Use this simple checklist to help you through buying a home or apartment off the plan.
Step 1 – Set your budget
In most cases there is an expectation from financial institutions that you have saved 10% of the value of the home you are looking to purchase. Have you saved enough for a deposit of the purchase price or do you need to work out a savings plan? The deposit amount can vary for each project so check first with your Project Sales Manager. It is generally between 5-10%.Speak with a finance expert to determine how much you can borrow to finance your purchase.
Step 2 – Select your preferred home or apartment
Be sure to book an appointment with your Project Sales Manager because as an early purchaser, you will have greater opportunity to choose an apartment that meets your criteria in relation to position, aspect, floor plan and price.
Decide what you want:
- How many bedrooms do you need (1, 2 or 3)? Ensure you think of how long you plan on living there and what needs your home needs to service for you. For example are you looking to have children soon? Or accommodate a family member?
- How many bathrooms? This can be important when it comes to using items simultaneously i.e have a toilet separate to bathroom
- Ground floor with courtyard or higher level with balcony? They both have their own pros and cons. Make the choice for what you value more
- Would you like a view? In some cases you may be provided with what the indicative view will be
- Which floor plan layout do you like?
- Any other considerations to meet your needs and preferences?
Once you have selected your product of choice, to initially take the property off the market for 14 days all you need to pay is a non-refundable reservation administration fee (this generally is around the $500-$1,000 level). This process may vary from development to development so be sure to check what the process is with your Project Sales Manager.At this point you may also need to choose your preferred colour scheme.
Step 4 – Finalise your contract
The contract is sent to your nominated solicitor or conveyancer for signing. Advise your Project Sales Manager if you do not know a Solicitor or conveyancer and they will be able to guide you in the right direction.From the issue date of contract, you will have 14 days to exchange contracts and pay the balance of the 10% deposit. You are able to pay this in cash via a direct deposit, cheque, bank guarantee or deposit bond.
If you are a first home buyer, don’t forget to ask your solicitor for assistance with any Government First Home Owner Grant (New Homes) Scheme and other incentives available in your State or Territory.
Step 5 – Note construction progress of your apartment
You will be contacted by our Customer Service Team who will continue to keep you updated throughout the construction period emailing you newsletters and regular updates along the way of the status of your new property.
Approximately three months prior to the completion of your new home/apartment, our team will commence sending you more frequent correspondence to assist you in the lead up to settlement. This will include your handover inspection, a moving in guide, fact sheets and any other useful information to assist making the move into your new home as seamless as possible.
This is also a good time to get your financial affairs in order and finalise your loan. An important note is finance can take quite some time to get organised and you are best suited to liaise with your loan manager to get advice on how much notice they need.
Step 6 – Pre-settlement of your apartment
Once your home/apartment is complete, our Customer Service Team will invite you to your pre-settlement inspection. The pre-settlement inspection provides you with the opportunity to not only inspect your future home, also identify any quality issues.
Some time shortly after your pre-settlement inspection, we will instruct our solicitors to issue notices to all purchasers to proceed with the settlement of your home/apartment.
Step 7 – Settlement of your new property
Once your loan is approved and finalised, your solicitor or conveyancer and chosen bank will liaise with each other.
Frasers Property’s solicitors will also contact your solicitor or conveyancer to arrange the settlement and payment of the balance of the purchase price. This is the exciting time where you officially receive the keys to your new home.
Step 8 – Move in!
Sit back, relax, and enjoy your new home! See tips for moving in!
To view our range of apartments for purchase off-the-plan click here.