can help you get approved.
And don’t worry, we’ll go over all of your interest rates, fees, and repayments with you before you sign anything. So, you will know exactly what you’re getting into from the very start.
Step 4: Define Your Must-Haves & Nice-to-Haves
Once you know your purchase capacity, it’s time for arguably the trickiest part of the entire process. Deciding what your must-haves and your nice-to-haves are.
Every home buyer’s search goes more smoothly with a clear list of priorities. Think about your must-haves (# of bedrooms, your drive to work, school zones) and your nice-to-haves (a home office, outdoor space, a renovated kitchen). This keeps your search focused once you start looking at properties.
Step 5: Search for and find properties that meet your criteria
Qualified through our low deposit system, with your price range and priorities set, it’s time to begin the search for properties. Here at No1 Property Guide, we give you 2 options when it comes to the property hunt, you can either do it yourself or we can help.
We generally recommend searching for properties yourself, as this is the route that will give you the most confidence. From the nearby suburbs, different property types, and even the look of the street, you know yourself best. You know what meets your criteria better than anyone.
Of course, if you’d rather one of our specialists help you find a property, we’re more than happy to! At the end of the day, the final decision on the property is yours, and you’ll be the one saying: “Yes! This is my new home.”
Once you’ve found a property (we recommend picking 2-3 options) you’re serious about, send the details through to our team.
Step 6: Our Acquisition Specialist Negotiates with the Seller
This is where No1 Property Guide takes the pressure off. Rather than negotiating directly with real estate agents yourself, our team, including a dedicated Acquisition Specialist, takes your shortlisted properties and negotiates with the seller on your behalf. From purchase price, to finance and settlement terms, our team will negotiate to get you the best price and contract possible.
Having an experienced negotiator in your corner means you’re not negotiating purchase price and terms alone, and you benefit from someone who does this for a living and knows how to read a seller’s motivation.
Step 7: Make an offer & Review the Contract
Once our Acquisition Specialist and the seller’s agent have negotiated, a formal offer is sent. This basically just puts their conversation on paper. It will include the proposed price, and any extra conditions you’ve requested (like a 21 day finance clause, building and pest inspections, etc.)
Our team will work with your solicitor to make sure the offer and the subsequent sales contract are above board and exactly what you need. It’s important that you always have an experienced conveyancer/solicitor review any contracts before signing them. When you make an offer, you will generally be able to nominate a conveyancer then and there, and we highly recommend you always do so. And don’t worry, even if you don’t list a conveyancer when making the offer, you can engage one and have them review the contract before you sign it anyway.
Once everything is confirmed, the seller accepts your offer, and you’ve all signed the contract, you officially start the exciting process of buying a home.
Step 8: Pay Your Deposit & Understand Your Cooling Off Period
Once you and the seller sign the contract of sale, you’ll pay your deposit. Generally, this will be transferred to your conveyancer and then held in a trust account until settlement, not paid directly to the seller.
Exchanging contracts is the point where the sale becomes legally binding, subject to any conditions you’ve included, so make sure everything agreed is reflected accurately before you sign.
In most states and territories, private sales come with a cooling off period, usually somewhere between a couple of days to a week, during which you can withdraw from the purchase, for a small penalty (usually around 1-2% of the total price). This cooling-off period is important, as once this period is over, you can’t back out of the deal.
It is completely normal to be nervous over buying a home, whether it’s your first or your fifth; our team at No1 Property Guide will be with you throughout the process to talk about any doubts or concerns you may have.
Step 9: Arrange a Building & Pest Inspection
In our opinion, this is the most important step of the entire home buying process: arrange a building and pest inspection from a licensed professional. This checks for structural problems, damp, electrical issues, and pest activity such as termites, all of which can be expensive to fix and aren’t always obvious during a walk-through.
As a part of our process, we will always suggest you require a building and pest inspection as one of the terms on your offer. Don’t worry though, they are something almost every buyer across Australia does, so seller’s generally expect to see it as one of the terms on an offer.
If your chosen property fails its building and pest, then don’t worry. That’s why we ask you to select 2-3 properties. We simply cancel the contract/offer on that property and move onto the next choice.
Step 10: Finalise your Home Loan
With contracts exchanged, your broker and lender will finalise your home loan. For the most part, you won’t actually have to do much at this point. Your broker will have already collected most the information and ticked off the items that were required. Just be ready to quickly sign or action anything they require, as any delay here could mean not getting your finance approved in time for settlement.
Unconditional loan approval can take anywhere from a few days to a couple of weeks.
Step 11: Settlement Day
As you get closer to your settlement date, you’ll want to make sure you have the basics sorted:
- Home & contents insurance
- Electricity
- Gas
- Internet/phone
- Moving trucks
These are just some of the basics. On settlement day, you will have 2 important jobs. Firstly, do a final settlement inspection. Walk through the whole house and just confirm everything is they way it should be. Double check any appliances that were meant to come with the home, confirm there’s no new damage that wasn’t there during previous inspections etc.
Secondly…get the keys from the agent! Your conveyancer will handle the paperwork and transferring funds. All you’ll need to do is sign to say you’ve got the keys and then enjoy the feeling of being a homeowner!
Ready to Take the Next Step?
Buying a house doesn’t mean years of saving and going it alone against real estate agents and paperwork. With No1 Property Guide, we’ll calculate your borrowing power, give you a wider range of possible options thanks to our low deposit system, find the right mortgage, and negotiate with the seller for you!
Take the first step towards buying a house today with No1 Property Guide. Click here to get started.
