Insite Realty Buyer's Guide

INSITE REALTY
BUYER'S
GUIDE

ABOUT INSITE REALTY
OUR STORY
Insite Realty is an independently owned real estate agency that specialises in
project marketing, sales and property management.
Led by Managing Director Peter Kinchin, the dynamic team at Insite Realty are
committed to excellence by providing unsurpassed service to their clients. The
experienced team of sales agents, property managers and administration staff
believe in the power of creating stable relationships with their clients, which has
seen many of them entrust the team with numerous repeat business over the
years.
Insite Realty is an accredited member of the Real Estate Institute of Queensland
(REIQ) and the Real Estate Excellence Academy (REEA).
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Own Your Home in Four Steps.
RESEARCH
INSPECT
FINANCE
BUY
Decide your property deal-
Get the most out of property
How much does it cost to buy a
How do I make an offer or bid
breakers before you start your
inspections with these tips.
property? Take the necessary
at auction? How do I buy a
property search.
steps to secure a home loan.
house?
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"To know thyself is the
"If you don't have the time to do
"Hope is not a financial plan." -
"The best time to buy a home is
beginning of wisdom." -
it right, when will you have the
Ric Edelman
always five years ago." - Ray
Socrates
time to do it over?" - Anon.
Brown
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HOW TO FIND
THE PROPERTY
YOU WANT
RESEARCH
WHAT'S NON-NEGOTIABLE?
Make a checklist of all the boxes your next property must tick: Suburb,
nearby schools, home features, yard size, garage size, style, etc.
KNOW THE AREA
Consider proximity to work and family, access to amenities, future
developments and potential infrastructure changes or rezoning.
REAL ESTATE SEARCH TOOLS
Find your ideal property via mobile apps, websites, print, real estate
agents and/or buyer agents. Ask your agent for a list of their favourites.
FOR FIRST HOME BUYERS
You're starting what is hopefully a long and fruitful home ownership
journey. You don't have to buy 'the dream' now. Start small and grow.
KNOW WHEN TO COMPROMISE
You may need to spend more than you thought or consider a different
area. Make sure the compromises you make are not purely emotional.
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TOP TIPS
INSPECT
Attend the first open home to
gauge interest and tailor your offer.
Use phone apps like Evernote to
record notes with pictures/videos.
Bring a list of non-negotiable house
requirements and tick off as you go.
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What to Look For at an Inspection.
THE LOCATION
Are you close to all the amenities you might need? Is it
zoned residential? Are all utilities connected? Is the area
flood prone? Is there air-traffic noise? What are the local
council's building requirements?
OUTSIDE THE PROPERTY
Check condition of paintwork, roof, gutters,
downpipes, paths, fences and retaining walls. Look
for cracks and signs of damp. Ask about pool or
spa compliance and if extensions were approved.
THE LAND
Is there back-fill, loose boulders or water seepage?
Is there steep grading or dense trees (if you're
considering extensions, you may need an engineer
to assess the block)? Is it free from landslip?
INSIDE THE PROPERTY
Check condition of walls, ceilings (look behind
furniture), windows, doors, fly screens. Test water
pressure, cupboards and appliances. Is the property
insulated? Will your furniture and fridge fit?
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HOW MUCH DO I NEED?
FINANCE
The Australian Securities and Investments Commission recommends
having a deposit of 20 per cent of the purchase price plus enough to
cover ongoing costs.
Some lenders will accept as little as a 5 per cent deposit. However, if
your loan to value ratio (LVR) is higher than 80 per cent, you will usually
need to pay a lender's mortgage insurance.
Shop around when you're looking for a broker to compare charges and to
secure the best loan for your financial situation.
Visit ASIC's Moneysmart website for savings/stamp duty/
mortgage calculators, financial advice and explanations.
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UPFRONT PROPERTY
COSTS
BUILDING & PEST INSPECTIONS
LEGAL FEES
FINANCIAL ADVISOR FEES
MORTGAGE ESTABLISHMENT FEES
DEPOSIT
TRANSFER DUTY (AKA STAMP DUTY)
LENDER'S MORTGAGE INSURANCE
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ONGOING HOME-
OWNER COSTS
MORTGAGE REPAYMENTS
COUNCIL RATES
STRATA FEES
UTILITIES
MAINTENANCE & REPAIRS
HOME & CONTENTS INSURANCE
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QUESTIONS TO ASK YOUR
MORTGAGE BROKER
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Why should I use a mortgage broker rather than going through the bank?
Are you a member of any brokers associations, such as the Mortgage Finance Association of
Australia (MFAA) or Finance Brokers Association of Australia (FBAA)?
Are you a credit representative or do you have your credit licence?
What fees will I be responsible for when taking out a home loan? (With broker and without)
What services do you include in these fees?
How long will it take to process the loan?
What documents will I need to provide to obtain my loan?
Describe your typical clients? (Do you specialise in any areas?)
Can I make overpayments? Will I be charged a fee for early repayment of the loan?
Am I able to eventually fix my interest rate?
Sellers are more likely to favour a buyer with formal home loan
pre-approval over one without to save finance approval time.
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How to Make an Offer on a House
EARLY & QUICKLY
GO UNCONDITIONAL
OFFER YOUR BEST
The longer you wait, the more competition
you will have. Make your best offer and turn
up the heat by asking for a quick answer
from the vendor (i.e. 48 hours).
An unconditional contract is more appealing
to a seller than subject to finance, sale or
other; sometimes even if the unconditional
offer is lower than the conditional.
If you love the home, it might take you six
months or more to find another like it. Make
your offer count, so the vendor considers
you a serious buyer.
First, know the market.
Second, know the seller's motivations.
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PRIVATE SALE
A 5-DAY COOLING-OFF
PERIOD APPLIES, AND
THERE IS NO SPECIFIED
CLOSING DATE. THE BUYER
AND SELLER NEGOTIATE
ON TERMS AND PRICE.
SALE BY TENDER
THE SELLER INVITES
BUYERS TO SUBMIT AN
OFFER BY A SPECIFIED
CLOSING DATE THEN
CHOOSES THE PREFERRED
PRICE AND TERMS.

AUCTION
There is no cooling-off period for buying at
auction. If you're the successful bidder, you will
have to settle the contract even if the house
doesn't pass inspections, you change your mind,
or you can't afford it. When you buy at auction, the
terms of sale are usually unconditional.
Don't be afraid to buy at auction. You still have to
do all the same work as you would for a private
treaty contract. However, with auctions, all the
work is done before submitting your offer/bid.
Make a pre-auction offer and see if
the seller is willing to accept it.
BEFORE THE AUCTION
1. Inspect the property.
2. Arrange your finance.
3. Get a property valuation.
4. Research the market.
5. Set your budget.
6. Get a copy of the contract.
7. Register to bid.
8. Seek legal advice.
9. Find out how much deposit is required.
10. Find out how you must pay the deposit.
11. Do all necessary checks, i.e. title search, building, pest and
swimming pool inspections, land tax clearance search, etc.
AT THE AUCTION
1. Stick to your budget.
2. Make sure you're registered to bid.
3. Ask any questions about the property.
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YOUR OFFER IS
ACCEPTED!
WHAT NEXT?
EXCHANGE CONTRACT OF SALE
The buyer signs then the seller signs and dates the contract and both
parties receive a copy. The five-day cooling-off period begins.
PAY DEPOSIT & INSURE
The buyer usually pays an initial deposit upon signing and takes out a
cover note (home insurance) for the property.
WORK ON YOUR CONDITIONS
Arrange building and pest inspections, organise your balance deposit,
transfer duty, and meet any other conditions before their due date.
GO UNCONDITIONAL
A contract is unconditional when all conditions are met. Solicitors will
arrange all transfer documents, settlement figures and settlement date.
SETTLEMENT
After pre-settlement inspection, settlement takes place when all parties
are notified. You get the keys to your new house!
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Need Help Moving? Insite Can Help!
ELECTRICITY & GAS
TRADESPEOPLE
PAY TV
TRUCK HIRE
PHONE & INTERNET
INSURANCE
REMOVALISTS
CLEANING

CLIENT TESTIMONIAL
We just settled a block of land through Peter, Jo and the
team at Insite Realty. As a buyer, I could not fault them. As
first time buyers, they were incredibly patient with us after
hitting many hurdles in obtaining finance. Thank you for
being part of making our dreams come true!
ELYCE COOK
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CONTACT INFORMATION
INSITEREALTY.COM.AU
OFFICE ADDRESS
1 Fitwilliam Drive, Sippy Downs QLD 4556
EMAIL ADDRESS
resales@insiterealty.com.au
PHONE NUMBER
07 5476 5588