Some months ago, the Australian Reserve Bank announced that now is a better time for buying a house in Australia than has been the case for 10 years. A house still constitutes the most sizable purchase that will ever be undertaken by most people, and various tricks exist to allow them to save some money in the process.
When you’re considering the purchase of a home, the best method is to make use of a property finder such as homesales.com.au, as this puts you in contact with people intimately familiar with the market. Older properties will be cheaper, but will require additional maintenance. If you find yourself determined to own a new house, usually, you will be offered a variety of ranges
of drastically differing price, and going with a lower range will produce savings. Another way to achieve savings is the purchase of a display home. While never having been occupied, these will have had a great number of people traipse through and so are not exactly brand new. A house’s floors ought to be a key issue when making a purchase, as it is cheaper to maintain tiles than carpets. Quality windows will save money when it comes to heating. You could earn a tax credit if air conditioning and heating systems are friendly to the environment.
Mortgages and credit rating
When purchasing a house, it is essential to consider every available option. Different banks will offer differing features and interest rates and information should be accumulated from a wide range of sources, including friends and family as well as online forums. It is vital that you know each lender’s pros and cons.
If your standing in terms of credit is, shall we say, lacklustre there will be more interest to pay on a mortgage. You could improve your situation by not residing in the same house as another person with a less-than-stellar credit history, repaying loans, not switching between jobs often, asking for the removal of incorrect entries from your credit history and getting some plastic.
When a property is held under the name of one partner of a couple, it cannot be seized by creditors pursuing a debt held by the other partner. Stan Wallis, formerly the chairman of Coles Myer and AMP, took legal action against that very practice with his home in the posh suburb of Malvern East in Melbourne.
Conveyancing describes the transfer of ownership of buildings and land, and you could easily do it yourself as it entails no more than minimal clerical skill. If you can manage to fill in a tax return, conveyancing will present no problem to you. If you find difficulty, it will usually be possible to obtain assistance courtesy of the local Land Titles Office, where nigh-on all the land and buildings
of Australia are registered. In a majority of states, a conveyancing kit can be bought for a mere $70, which contains all the required forms and instructions. Conveyancing property transfers theresponsibility of mortgage repayments to the new owner.