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Frequently Asked Questions

What should I look for when walking through a home?
In addition to comparing the home to your minimum requirements, consider the following:

  • Is there enough room for both the present and the future?
  • Are there enough bedrooms and bathrooms?
  • Is the house structurally sound? Have you had a building inspection? Do you need a pest inspection – especially check for white ant infestation?
  • Do the appliances work? Are there any warranties still in place?
  • Is the yard big enough?
  • Do you like the floor plan?
  • Will your furniture fit the available space?
  • Is there enough storage space?
  • Does anything need replacing or repair?
  • Is the drainage adequate in torrential storms? Is there any pooling of rainwater or flooding? What is the condition of the roof?

What questions should I ask when looking at a home?
Many of your questions should focus on potential problems and maintenance problems:

  • Does anything need to be replaced?
  • What things require on going maintenance?
  • Also ask about the neighbourhood, focusing on quality of life issues.
  • Be sure the answers you receive are clear, complete and to your satisfaction.

Making a list of your questions beforehand will help you organise your thoughts and reduce the risk of forgetting something important when you are in the house.


Do I need to be present for the building and pest inspection?
It’s not required, but it is a good idea. Following the inspection, the inspector will be able to answer:

  • Questions about the report
  • Any problem areas he may have found
  • It is also an opportunity to hear an objective opinion on the home

Don’t forget to ask any general maintenance questions you may have, as the building inspector is a good person to give you an objective answer.

Are other types of inspections required?
No. The building and pest inspections are the most important. Your solicitor will also carry out a number of searches on your behalf prior to settlement.

Do I need a solicitor?
This varies from state to state but in Queensland it is possible to conduct your own conveyance. However, if you are borrowing money you may find the financial institution will insist upon the use of a solicitor. We would also recommend the use of a solicitor as the paperwork is complex and if you make a mistake it could be very costly. The fee you pay to your solicitor is money well spent for your peace of mind.

What is a mortgage?
Generally speaking, a mortgage is a loan obtained to purchase real estate. The "mortgage" itself is a lien (a legal claim) on the home that says you promise to pay the debt. All mortgages have two things in common: principal and interest.

What is the LTV?
The loan to value ratio is:

  • The amount of money you borrow compared to the valuation of the home
  • The LTV ratio reflects the amount of equity borrowers have in their home.


How large of a deposit do I need?
The general rule of thumb is 10%:

  • However there are now some mortgage options that require a deposit of only 5%
  • If your deposit is less than 10% most financial institutions will require mortgage insurance
  • Remember when considering the size of your deposit you have other expenses to consider at settlement. – stamp duty, legal fees etc.

 

     
 
 
 

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© 2009, Godwin Witten & Associates,

Cairns

17 Aplin Street, Cairns 4870.
Phone: +61 7 4041 1766
Fax: +61 7 4041 1770

GWAA Corporate license 1504010, David Alex Witten Real Estate License 1501413, David Alex Witten Auctioneer License 1700448.

 

  
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