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Buying property 101: Who’s who? Pt 2

17.05.22 | Marc Barlow | Blog

Building and pest inspectors

While lots of people purchase without having a building inspection done, it’s a reasonably cheap and useful way to ensure there are no hidden surprises. Inspectors look at things like wiring, damp, sub-floor ventilation, plumbing, foundations and other structural issues that might be expensive to fix in the future.

For a few hundred dollars, you can find out whether you’re looking at a disastrous money trap, a perfect property, or a place that might need a bit of fixing when you move in. This knowledge can even help you negotiate a better price.


Solicitor or conveyancer

“Better get a lawyer son,” sang Tex Perkins back in 1994. And his advice is still true nearly 30 years later. Having a property solicitor or conveyancer is essential to guide you through the settlement process (and especially that terrifying, exciting day when bankers and lawyers get together and hand over vast sums of money, and you end up with a set of keys).

Your conveyancer is your representative in the room when settlement takes place, but getting someone on board earlier is a great idea too. A conveyancer or solicitor can read through property documents such as contracts and vendor statements.



Most people need to borrow money to purchase property. So if you don’t have a lumpy mattress stuffed with $100 notes, you’ll probably need a home loan. While loans themselves come in many different forms, the idea itself is simple. A lender, such as a bank, will pay the seller (or their bank) for the property. You then owe your lender for that debt, which you pay off gradually over 20, 25 or even 30 years.

While low interest rates are an important consideration, loans can also come with extra features including linked savings accounts and credit cards, redraw facility and offset. Depending on your circumstances, some or all of these options can actually reduce your overall payments, even if they come with higher fees or interest rates.

You need to understand all of these loan options – as well as the benefits of fixed versus variable rate loans – before you choose a lender and a loan, or you might end up paying tens of thousands of dollars more over the life of your loan.


Mortgage broker

Which brings us to … us. Mortgage brokers exist to help buyers get the best possible home loan for their individual circumstances.

As brokers, we understand the benefits and pitfalls of all of the different loan types. We discuss your personal situation, current debts, income and spending patterns. We look at the type of property you’re looking for and match you with the best loans on the market. In fact, we can often access better loans than the lenders advertise to the public.

When we find you a great loan, we then get a commission from the lender. You pay nothing at all for our services, ever!

Using a broker means there’s someone working on your side, legally obliged to find loans in your best interest. Plus we help pull together loan application paperwork, help you fill it all out, and lodge it on your behalf.

Contact the Mortgage Broker Group today. We’re on your side, helping make property purchasing as easy and stress-free as possible.