13 16 66firstnational.com.au

Home Buyer’s GuideProudly provided as a service to home buyers

by First National Real Estate

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contents 2 Introduction 5 Doyourresearch 7 Doyoursums 8 Financing10 Howmuchcanyouaffordtospend?11 Findingthebesthomeloan13 Let’sgopropertyhunting15 Makeanoffer16 Auction20 Exchangingcontracts23 Settlement24 Gettingreadytomove - Eightweeksbeforethemove - Sixweeksbeforethemove - Fourweeksbeforethemove - Threeweeksbeforethemove - Twoweeksbeforethemove - Oneweekbeforethemove - Twotothreedaysbeforethemove - Movingday - Deliveryday - Financial/Legal(notifyinwriting) - Personal/social - Housekeeping31 Kidsandmoving32 Budgetworksheet35 Purchaseworksheet36 Abbreviations37 GlossaryofTerms

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Buying a home is about thebiggest financial commitmentyou’ll ever have to make. However, it’s also going to bean exciting turning point - one that will almost certainlymakethemostimpactonyourlifestyle.Formanyitwillbesomethingneverdonebefore.Selectingtherighthomeintherightarea,organisingfinanceandnegotiatingthesale-itallsoundsalittledaunting.Yetitisn’tascomplicatedasyoumaythink!

Thisbookisjustthestart.

Itwillguideyouthroughthecompleteprocess,fromfindingthehomeofyourdreamsthroughtofinancearrangementsand,finally,themove.We’veincludedworksheetsthatwillhelpyouprioritiseandensureyoufindahomethatwillsuityourneedsbothnowandwellintothefuture.Ofcourse,ifthere’sanythingelseyouneedtoknow,justask.You’llfindyourFirstNationalRealEstateagentishappytohelp.

Lifeisfullofdecisions-relationships,children,careerandlifestyle.

introduction

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researchThisisanimportantandexcitingtimeinyourlife.Wewanttomakesureit’senjoyableandthateverythinggoessmoothly.

Ifyoufindtheprospectofbuyingyourfirstpropertyalittleintimidating,don’tworry.Doingsomebasicresearchiseasierthanmostpeoplethink.Itincreasesyourconfidenceandreducesthechanceofmakingamistake.

Mostpeoplestarttheirsearchwithanimageofthepropertytheywouldliketobuyintheirmind.Frequentlytheyhaveashortlistofsuburbsthey’reinterestedinaswell.

Youcanestablishanideaofwhereyou’relikelytofindanaffordablepropertybylookingatthepricerangesofpropertiesforsale indifferentsuburbs.Startbycheckingtherealestatesectionsofnewspapers,magazinesorwebsites.Visitingwebsitessuchasfirstnational.com.auwillhelpyoucoveralotofgroundquicklyandefficiently.Plus,you’llfindlotsofothervaluableinformationtohelpyouwithyoursearch.First National Real Estate agents are trained to assist you to identify yourpriorities,helpingyoutofindthepropertythatbestsuitsyourneedsandbudget.

The advantage of dealingwith a network like FirstNational is that your newpropertycanbefoundbyyouragent,workingincollaborationwiththousandsofFirstNationalagentsnationally.AllFirstNationalofficeshavetechnologylinksthatwillenableyoutoviewapotentialhomeontheothersideofthecity,inanotherstate,orevenanothercountry.

Buyingahomeisnotataskundertakeneveryday. It’s importanttounderstandtheprocessofrealestate,whatyoucancomfortablyaffordandthetypeofloanproductbestsuitedtoyou.Thisguideprovidesfundamentaltipstomakeyourjourneyeasierbutit’salsoimportanttolistentotheadviceofasmanyexperiencedpeopleaspossible.Thiswillhelpguaranteeyoumakeaninformedchoice.

AskyourlocalFirstNationalRealEstateofficeforassistanceorcall131666fordetailsofyournearestoffice.

do your

Your local First National Real Estate office belongs to one of Australasia’s largest, most progressive real estate networks.

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The starting point is saving towards a deposit but it’s important

to understand all the costs associated with home ownership, such as mortgage insurance, taxes and legal costs. Starting a rigorous savings plan and doing all the sums can help you see what the hurdles are and how you can best plan to tick them off.

Get professional advice. Sit down with

a range of lending institutions to fully learn about and understand the options and possibilities. Even if you don’t act, you will properly understand where you are at and what you need to do.

Be flexible with your expectations. Units and

townhouses are available in many areas at lower prices and could provide a feasible market entry point. The key is to get into the market, pay down your mortgage and establish equity in the home as a basis for future financial options and flexibility. Then you are able to think about an up-grade or a move to a suburb you’ve always wanted to live in.

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Your borrowing power is determined by your current income andfinancial commitments as well as your savings and credit history.Youshouldcarefullyconsideryourcurrentandfuturelivingexpensessoyou’llbeassuredyoucanrepayyourloanandmaintainthequalityoflifestyleyou’llrequire.Abudgetandpurchaseworksheetisprovidedatthebackofthisbooklet.

Oneofthebiggestinitialoutlaysyou’llfaceis,ofcourse,thedeposit.Thisis usually 10per centof thepurchaseprice but don’t forget that thedeposit,likemanyelementsofapropertypurchase,canbenegotiated.It’snotuncommonforapropertyownertoconsidera5percentdepositinsomecircumstances,sodon’tbeafraidtoaskyouragentifyourfundsarestretched.

In addition to thepurchasepriceof yournewproperty, youwill needtopay for things likeStampDuty (on thepurchasepriceand the loanamountborrowed),conveyancingfeesandpossiblymortgageinsurance.StampdutyscalesvaryfromstatetostatebutyourFirstNationalagentwillhappilyexplainwhatisapplicableinyourhomestate.Alternatively,visitfnfs.com.auandclickthelinkfortheloandutycalculator.Checkifyou’reeligiblefortheFirstHomeOwner’sGrantbyvisitingfirsthome.gov.au

do your

sums“BorrowingPower”isatermyou’lloftenhearusedtodescribe the amount youcan comfortablyborrow tofinanceyourpropertypurchase.

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Talkingtoseveralbrokersaswellasafinanceadviserwilldefinitelyhelpyousortthewheatfromthechaff.Therearetwooptionsavailabletoyouwhenorganisingfinance.Youcanapplydirectlytoafinanceinstitutionoryoucanuseamortgagebrokertohelpyouthroughtheprocess.Therearetwofundamentaltypesofhomeloansavailable,eachofferingyouarangeofrepaymentoptions.

“VariableRate”homeloans:

WithaVariableRateHomeLoantheinterestrateisdescribedasvariablebecauseitmaychangeduringthetermoftheloan,dependingoneconomicconditions

• Repaymentscanusuallybemademonthly,fortnightlyorweekly

• Themaximumtermis30yearswithmanylenders

• Interestiscalculatedonthedailyoutstandingbalanceofyourloanandchargedtoyouraccountmonthlysoanyadditionalorincreasedrepaymentswillbenefityouimmediately

Unlesstheloanispaidoutinthefirstfiveyears,therearerarelyadditionalcostsforearlyrepaymentoftheloan,otherthangovernment/bankdischargefees.

financingChoosing the right home loan from the many products available can bedaunting. It’s important to understand all the alternatives before makingyourchoice.

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“FixedRate”homeloans:

• Asthenameimplies,thishomeloanproducthasafixedrateofinterest.Thetermforwhichthe interest is fixedmay vary fromone to five years.After that, the loanmayneed toberenegotiatedforanotherfixedrateperiodoritmaysimplyreverttoavariableratehomeloan

• Youmaybeabletomakethechoicetorepayinterestonlyorprincipalandinterest

• Theremaybeadditionalcostsifyouoptforearlyrepaymentoftheloan

FirstNationalFinancialSolutionsoffersanationwidenetworkofindependentfinancebrokerswhoareaccreditedby theMFAAandequipped toprovidesoundguidanceona rangeofmortgageproducts.They’llassistinfindingtheproductthatbestsuitsyourneeds.

Brokersareavailableatyourconvenienceandwillbehappytomeetwithyouatatimeandlocationthatsuitsyou.Consumersdon’tnormallypayforabroker’sservicedirectly.Thebrokerispaidbythelender.

Brokerscanplacebusinesswithanyofthemajorlenders,sotheyhaveanincentivetofindyouthebest,mostsuitableproduct,takingthehassleoutofarrangingfinanceaswellassavingyoumoneyandtimebyfindingthebestdealavailable.

FirstNational Financial Solutionsbrokers arehighly experiencedandbecause theydealwith alllendinginstitutions,they’llprovidearangeofopinionsmostsuitableforyou.

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Alendinginstitutionwillapplya“QualifyingRatio”whichisthepercentageofahomebuyer’sgrossincomethatcanbeprudentlyallocatedfordebt,basedonpersonalincome.

Asageneralguide,lenderslimitthetotalsumofmonthlymortgageprincipal,interest,taxandinsurancepaymentsto28percentoftheborrower’sgrossmonthlyincome.Furthermore,theymaylimitthetotalofalllong-termdebtpaymentsto36percentoftheborrower’sgrossmonthlyincome.

Evenbefore you start lookingatproperty, FirstNational Financial Solutions canhelpby assistingyoutoestablishprioritiesandacomfortableborrowingslimit.Formoreinformation,contactFirstNationalFinancialSolutionsdirectlyon1800720363oraskyour localFirstNationalRealEstateagenttoprovideyouwithlocalcontactdetails.

Beforeyoubeginactivelylookingforapropertyyoushoulddeterminewhatyoucancomfortablyafford.Thebudgetworksheetonpage32and33willhelpyoutoestablishapricerange.

how much can you

afford to spend?

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Byshoppingaroundthehomefinancemarketdaily,FirstNationalFinancialSolutionsalwayshavethebestoffersfromallmajorlenders.They’llhelpyouchoosetheloanthatbestsuitsyourneeds.You’llbeservedbyalocalprofessionalwhounderstandswhatyouwantandmanagesthewholeprocessforyou.

BecauseFirstNationalFinancialSolutionsspecialiseinrealestatefinance,theyunderstandthetimepressuresthataresometimesinvolvedandwillensurethateverythinggoesaccordingtoplan.

Youdon’thavetobeabuyertotakeadvantageofFirstNationalFinancialSolutionsservicesthough.Talktousaboutrefinancingyourcurrenthomeloanorconsolidatingdebt.

HowtocontactusVisitusonthewebat:fnfs.com.au Calluson:1800720363 email:fnfs@fnfs.com.au

FirstNationalFinancialSolutionsareexpertatfindingfinancingsolutionsfast.Thiscanmakeallthedifferencewhenyouarecompetingforthatonceinalifetimedreamhomeorinvestmentproperty.

finding the best

home loan

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Other sources for details on properties for sale are:

• National metropolitan newspapers,

• Suburban/local newspapers,

• Real estate magazines,

• Real estate agents’ windows,

• For Sale signboards, and

• Friends and neighbours.

Asidefrombasicssuchasthesuburbandnumberofbedrooms,thereareotherimportantthingstoconsider,dependingonyourcircumstances.Forexample,isthepropertywithinwalkingdistanceofaprimaryschool?Howfartothetrainstation?Isthereoff-streetparking?Doesithaveasunnyaspect?Isitonatruckroute?Howclosearethenearestshoppingfacilities?

There are now many ways of accessing information on the propertymarket.Ofthese,theinternetisbyfarthemostpopularmeansoffindingrealestateforsale.UsethesearchfeatureontheFirstNationalwebsiteto find properties listed.You’ll be asked to provide a price range andyouridealpropertylocation.Providingthisinformationhelpsnarrowyoursearch,ensuringyouonlyviewpropertiesmatchingyourcriteria.

Visitfirstnational.com.au

let’s go property hunting

Shoppingforapropertyshouldbeanexcitingadventure.Ifyouhaveaclearpictureofwhatyouwantandhowmuch you can afford, it can be a fun and rewardingexperience.

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Unconditionaloffer:

Anunconditionalofferiswhenyouofferanamounttobuythehouseaslisted(withorwithoutdrapes,fixtures,etc.)withoutaddingornegotiating

anyotherconditions.

Conditionaloffer:

Aconditionalofferiswhenyouoffertobuythepropertyonlyifcertainconditionsareacceptedbythevendor.ThesemustbelistedontheOffertoPurchase. For example, youroffermaybe conditionalon arrangingfinance. Iffinancecannotbearrangedwithinacertainperiodoftime,theofferbecomesvoid.Foryourownprotection,youshouldnominateaspecificlenderasyoursourceoffinance.Leavingoutanominatedlenderorhavingopen-endedfinanceconditionsonyourOffertoPurchasemayforceyoutotakeupfinanceatsubstantiallyhigherrates,perhapsshorterterms,andfroma lenderyouwouldnotprefertodealwith. Anotherconditionmightbeanextensionofthesettlementperiod.Ifthesellerdoesnotaccepttheconditions,furthernegotiationmaytakeplaceortheoffermaysimplybedeclined.

make an offerFound a place you’d love to call home? Once you’veconsideredothercomparablenearbyproperties,takeadeepbreathandmakeanoffer!

Therearetwowaystodothis:

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Avoid the temptation to make an offer before your

finances are arranged and approved. Even though you may wish to secure the property, it’s safer to talk to your lending institution about the type of property and its location before making the first move.

Next, make sure a legal advisor has reviewed the

contract of sale and that you are satisfied that the terms and conditions of the sale are reasonable and that you are in a position to meet those terms.

Finally, conduct a building and pest

inspection so you know if there are any problems with the property and what they might cost to fix. Now you’re ready to make an offer and, when negotiations are completed, move quickly to complete the necessary legalities to make the property yours.

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Ifbuyingatauction,askyouragentabouttheprocess.Afundamentalrulefor auctions is to be completely prepared.A successful bid at auction islegallybindingandno“coolingoff”periodisapplicable.

auctionIf you plan to bid at auction, it iswise to complete any building or strata inspections you desirebeforehand.It’salsoimportanttohavereceivedyourloanapprovalinwriting.Immediatelyfollowingtheauction,ifsuccessful,youwillberequiredtosignthecontractandprovideachequeforthefulldeposit.Itiscrucialthatanychangesorconditionsyouwouldwishtomaketothecontracthavebeennegotiatedthroughtherealestateagent,andagreedtobytheownerinwriting,priortoauction.Theownerisundernoobligationtoagreetochangestotermsstipulatedinthecontractpost-auctionandtheauctioneerislegallyentitledtosignthecontractonthebuyer’sbehalfintheeventofadispute.

Whethertheauctionisbeingheldinarealestateagent’sauctionroomsoron-site,theprocessisidentical.Theauctioneerstartsproceedingswithashortexplanationofthecontractandtermsoftheauction.Buyersareentitledtoaskquestionsatthisstage.Theauctioneerwillthencallforanopeningbid.Ifagenuinebidisnotforthcoming,thevendorisentitledtomakea“vendorbid”.

Itislegitimateforthevendortobidfortheirownproperty.Likewisetheauctioneercanbidonbehalfofthevendorascananagentonbehalfofabuyer.Theauctioneerislikelytoannouncethevendorbidifnootherbidhasbeenreceived.

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The“reserveprice”istheminimumpricethatthevendorwillaccept.Thisissetbythevendorpriortoauctionandcanbechangedbythevendorduringtheauctionifdesired.

Oncethereservepriceisreached,theauctioneerwillgenerallystatethat“thepropertyisonthemarket”orwordstothateffect.Oncethereservepriceismet,morecompetitivebiddingwillsometimesbecomeevidentasbuyersrealizethepropertywilldefinitelybesoldtothehighestbidder.

Ifthehighestbidfallsshortofthereserve,thepropertymaybepassedinortheauctioneermaypausetheauctionwhiletheagentdiscussesthesituationwiththevendor.Atthispoint,thevendormaychoosetoreducethereservetothehighestbidandrecommencetheauction. Alternatively, if thevendorrefusestorevisethereserveprice,thepropertywillbe“passedin”.Youmaythenbeapproachedbytheagentandinvitedtonegotiateinanattempttoagreeuponanacceptableofferforthevendor.

Withauctions,keepinmindthatthesalepricecanvarysignificantlyfromanyone’sreasonableexpectation.Auctionseffectivelyallowthemarkettodeterminethefinalprice.

YoucangetanideaofthelikelypriceoutcomefromPrivateTreatyadvertisementsinthearea,orfromarealestateagent’slistofrecentsales.

Onceagain,beforeyoubidatauction,makesureyou’vecompletedallthenecessary inspectionsand searchesas there’snogoingbackonceyourbidisaccepted!

When you buy at auction there is no “cooling off period”

so it’s wise to have completed all enquiries before raising your hand.

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Buyingatauction

• Thereisnocoolingoffperiod.

• Youmustpaythedepositimmediatelyfollowingasuccessfulbid.

• Allbuildinginspectionsshouldbecompletedbeforebidding.

• Youareunawareofthereserveprice(i.e.Theminimumamountthesellerwillaccept.)

• Competitionfrombidderscouldcarrythepricebeyondexpectation

• Yourbidatauctionisassumedtobeunconditional,unlessagreedotherwiseprior.

BuyingthroughPrivateTreaty(ForSale)

• Acoolingoffperioddoesapplybutyoumaybeaskedtoprovideawaiver.

• Thecoolingoffperiodvariesfromstatetostate.

• Youpaythedepositwhenexchangingcontracts.

• Youcancompletebuildinginspectionsafterexchangingcontracts,beforetheendofthecoolingoffperiod,andwithdrawyourofferifanythingisnottoyoursatisfaction.

• Thereiseitheranaskingpriceoranindicativerangeinwhichtheownerwillconsideroffers.

• Competitioncanoccurifseveralpartiesareinterestedandmakeoffersatthesametime.

• Youmaybeabletosuccessfullynegotiatecontractconditionsorchanges.

auction versus

private treatyPurchasing at auction provides buyers with the

opportunity to secure their desired property. Immediately following the auction, contracts are exchanged, thereby preventing further competition from other prospective purchasers.

The Private Treaty buying process allows more time for

negotiation, however, interested parties aren’t always aware of the presence of other would-be buyers and are sometimes surprised to find their agreed offer has been beaten or “gazumped” by another party before contracts are exchanged.

When buying by Private Treaty, some buyers move

to exchange contracts quickly so they can secure the property. The “cooling off period” is then used to complete enquiries, safe in the knowledge that only a small portion of the deposit is forfeited if the buyer withdraws from the purchase.

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Haveyour legal consultant check thedocuments thoroughlybeforeyou signbecauseoncecontractsareexchanged,youarelegallyboundtocompletethepurchase.WithPrivateTreatysales,acooling-offperiodofseveraldaysapplies,followingtheexchangeofcontracts,butthisvariesfromstatetostate.Checkthenumberofdayswiththeagentoryourlegaladvisor.

WithPrivateTreatysales,buyersaresometimeswillingtoexchangecontractsbeforecompleting legalenquiriesandbuilding inspections.This issotheycanbesure theyhavesecured thepropertyandprotected themselves fromthelikelihoodoftheownerreceivingahigherofferfromanotherbuyer.Theyusethecoolingoffperiodtothencompleteenquiriestotheirsatisfaction,safe intheknowledgethatthevendorispreventedfromconsideringanyotheroffers.

Whenyourofferorbidisaccepted,youandthesellerwillsign and exchange Contracts of Sale.You’ll also pay thedeposit (usually10percent) totherealestateagentwhoplacesitinatrustaccount.

exchanging

contracts

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Intheeventthatthebuyerdecidesnottoproceedwiththepurchasebeforetheexpirationof thecoolingoffperiod,a smallpercentageof thedeposit isforfeited. Check the contract for the exact details or ask an advisor beforeexchangingcontracts.

Oncecontractshavebeenexchanged,your legaladvisororconveyancerwillmanagetherestofthetransactionthroughuntilsettlement–thedaythebalanceofallmoniesarepaidandownershipofthepropertyistransferredtothebuyer.

Conveyancingisanintegralpartofthebuyingprocess.Thisistheprotocolbywhichlegaltitle(orownership)ofapropertyistransferredfromonepartytoanother.This isusuallydoneinoneofthreeways;asolicitor,aconveyancer,orbythepurchaserusingado-it-yourself(DIY)conveyancingkit.Solicitorsareusuallythemoreexpensiveoptionbutcanprovideyouwithawiderangeoflegaladviceinrelationtoyourpropertypurchase.Expecttopayanythingfrom$400toupwardsof$1,500,dependingonthecircumstancesofyourparticularpropertytransaction.

Conveyancers are licensed to provide the same conveyancing services assolicitors,butcannotprovidecomprehensivelegaladviceshouldproblemswiththetransactionemerge.Insuchaneventitmaybecomenecessarytoretainasolicitor,inadditiontotheconveyancer.

Conveyancersareoften lessexpensivethansolicitors,with feesranging from$600to$1,000(althoughtheircostswillvarydependingonthecircumstancesofyourparticularpropertytransaction).

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Howthesettlementprocessworks

1. Yoursolicitor/conveyancerwillprepareallthedocumentationthatwillberequired tocomplete thepurchaseon thedayofsettlement.

2. Your solicitor / conveyancer will contact the vendor’s legalrepresentativetoarrangethedate,placeandtimeofsettlement.

3. Yoursolicitor/conveyancerwilladviseyoupriortosettlement,of the exact date, time of settlement and the amount offunds that you are required to provide prior to settlement(ifapplicable).

4. Aftersettlement,thevendor’ssolicitorwillcontacttherealestateagentthatsoldyouthepropertyandinstructthemtoreleasethekeys to theproperty toyou.Thisnormallyoccurs aroundonehouraftersettlementandtheagentcannot legally releasekeysuntilorderedtodosobythevendor’ssolicitorinwriting.

5. Your solicitorwill contactyou toconfirmsettlementhas takenplace.TheywillalsosendyouaStatementofAdjustmenttoshowyouhowthefundshavebeendisbursedtoallpartiesinvolved.

At thispoint, theproperty isofficiallyyours.So, sendouttheinvitationsforyourhousewarmingparty!

You’re nowon the home straightwith the finish linein sight. Itusually takes four toeightweeks fromtheexchangeofcontractsforsettlementtobecompleted.Untilsettlement,thepropertyremainsinthepossessionofthevendor.

During the settlement period purchasers

are entitled to ask for accompanied access to the property for “reasonable” purposes. This might include measuring up for appliances you need to buy, curtains you may wish to order, or renovations you might wish to begin planning for. Remember though, the property still belongs to the owner and they are not obliged to grant access so it’s wise to be judicious with your requests.

Stay in close contact with your legal representative

when planning removal van booking times. It’s crucial that your belongings will be delivered to your new home at a time that fits tightly with the legal process.

Your agent cannot hand over the keys to

your new home until instructed in writing to do so by the vendor’s solicitor. This can cause difficulty if you have moved out of your current residence and settlement does not proceed as planned, causing delays.

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settlement

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You’realmostthere!Nextcomespackingupandmoving intoyournewproperty.Regardlessofwhetheryou’veboughtamansionoracozystudio,movinghomecanbeveryhecticsoitpaystoplanwellinadvance.

Start organising the move as soon as you’ve exchanged contracts. Sort and sell thingsyoudon’tneedatagaragesaleandputthemoneytowardsmovingcosts.Askfriendstorecommendremovalcompanies,orlookintheYellowPages.Askforquotesaspricescanvaryconsiderably.Atthebackofthisbookletyou’llfindahandymovingkit.

getting ready to

move

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Eightweeksbeforethemove

o Ifyouareusingaprofessionalmover,getestimatesfromdifferentmovingcompaniesandchoosetheonethatisbestsuitedtoyourneeds.Ifyouaremovingyourself,getestimatesfromtruckrentalcompanies.Besuretomakeyourbookingwellinadvance.

o Drawafloorplanofyournewhouse.Thiswillhelpyoudecidewhatfurniturestaysandwhatfurniturewillgo.

o Useupthingsthatcan’tbemoved-suchasthefoodinyourfreezerandflammablehouseholdaerosolcleaningsupplies.

o Contacttheinformationofficeorlocalcouncilinyourfuturelocationandstartgatheringinformationaboutyournewhometown.

Sixweeksbeforethemove

o Discusscosts,packing,loading,delivery,insuranceandtheclaimsprocedurewithyourmover.

o Makeinventoryofallofyourpossessionsnowdeterminewhatcanbesoldandwhatcanbedonatedtocharity.

o Get copies of your records from doctors, dentists, lawyers, accountants, etc. Makearrangementstotransferyourchildren’sschoolrecords.

o Gotothepostofficeandobtainachangeofaddresskitandstartfillingoutthecards.Don’tforgetaboutchangingtheaddressonmagazinesubscriptions,catalogues,etc.

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Fourweeksbeforethemove

o Ifyouhavecontractedtohavethemoverdoallthepackingforyou,arrangetohavethis taskcompletedadayortwobeforeloadingthetruck.

o Ifyouneedit,arrangeforstorage.

o Cleanorrepairanyfurniture,curtains,orcarpetsthatneedit.

o Holdagaragesale.Usetheextracashtosplurgealittleonyournewplace.

o Ifyouaremovingyourself,workouthowmanyboxesyou’llneed.(Manytruckrentalcompanieswillprovidethisservice)

o “Do-it-yourselfers” should take stock ofnon-boxable items.Add 15 per cent totheir combined cubic feet (along withtotalcubicfeetofboxestobeloaded)todeterminethesizeoftruckyou’llneed.

Threeweeksbeforethemove

o Assemblepackingmaterials

o Furniturepads

o Packingtape

o Bubblewrap

o Styrofoam“peanuts”

o Nylonpackingstringandrope

o Crumplednewspapers

o Scissors

o Utilityknife

o Largeself-sticklabels

o Felt-tipmarkers

o Boxes,boxes,boxes

o Beginpackingitemsthatyouwon’tneed.Don’t pack too much weight in an un-reinforcedbox.

o Arrangetocancelutilitiesandservicesatyouroldhomeandhavetheminstalledatyournewhome.

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Twoweeksbeforethemove

o Arrangetotransferallofyourbankaccountstonewbranchlocations.

o Makeanyspecialarrangementstomovepets.

o Consultyourveterinarianabouthowtomakemovingeasierforyourpet.

o Makearrangementsfornewtelephoneservice.

o Cancelanydirectdepositorautomaticpaymentarrangementsonbankaccountsyouareclosing.

o Canceldeliveryservices.

Oneweekbeforethemove

o Transferallmedicalprescriptionstoapharmacyinyournewlocation.

o Ifyouwillneedababysitter,makeabookingbeforemovingday.

o Returnlibrarybooksandvideotapes.

TwoorThreedaysbeforethemove

o Defrostyourrefrigeratorandfreezer.

o Havethemoverspackyourshipment.

o Arrangetohavecash,acertifiedcheque,ormoneyorderreadytopaythedriverondeliveryday.

o Setasidevaluablesandlegaldocumentstogowithyou,notinthevan.

o Packclothingandtoiletriestogowithyou,takeadayortwo’sextraclothesincaseofdelay.

o Packyourfirst-dayhandyitemsbox(see“DeliveryDay”)togowithyou.

MovingDay

o Do-it-yourselfmoversshouldpickupthetruckearly.

o Makealistofeveryitemandboxloadedontothetruck.

o Letthemoverknowwhereyoucanbereached.

o Beforeyousignyouragreementwiththemover,readtheconditions.

o Keepitinasafeplaceuntilyourgoodsaredelivered,chargesarepaid,andanyclaimsaresettled.

o Checkyouroldhousetomakesureyou’veturnedoffwater,appliancesetc.

o Inspectbasement,attic,garage.

o Beonhandtoanswerquestionsandgivedirectionstothemover.

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DeliveryDayAssemblefirst-dayhandyitems:

o Scissors.

o Utilityknife.

o Coffeecups.

o Teakettle.

o Paperplates.

o Toiletpaper.

o Instantcoffee,tea,softdrinks.

o Soap.

o Pencilsandpaper.

o Localphonebook.

o Maskingtape.

o Bathtowels.

o Trashbags.

o Toiletrieskit.

o Shelfliner.

o Check off all boxes and items as theycomeoffthetruck.

o Makesuretheutilitiesarehookedup.

o Unpackkids’toys.

o Be on hand to answer questions, paythedriver,givedirectionandexamineyourbelongings.

ThingstoDo-TickWhenCompleted.

Here’safinalchecklistofcontactstobemade:

Financial/Legal(notifyinwriting)

o Bank(Creditcardsandchildren’saccounts)

o Buildingsociety(Loanandsavingsaccounts)

o Creditunion

o Age/Invalid/Repatriation

o Pensions(SocialSecurity/RepatriationDepartments.)

o Publiclibrary

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o Lifeinsurancecompanies(quotepolicyno.)

o Property insurance company (contents

quotepolicyno.)

o Carinsurancescompany(quotepolicyno.)

o Anyotherinsurance(children’saccident,etc.)

o Hirepurchasecompanies

o Creditcards(DinersClub,storeaccounts,etc.)

o MotorregistrationBranch

o Carregistration

o Driver’slicense

o Electoral Office (address in telephone

directoryunderGovernmentsection)

o Localpolice(ifyouhaveanydrivingsummonses,

etc.pending,orifyouaretobeawitnessinacase,etc.)

o Shares&investments,

o Governmentbonds,etc.

Personal/Social

o Employerso ApprenticeshipCommissionifoneofthe

family is apprenticed (quote apprenticeship

number)

o Schoolso Kindergarteno Primaryo Secondaryo Part time, evening and correspondence

courseso Other (when children change school, youmay

needanofficialtransfer)

o Doctoro Dentisto Hospital(ifyouareanoutpatient,etc.)

o Babyhealthcentreo Healthfundo Socialclubso Children’sactivities(Scouts,Ballet,etc.)

o Sportingclubs(whetheraplayeroramember)

o Neighbours

o Relationso Friendso Other

Housekeeping

o Newsagent(withdatelastpaperrequired)

o Electricitydepartment “off ”atoldaddress “on”atnewaddresso Gascompany “off ”atoldaddress “on”atnewaddresso Telephone(ContactRegionalSalesOffice)

“off ”atoldaddress “on”atnewaddresso Post office (pay a monthly fee for redirected

mail)

o Magazinesubscriptions(anythingreceivedby mail)- save wrappers with referencenumbers

Here’s a good idea - make up a “MovingNotice” and photocopy enough for yourrequirements.Itwillsavetimewritingletters.Here’sasample:

WE ARE MOVING!!John & Mary Brown are leaving 1 Smith Street, Smithtownand will be at10 Brown StreetBROWNSVILLE STATE 0000From 1st NovemberNew Telephone: (00) 0000 0000

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Movingtoanewhomecanbeoneofthebiggestchangesthatafamilycanface,especiallyforyoungchildren,soitisimportanttotakethemintoconsideration.Withsensitiveplanningthesechangescanbeputintopositiveframework.

Thefollowingareafewpointstotakeintoconsideration.• Prepare your children for the move by giving them lots of

informationaboutthereasonsformovingandlettingthemknowwhattheycanexpectintheirnewhome.

• Invitechildrentotalkabouttheirfeelingswithyou.• Listentowhattheyhavetosayandassurethemthatyouunderstand.• Avoid being over optimistic and insisting everything will be

wonderful.Evenifthenewhomeisfantasticitmaystilltaketimeforthemtoadjust.

• Trynottotakeitpersonallyifyourchildishavingtroubleadjustingtothemoveandblamesyouforcausingit.

• Trytoexplainthatsometimesbigdecisionsneedtobemadeandsomecannotbeavoided.

• Provideemotionalsupportandunderstanding.• Sharethefeelingsthatyoumayhavehadduringyourchildhood.• Don’tforgettoshareyourfeelingswithsomeone,adultssometimes

needsupportaswell.• Focusonthepositiveaspectsofyournewhome,neighbourhood

andcommunity.

Remember,yourlocalFirstNationalRealEstateconsultantcanprovideinformationandcontactsthatwillassistyoutosettleintoyournewarea.

Justask.

kids and

movingBuying a new house and planning a move may

be as much stress as you think you can handle - but remember that it is likely to be a particularly trying time for your children as well.

Kids need time to get used to the idea of

moving, so give them as much advance warning as possible. Provide them with as much information as you can about why the family is moving and what they can expect in their new home and suburb.

It’s important to be positive and optimistic because your

children’s attitude will largely mirror yours. But don’t insist everything is going to be wonderful. Even if the new house is fantastic, it may still take time to adjust.

1.

2.

3.

Tip

34 35

Howmuchcanyouaffordtopayeachmonth/fortnight?

Your Income:You

(perfortnight/month)Yourpartner

(perfortnight/month)

Netsalary/wages(aftertaxandsuperistakenout)

$ $

Regularovertime(aftertaxandsuperistakenout)

$ $

Part-timeemployment(aftertaxandsuperistakenout)

$ $

Commission(aftertaxandsuperistakenout)

$ $

Netrentreceived $ $

Netinterest/dividends $ $

Otherincome(includingbusinessincome,benefits)

$ $

TOTAL A $ B $

TOTALA+B=TOTALC $ TransferthistotaltoCbelow

budgetworksheet

34 35

Your Expenditure:

(perfortnight/month)

Mortgagepaymentsotherthanthisloan $

Rentorboard(ifapplicable) $

Creditcardrepayments $

Hirepurchasepayments $

Repaymentofotherloan(s) $

Estimatedmotorvehicleexpenses(fuel,maintenance,registration,insurance,etc) $

Lifeassuranceandsuperannuationpayments $

Schoolandchildcarefees/maintenance $

Rates $

Medicalinsurance $

Houseandcontentsinsurance $

Otherhouseholdexpenses(estimateamountforgas,electricityandwater,telephone,maintenanceetc)

$

Foodandclothing $

Otherlivingexpenses(estimateamountsforgifts,travelling,entertainment,holidays,donations,subscriptions,etc)

$

Otherexpenses-givedetails $

TOTAL D $

Totalfortnightly/monthlyincome(fromabove) TOTAL C $

Lesstotalmonthly/fortnightlyexpenses(fromabove) TOTAL D $

TOTAL MONTHLY / FORTNIGHTLY UNCOMMITTED INCOME $

You would use this uncommitted income to make your mortgage repayments, but don’t forget to allow yourself a sufficient amount for any unexpected expenses.

36 37

36 37

purchase worksheetPotentialdeposit

Savings $_________________

Shares(approx.currentvalue) $_________________

Otherinvestments $_________________

Assets(approx.marketvalue) $_________________

Othersources $_________________

TOTAL AVAILABLE FOR CONTRIBUTION $ _________________

Note: Combine savings, shares, etc. if this is a joint purchase.

Theadditionalcostsofbuyingahouse

Valuer’sfee $_________________

Solicitor’sfee $_________________

Loanapprovalfee $_________________

Movingcosts $_________________

Newappliancesorfittings $_________________

Bondsorestablishmentfeesyoumayhavetopay

Electricity $_________________

Gas $_________________

Telephone $_________________

Other $_________________

Lumpsumsyoumayhavetopaywhenyoumovein

Insurance

House $_________________

Contents $_________________

MortgageProtection $_________________

MortgageInsurance $_________________

Rates $_________________

Other $_________________

Urgentmaintenanceorrepairs $_________________

Other $_________________

RealEstateagentfees(ifyouaresellingahouseandbuyinganother) $_________________

TOTAL ADDITIONAL COSTS $ _________________

Note: You can add these costs to the amount you borrow.

38 39

abbreviationsWhataretheadsintherealestatepagesreallysaying?

Ac-airconditioningAlc-alcoveBi-built-inBir-built-in-robebics-built-in-cupboardsbr-bedroombt-brickwallswithtileroofctl-cementtilecnr-cornercrm-creamcrpt-carpetcpds-cupboardsdep-depositdet-detacheddinrm-diningroomdble-doubledblefr-doublefronteddbr-doublebedroomelf-electriclightfittingselhws-electrichotwaterserviceencl-enclosedestab-establishedext-externalfib-fibrocementfitts-fittingsflcovs-floorcoveringsf/furn-fullyfurnishedftld-fullytiledgi-galvanisediron

grge-garageghws-gashotwaterservicehtr-heaterinclude-includingingrpl-in-groundpoolint-interestintl-internalkit-kitchenk’ette-kitchenettelge-largel/fitt-lightfittingsliv-livinglnge-loungeldr-loungediningroomlug-lockupgaragemais-maisonettemstr-mastermtge-mortgageoil/htr-oilheaterofp-openfireplaceono-ornearestofferoyo-ownyourownophws-offpeakhotwatersystemOS-OldSystemTitleOsp-offstreetparkingpedbsn-pedestalbasinpa-perannumpmth-permonthpwk-perweek

polflr-polishedfloorposn-positionqual-qualityrec-recessren-renovatedrend-renderedrc-reversecyclerf-roofrm-roomrow-rightofwaysc-self-containedshwrrcs-showerrecesssglefr-singlefronteds’out-sleepoutspac-spacioustctile-terracottatilet’out-throughouttldrf-tiledrooftmbr-timbertf-timberframeTT-TorrensTitleumr-undermainroofvenblds-venetianblindsvp-vacantpossessionwc-waterclosetwipant-walk-inpantryww-walltowallwb-weatherboardwi-wroughtiron

38 39

Adjustment Theapportionbetweenbuyerandvendorofexpenseslikecouncilandwaterrates.

Allotment Alotorblocksubdividedfromalargerportionofland.

Amortisationperiod The number of years it will take to repay a home loan completely. Maximumamortizationperiodisusually25years.

Appraisedvalue An estimate of the value of the property offered as security for a home loan.Thisappraisalisdoneforfinanciallendingpurposesandmaynotreflecttheactualmarketvalue.

Assets Whatyouown.

Auction Saleofapropertyinpublictothehighestbidder.

Breachofcontrac Breakingthetermsofacontract.

Brickveneer A systemof building inwhich a structural timber frame is tied to a singlebrickexternalwall.

Bridgingfinance Ashort-termloan,usuallyatahigherrateofinterest,takenoutbypeoplewhohaveboughtahousewhilewaitingfortheirstobesold,orwhenanormalmortgageandtheirsavingsfallbelowtheaskingprice.

Buildingregulations Designedtoupholdthestandardsofpublicsafety,healthandconstruction,theseregulationsareinplaceandhavebeenformulatedbylocalcouncilstocontrolthequalityofbuildings.

Caveat IsadocumentanypersonwithalegalinterestinapropertycanlodgewiththeTitlesOfficetoensurethepropertyisnotsoldwithouttheirknowledge.

CaveatEmptor Latinfor‘LettheBuyerBeware.’Thisputstheburdenontothebuyertobesatisfiedwiththeitembeforepurchasingaproperty.

CertificateofTitle Legal proof of ownership of a property, carrying the owner’s name and otherinformation.

Chattels Chattelsarepersonalproperty.Therearetwotypes.Realchattelsarebuildingsandfixtures.Personalchattelsareclothes,furniture,etc.

Clusterhousing. Detachedgroupofhouseswhichshareopenspace.

ClusterTitle EachClusterTitleholderhasaCertificateofTitlewhichspecifiesownershipintermsofaparticularareaforwhichtheowner isresponsibleanddefinesthecommonproperty.UnlikeaStrataTitle,itdoesnotsubdivide‘airspace.’

glossary of

terms

40 41

Commission Feepayabletorealestateagentforsellingaproperty,bythepersonauthorisingthesale.Usuallyapercentageofthesaleprice.

Commonproperty Areasinstrata-titlepropertiessharedbyallowners.

CompanyTitle Thistitleapplieswhenownersofflatsinablockforma company. Each has shares in the company whichownsthelandandbuildings.Theownerofthesharesisentitledtoexclusiveoccupationofaflat.However,ifyouwanttoalteroccupancyinanyway,youmusthavethe company’s approval to do so. See your solicitorbeforebuying.

ContractNote The first document signed on buying a house issometimesaContractNote,insteadofaContractofSale.This documentwhen signed by both parties isa legallybindingasaContractofSaleandthebuyerandsellershouldtreatitwiththesameimportance.ItmustbeaccompaniedbyaVendorStatement.

ContractofSale Written agreement setting out the terms andconditionsofapropertysale.

Conveyancing Legal process of transferring the ownership of apropertyfromonepersontoanother.

Covenant Conditions affecting the use of land or propertywrittenintothetitle.

Deposit Usually 10% of the purchase price of a propertyplacedintrustasevidenceofintentiontobuy.Non-refundable after exchange of contract, the depositgoestowardsthepurchasepricewhenthesalegoesthrough.

Easement A right held by someone to use land belonging tosomeoneelseforaspecificpurpose.Mains,drainsandwaterpipesareusuallycoveredbyaneasement.

Encroachment Whenabuildingoverhangssomeoneelse’sproperty,orafenceisbuiltoverhedividinglinebetweentwoproperties.

Encumbrance Aneasement,mortgage,orotherliabilityonapropertywhichimpedesitsuseortransfer.

Equity The difference between the market value of theproperty and any loans that areoutstandingon theproperty.

Exclusions Anyitemthatisspecificallynotincludedinthesale.e.g.Anabovegroundpool,gardenshed,etc.

Flatinterestrate Iscalculatedontheoriginalamountofthemortgageforthewholetermoftheloan.

Freehold Anowner’s interest in landwherethepropertyandthelandonwhichitstandsbothbelongtotheirownerindefinitely.

Gazumping Ifsomeonehasagreedtosellyouapropertyandthensells it tosomeoneelse forahigherprice,youhavebeengazumped!

GeneralLawTitle Old,complicatedformof landownership in formofchainofdocuments.Canbemorethan100yearsoldandofhistoricinterest.

Inclusions Lights, curtains, blinds, ceiling fans, airconditioning units,flyscreens,TVantenna,dishwasher,rangehood,stove,fixedcupboards,clotheshoistoranyotherremovableitemthatthevendorhasagreedwillbeincludedinthesale.

40 41

Interest-onlyloans Loanonwhichinterestonlyispaidperiodicallyandtheprincipalpaidattheendoftheterm.

Inventory Listofitemsincludedwithapropertyforsale;usuallyfurniture,furnishingsandotherremovableitems.

Investment Thepurchaseofanasset,suchasrealestate,withtheultimategoalofproducingcapitalgainontheresaleoftheasset.

Jointtenants JointTenancy is the equal holding of property by two or more persons. If onepersondies,theirsharepassestothesurvivor/s.

Landtax Value-basedlevyappliedtosomeproperty(exemptionsincludeprincipalplaceofresidence).

Lease Adocumentgrantingpossessionofapropertyforagivenperiodwithoutconferringownership.Theleasedocumentspecifiesthetermsandconditionsofoccupancybythetenant,includingperiodofoccupancy,rentpayable,etc.

Leasehold Theinterestinlandofapersonwhoownsaleasegrantedbyafreeholder.

Liabilities Youroutstandingdebtsorwhatyouowe.

LimitedTitle FormorTorrensTitlewhichappliestoapropertybefore ithasbeenadequatelysurveyed.

Maturitydate Thelastdayofthetermofthehomeloanagreement.Thehomeloanmustthenbepaidinfullorthehomeloanagreementrenewed.

Mortgage Legalagreementonthetermsandconditionsofaloanforthepurposeofbuyingrealestate.

Mortgagee Onewholendsthemoneyfortheproperty.

Mortgagor Onewhoborrowsthemoneytopurchaseproperty.

Multiplelisting Systemofsellingthepropertythroughmanyagents.

Offertopurchase Aformallegalagreementwhichoffersaspecifiedpriceforaspecifiedproperty.Theoffermaybefirm(noconditionsattached)orconditional(certainconditionsapply).

OldSystemTitle AnotheroldformoflandtitleandalsoknownasCommonLawTitle.AutomaticallyconvertedtoTorrensTitleonthesaleofaproperty.

OptiontoBuy Legalagreementgivingthebuyertherighttopurchasepropertyatanagreedtimeandprice.

Optionfee Usuallyonepercentofprice,ispayableandforfeitedifbuyerdoesnotgothroughwiththetransaction.

PartyWall Wallseparatingtwoadjoiningbuildingsandnormallystraddlingtheboundary.

Plan Thisshowsthegroundplandesign,elevationofhouse,numberandsizeofrooms,kitchen,bathroomsandlaundrylayout,positionofthehouseontheland.

Principal Theactualamountofmoneythathasbeenborrowedtobuyaproperty.

PrivateSale The seller does not engage an estate agent but acts on his own behalf, dealingdirectlywiththebuyer.

PrivateTreatySale Saleofpropertyviaanagentthroughprivatenegotiationandcontract.

QualifiedTitle AppliestosomeOldSystemTitlesconvertedtoTorrensTitlewhichmaynothavebeenfullyinvestigated.

RealProperty Land,withorwithoutimprovements.

RequisitionofTitle TheprocessinwhichthebuyerofapropertyasksforwritteninformationaboutthetitletoapropertyfromthevendorinadditiontothatsuppliedintheContractofSale.

Reserveprice Pricebelowwhichanownerisnotpreparedtosellatauction.

RightofWay Rightofaccessacrossaproperty.

RiseandFallClause Thisclausewouldbecontained inabuildingcontract. Itprovides foranupwardordownwardcontractpricedependantonmovementofprices,wagesorotherfactorsspecified.

Security Propertyofferedasbackingforaloan.Inthecaseofhomeloanmoneyusuallyactsasthesecurity.

Semi-detached Twobuildingsjoinedbyacommonwall.

42

Settlement Completionofsalewhenbalanceofcontractpriceispaidtothevendorandthebuyerislegallyentitledtotakepossessionoftheproperty.

Soleagency Oneagentoragencyhastheexclusiverightstosellaproperty.

Stampduty AStateGovernmenttaximposedonthesaleofrealestate.Itisdeterminedbythesalevalue,anditvariesbetweenstates.

StrataTitle Mostcommonlyusedforflatsandunits,thistitlegivesyouownershipofasmallpieceofa largerpropertyincluding‘airspace’.Youhavesolerighttoaparticularunitandcanlease,sellorlegallydisposeofyourunitasyoudesire.Youalsohaveanundividedshareofthecommon land.You also become a member of theBodyCorporatewhichcontrolsmaintenance.

StratumTitle This title gives you legal ownership over a piece ofpropertyandalsogivesyouashare inthecompanysetuptolookafterthecommonareasoftheflatsorunitsyoulivein.Itdoesnotinclude‘airspace’.

Survey Confirmation of the property boundaries andimprovements.

TenancyinCommon Tenancy in Common is the holding of property bytwoormorepersons,eitherequalsharesorunequalshares.Ifonepersondies,thepropertyisdealtwithinaccordancewiththelaw.

Term The time length of a home loan. Payments mademaynot fully repay theoutstandingprincipleby theendof the termbecause theamortisationperiod islonger.Forexample,aFixedRateLoanmighthaveafiveyearterm,but itwill take20years torepaytheloan completely.When a term expires, the loan isrenegotiated.

Titlesearch Theprocessofexaminingthelandtitletoensurethevendor has the right to sell and therefore transferownership. A title search details the names of theowners and other information about the propertysuchasencumbrancesorcaveatsonthetitle.

TorrensTitle System of recording ownership of property, alsoknown as Certificate of Title. Most common andsimplestformoftitletoproperty.

Townhouse Twostoreyattachedbuilding,usuallyStrata-Titled.

Transfer Document registered in the Land Titles Officerecordingchangeofownershipofaproperty.

Unencumbered Propertyfreeofcovenantsorotherrestrictions.

Valuation Assessment of the value of a property given in awrittenreportbyaregisteredvaluer.

Variablerateloan Ahome loan forwhich the interest ratechangesasthemoneymarketchanges.Thepaymentremainsthesame,howevertheamountappliedtoreduceprincipalchangesaccordingtochangeininterestrate.

Vendor Personofferingadwellingforsale.

VendorStatement Statement setting out particulars of the property,madebythevendor.

Villa Anattacheddwellingusuallysinglestorey.

Zoning Controloftheuseoflandexercisedbylocalauthoritiesortheresponsibleplanningauthority.

42

Bundall / SorrentoParadise Point

PARADISE POINT

GOLD COAST

2 Grice AvenueParadise Point Q 4216P 07 5529 5700Level 4 / 29 Crombie Avenue,Bundall Q 4217P 07 5557 4888fnrqld.com.au