Queensland

Before You Purchase

Pre-approval for finance

How much can you realistically afford? It’s time to speak to your mortgage broker or lender for finance pre approval.

Choose a conveyancer/solicitor

It’s useful to have a conveyancer or solicitor ready before you consider buying or selling. Use Conveyancing Hub to find the right conveyancer/solicitor for your needs now.

Building and pest inspector

If you’re buying, there’s plenty you may not see ‘beneath the surface’. A building and pest controller can quickly tell you what issues you may be facing with the property (and how much it may cost).

At Time of Purchase

Conveyancer engaged

From legal paperwork to finalising the deal, it’s your conveyancer’s role to help you with the legal aspects of your property purchase. It’s important to engage a conveyancer as early in the purchase process as possible.

Pay Deposit

The usual deposit required in Queensland is 10-20% of purchase price. However, there are ways to pay less than 10% - speak to your mortgage broker for more.

Insurance

Natural disasters, theft and damages are all issues we can face in Australia. Insurance helps provide peace of mind. If you’re an investor, landlord’s insurance may also be an option.

Building & Pest

A building and pest controller can quickly tell you what issues you may be facing with the property (and how much it may cost).

Valuation

If you’re buying, part of your lender’s requirement is to have the property valued - this value is then used to determine how much you can borrow. Valuations can vary per valuer, so it is quite a common practice to engage in more than one valuer to value a property.

Finance Formal approval

You’ve gotten your pre-approval, now it’s time to speak to your broker/lender about a formal approval. A formal approval means you’ve been formally approved for a loan and can then use that loan to purchase a property.

Searches fees and title

Conveyancers also help with this. They conduct searches to verify legal ownership of the property’s title, historical searches, survey plans, easements and more.

Bank and mortgage fees

Borrowing from a bank may also incur a series of fees, such as loan service fees and mortgage registrations. If you are purchasing your property with a 5% deposit, Lenders Mortgage

Settlement

Your conveyancer or solicitor will book settlement on your behalf. This is where the transfer of funds and title take place. This can be done using PEXA (Property Exchange Australia) Once this has taken place you will be the new owner of the property.

Other Considerations and costs to be aware of

After You Purchase