Steps to buying property
Meet with a mortgage broker or lender to determine your borrowing capacity and to arrange pre-approval for a mortgage.
Research the market
Use LandlordCentral.com.au to find, evaluate compare and secure properties from around Australia. You can do this yourself or with the help of your chosen advisor.
Submit an offer
Once you’ve found a property that meets your investment needs submit an offer. Be sure to make your offer subject to a satisfactory building inspection and pest inspection.
Organise formal finance approval
Fax a copy of the sale contract to your mortgage broker or lender so that formal approval can be arranged.
Conveyancing is the process for the legal transfer of property from the vendor to the buyer. You can arrange it through a solicitor, a licensed conveyancer or if you have the time and the skills you can do it yourself.
Arrange the necessary inspections
If your offer is subject to inspections make sure you arrange them in the allowed time frame.
Arrange building insurance and landlord insurance. Landlord insurance covers risks such as malicious or accidental damage to your property by a tenant, any legal liability should a tenant injure themselves, and lost rental income should tenants move out without paying.
Arrange for a quantity surveyor to provide you with a tax depreciation schedule.
Settlement is the date that you take legal ownership of the property.
Appoint a property manager
Start interviewing property managers. There are many advantages to using the services of a property manager and their fees are tax deductible.