Deciding what you want
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No matter what kind of home you're looking for, there are some key features to consider. There are large townhouses or apartments
and small family homes, so looking for what you want in a home is as important as the type of building.
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- Where will you spend most of your time? Should you aim for a large kitchen, living area or outside entertaining area? Or all three?
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- How many bedrooms do you need? Do you have lots of visitors? Do you need to convert a bedroom into a home office?
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- Is one bathroom enough or do you need more?
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- Do you require off-street parking or a carport? Or is a two-car garage essential?
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These are just some basic questions, there are a lot of other issues you will need to consider. Each home has its advantages and
disadvantages and no two buyers have the same wants or needs. Putting price aside, the only way to evaluate which home is right
for you is to consider what you absolutely must have and what you can live without. Filling out the Needs vs Wants Checklist
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will give you a more accurate guide.
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> Print the Needs v Wants Checklist
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Finding your home
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There are a number of resources you can use to find a home, including:
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- newspapers and real estate publications - check the houses for sale sections in daily newspapers or look out for real estate
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magazines that focus on the area you prefer
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- the Internet - visit real estate websites such as www.realestate.com.au or www.domain.com.au for information and pictures
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of a wide range of properties
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- word of mouth - ask friends and family if they know of anything for sale that may be suitable
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- real estate agents - talk with real estate agents in the area; when choosing a real estate agent, make sure that they have
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Real Estate Institute of Australia (REIA) accreditation.
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When you have found the home you want, don't buy on impulse, think twice. Even if a home seems perfect, go back and take a
more critical look at it. Visit on different days and times, chat with locals and look beyond the surface.
Closely check the following:
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If you are still interested, it may be worthwhile to pay for a professional inspection to check potential problem areas.
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Understanding the home loan process
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The Defcredit home loan process involves a number of easy steps.
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- Speak to a Defcredit home loan consultant, either on the phone or in person.
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- Submit an application online, over the phone or in person - or ask to have an application form faxed or mailed to you.
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You should also submit copies of your pay slips and six months of bank statements as proof of savings.
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- You will normally be contacted within 48 hours. If your loan is approved, you will receive a formal letter of offer.
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- When you have received a contract of sale for your house, forward a copy of the contract of sale, together with your signed
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letter of offer, to Defcredit.
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- Allow a minimum of 10-20 working days for valuation of your property and issuing of the loan contract.
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- Sign and return the loan contract to Defcredit.
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- Instruct a solicitor or conveyancer to negotiate and attend the settlement on your behalf.
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Note: Before you sign a contract of sale for a property, it is a good idea to ensure that it contains a clause stating that the contract
is subject to Defcredit finance.
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Reading the fine print
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Every home loan includes additional costs, and it is important that you allow for these costs when you are working out your budget.
You can then budget for them, or build these costs into the amount you borrow.
Additional costs can vary. First of all, remember that you will be paying interest on your home loan. Other costs may include
application fees, valuation fees, settlement fees, mortgage registration fees, mortgage insurance and stamp duty.
It is a good idea to set a settlement date that is reasonable and that can be met by all parties. You will need to pay a solicitor or
conveyancer to undertake the settlement process for you. Some professionals offer a fixed, up-front fee, while others will charge
you each time you telephone.
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Preparing for settlement
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Settlement day is when you finally achieve your goal and take legal possession of your new home. A number of things need to
happen on settlement day before the keys are handed over to you.
On that day, your solicitor or conveyancer will meet with Defcredit's solicitor and a solicitor representing the vendor. They will
exchange the title of the property for a cheque covering the purchase price.
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Protecting your assets
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Once you have signed a contract to purchase your home, it's time to think about protecting your assets with insurance.
Defcredit offers obligation-free quotes on any home and contents insurance. Our partnership with one of Australia's most
reputable and experienced insurance providers CGU Insurance Australia Ltd ensures you competitive rates, quality
customer service and a superior claims process.
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