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INSIGHTS WITH EVALESCO

You have saved your home deposit and costs, now what?
by Jules Knox | 4 October 2020

TOPICS DISCUSSED

Home deposits
Open homes
What to expect once you save your first home deposit

Well done on saving up your deposit! Now…. prepare to lose your Saturdays. 

If you know what area you would like to purchase, you will spend your Friday night scrolling through Realestate.com.au planning out an inspection list. Get up early on Saturday and drive around looking at properties. Prepare for the emotional roller-coaster! 

Excitement, this place looked great online. 

Disappointment, it looks and feels horrible in real life. 

Excitement, this place is amazing, 

Disappointment, price guide has increased past your budget. 

Excitement, perfect property, you get the pest and building report, and the place has structural issues which would require immediate and expensive work to repair. 

And you thought saving the deposit was the hard part!   

Prepare for being out-bid at auctions, for offers to be ignored, for real-estate agents to call, and call and call. 

After some time, you might feel defeated. Do you need to lower your expectations? How can you possibly win at an auction when the homes are selling for way over the price guide? 

Hang in there, all the pain, the highs and lows are worth it when you are the successful bidder, or the agent calls to confirm your offer has been accepted! 

Next you will exchange contracts with the buyer – when both parties have signed the contract. Usually you will also need to pay a holding deposit. Once exchanged (and after any cooling off period), you are legally bound to proceed with the purchase of the property. 

Now is the time to pay the 10 per cent deposit (or 5 per cent if agreed to by the vendor). This is typically given to the real estate agent, who holds it on behalf of the vendor until the sale is finalised. 

Congratulations you have reached settlement at last! 

You or your solicitor will meet with the vendor to swap your cheque with their title of ownership. It is best to get building insurance when you exchange contracts otherwise the last chance is on settlement. This is to ensure there are no issues with your lender. 

Enjoy the feeling!  

You are now the proud owner of your new home and you’re in the property market. 

At Evalesco we’re here to help you through the process of buying your home, including advice on the right home loan and account structures, and a plan to pay off your home loan and build equity for your future goals. Contact us on 02 9232 6800 or lending@evalesco.com.au.  

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Jules Knox
DIRECTOR & LENDING SPECIALIST ADVISER
jules@evalesco.com.au | 0412 045 098 | 02 9232 6800

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