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Steps In Buying A Property The first step to take in purchasing a property is to find out how much money you can borrow. Be careful with this. If you over-extend yourself you could end up losing the property and your money. Sometimes lending institution will agree to lend you a great deal, but ask yourself if you can afford the repayments before you agree.
Once you have your loan pre-approval, you'll know what price-range to look for in your property. If the property is to be an investment, look for things that will make it attractive to future buyers, thus ensuring good capital growth. The factors to consider are nearby amenities such as schools and shops, and growth in the surrounding areas.
Once you have a contract - examined by your own solicitor before signing - then arrange the formal loan approval
by faxing the front page of it to your financial institution. They'll arrange their own valuation before approval. Your conveyancer should then arrange for the necessary building, title and strata (if applicable) inspections and searches. If you are buying at an auction, these should be done before the auction date.
Settlement usually takes around six weeks in NSW. You'll need to sign a Transfer of Land document before this time, and then sign the relevant cheques - such as stamp duty.
Find out more about loan options associated with house purchases such as lo doc home loans and home improvement loan at QuickDirect (www.quickdirect.com.au).
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