what is the process of buying a property

[Guest Keata]

I would just like to know the process of buying a property. We are planning on moving to perth and obviously renting for a while. How does the mortgage system work, how long does it take for a house purchase to go through, what deposits are needed and what searches etc are needed. Anything else i need to know?Any feedback would be greatly appreciated.Thank you..

[Guest Pinhead]

I bought an investment apartment in Melbourne completely remotely (from the UK) without actually travelling to Oz.

Paid a 10% deposit to the EA on signing the contract with a settlement period of 60 days. I bought with cash so sorry I don't know the mortgage system works. But if you have over 85% mortgage they seem to want insurance cover at the CBA.

 

In VIC you have to settle all (resell?) property transactions with a cheque but fortunately I arranged for my conveyancer to collect the cheque. Not sure about WA, may be the same.

 

All the searches etc were done by a very helpful conveyancer (costs $1,100).

I do know that if you are buying an older house make sure they do an asbestos check, normal for houses built in 1970s or before.

 

Hope that helps, one thing to mention is that each state seems to be slightly different re property taxes, transactions so the best bet is to get in contact with a conveyancer locally in Perth.