The Buying Process

Pay a Deposit

After you have made an offer to buy the property and the vendor has accepted your offer, in NSW you need to pay a holding deposit to the real estate agent before any formal exchange of contracts to indicate to the vendor that you are genuine with your intention to proceed with the purchase*. Payment of this deposit does not mean that the vendor has to hold the property for you, nor does it legally bind you to buying this property. This deposit is fully refundable to you if you do not wish to proceed with the purchase or the vendor decides to withdraw the property from sale.

* Be aware that real estate agents may impose special conditions on the holding deposit. Such a practice is not common in QLD.

Exchange of contracts

The exchange of contracts is a very important legal procedure, and is the event by which you can make the vendor legally bound to sell the property to you, therefore, we recommend that you engage a solicitor to act on your behalf for the legal side of buying the property. Once the exchange of contracts has occurred, the full Contract deposit is paid to the Real Estate Agent.

Cooling off period

In NSW the law provides the purchaser with a five business day cooling off period after the exchange of contracts. In this time, you should take the opportunity to go through the contract with your solicitor, who will explain it and provide you with general legal advice about the contract and your purchase generally.

Settlement

In NSW, once the contracts have been exchanged and your cooling off period has expired, your solicitor will take the next 4 to 6 weeks to ensure that your first home purchase proceeds smoothly and without any hassle. In QLD, the time period to finalise purchase is usually shorter than the normal 4 to 6 week period in NSW.

Greater Home Loan options

With so many options available, the Greater can tailor a Home Loan package to suit your needs. Whether you want a variable or fixed rate home loan, a line of credit facility or the freedom to split your loan, the Greater has a variety of home loan options available to suit everyone's individual circumstances.

How to Apply

You can speak to one of our Loan Consultants on 1300 721 253.