Nolans - BUYING WITH US - Nolan Partners
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nolans BUYING WITH US
WE’RE EXCITED TO HELP YOU WITH YOUR PURCHASE
WHAT TO EXPECT
HANDY TIPS ON
BUYING METHODS
SIGNING ON THE
DOTTED LINE
LOAN REPAYMENTS
STAMP DUTY CALCULATOR
FIRST HOME BENEFITS
& INCENTIVES
WHAT TO EXPECT
Borrowing Capacity
When borrowing, allow for changes to your It’s Up To You
current circumstances. Keep a ‘rainy day’
reserve by not over committing based on Allow friends and relatives to give you
your current situation. Be wary of loans that advice, but be sure that the final decision is
have an increased repayment schedule at up to you. The occupiers of the home
a later date. Don’t just rely on what your should be the real decision makers.
current bank is offering. You never know
what the future holds!
Check It Out
Trust Your Instincts Choose certified professionals for building
and pest reports. Their job is to find faults.
When you find the right home, it should feel Take note of their findings, but don’t allow
right. Trust that feeling inside your stomach. minor faults in their report to ruin the
The home that suits you, that is in your price possibilities of your purchase.
range is the right home. Don’t get too
fixated on price, after all you will be living
there long term. Know What To Expect
Purchasing a property can be a very
Good Neighbours = Good Friends exciting process; however it can also be a
very confusing time as a prospective buyer.
Time your inspections right. Get familiar with
the area and your potential neighbours. Different real estate agencies operate
Think beyond your inspection and go to the under different sets of rules and standards,
area and the street at different times and so we would like to help you with the
days to see if there are any other factors buying process should you choose to
you should be aware of. Be aware of sights, purchase a property through Nolans.
sounds and smells that could influence the
area. If you find your new property with us, we will
ask you to confirm the following details,
enabling us to help you in the best possible
External Influences way.
Don’t be overly influenced by the market. 1. The purchase price that you will be
There is a saying in real estate that, the paying for the property.
market is between your ears. Being
influenced by the market is like taking a 2. The payment method of the deposit e.g.
blind gamble on a horse race. But instead cheque /money order/ bond.
of horses, you’re gambling with yours and
your families’ future. If you find a home that 3. The settlement period that you prefer
you can afford and you feel comfortable
with, then this should be your most 4. The name of your solicitor/conveyancer
influencing factor. A property purchase is a
long term investment that historically has 5. Any special conditions or requests that
always shown long term growth. you may have so that we can inform the
property owner
6. The full legal names and addresses with
contact phone numbers of all
purchasers.
The best way to present a strong offer on
any type of property is to put your offer in Option One
writing, on a contract and utilise the 5 day
cooling off period. This clearly demonstrates Unconditional Exchange (no cooling off
to the vendor that you are a serious, period) means that the purchaser’s solicitor
genuine buyer. has signed a 66W Certificate. This
certificate waives any cooling-off period,
Making too low an offer can offend an and legally binds both parties immediately
owner and deter them from accepting your to the sale. This option is sometimes used in
best price. Once an agreement has been private treaty sales. This is final, and there is
made between a buyer and the vendor on no turning back for either buyer or seller,
price, settlement and conditions, the sale similarly a property that is bought at
can proceed. To buy or sell a property, an auction also has no cooling off rights for the
exchange of contracts must take place. purchaser. The onus is therefore on the
purchaser to check the property out
The exchange of contracts occurs when thoroughly prior to exchanging contracts,
the purchaser and the vendor each sign an however the risk is that while this is being
identical copy of the contract for the done there is no obligation for the owner to
proposed property. The exchange of sell to that buyer regardless of what has
contracts can be made according to terms been agreed verbally.
under either of the following two options:
Option Two
Exchange of Contracts subject to a 5 day
cooling off period. As real estate agents,
we can only exchange contracts with a
cooling off period. The cooling off period
allows 5 business days for the purchaser to
organise inspections and reports and allow
their legal representative to check the
contract. The cooling off period
commences upon exchange and termi-
nates on the fifth working day at 5pm E.S.T.
Weekends and public holidays are not
included as business days.
HANDY TIPS
ON BUYING
METHODS
The signing of a 5 day cooling off period is Your solicitor will then make contact with
a great way to purchase. This method the owner’s solicitor and proceed with
helps to protect the purchaser against: reports and reading of contracts with no
determined time frame for exchange.
• The vendor pulling out of the sale
CAUTION: If a prospective purchaser elects
• Another purchaser paying more than not to sign a contract with a 5 day
their offer for the property cooling-off, the property will remain on the
(gazumping) market, and anybody wishing to make an
offer can do so. The agent and the vendor
With the contract exchanged, the are under no obligation to inform the
purchaser has some control and time to prospective purchaser of other interest
ensure that everything is as expected. and the property could be sold to
However, this protective method requires another buyer without any further notice.
commitment by the purchaser by way of a
small deposit, being 0.25% of the purchase
price.
If the buyer elects to rescind or cancel the
contract within the cooling off period, the
purchaser, on rescission or cancellation of
the contract, forfeits the 0.25% deposit. This
is paid to the owner as compensation for
having the property off the market.
When a purchaser does not wish to sign a
contract without their solicitor’s approval,
Nolan Partners will issue the potential buyer
or their solicitor/conveyancer with a copy
of the contract and what is known as a
Sales Advice. This contains all the relevant
details of the sale.SIGNING ON
THE DOTTED
LINEBuying
Weighing Up The Options
It is a legal requirement of Real Estate Agents
that every offer put forward by a potential If you’ve found the right property, are you
purchaser must be presented to the vendor. willing to take any risk of missing out?
Although you may be a day or two ahead with The necessary checks prior to signing a
your enquiries regarding a particular property, contract unconditionally (through the use
any other interested party is able to sign the of a 66W certificate) can take some time.
Contract of Sale, under a cooling off period, as
described in option 2 on page 5, securing the Securing a purchase on a 5 day cooling
property for themselves. off period is the most popular choice by
buyers as it minimises the risk of another
This then leaves you with no option to buyer coming along and securing the
purchase. Your solicitor is powerless to act, as property before them.
contracts are exchanged and in the case of a
cool-off, this can be carried out by the agent, What Happens If There Are
the vendor’s solicitor, or the owners themselves. Multiple Offers?
The fact is, although some solicitors may not As a best practice measure, Nolan
want you to purchase using a cool-off period, it Partners receive all offers in writing using
is the only way to actually secure a property our prescribed form. This form also outlines
and protect your purchase while you conduct the terms of your offer.
necessary research and checks on the
property. In the event of multiple offers on a
property, you will be invited to present
your revised highest and best offer in
writing, in line with our prescribed process.
We appreciate this may seem extremely
precautionary, however Nolan Partners
follow best practice as outlined by NSW
Fair Trading.
Yo
DID YOU KNOW?
AGENTS MUST PRESENT EVERY OFFER TO THE VENDOR
YOU CAN REMOVE THE RISK OF “GAZUMPING” BY
… SIGNING A CONTRACT WITH A COOLING OFF PERIOD
… AND PAYING A 0.25% DEPOSIT
… TO SECURE THE PROPERTYLOAN
REPAYMENTS
monthly repayments at 5% over 30 years principle & interest
Loan Amount Monthly Repayment Loan Amount Monthly Repayment
$175,000 $939 $675,000 $3,624
$200,000 $1,074 $700,000 $3,758
$225,000 $1,208 $725,000 $3,892
$250,000 $1,342 $750,000 $4,026
$275,000 $1,476 $775,000 $4,160
$300,000 $1,610 $800,000 $4,295
$325,000 $1,745 $825,000 $4,429
$350,000 $1,879 $850,000 $4,563
$375,000 $2,013 $875,000 $4,697
$400,000 $2,147 $900,000 $4,831
$425,000 $2,281 $925,000 $4,966
$450,000 $2,416 $950,000 $5,100
$475,000 $2,550 $975,000 $5,234
$500,000 $2,684 $1,000,000 $5,368
$525,000 $2,818 $1,250,000 $6,710
$550,000 $2,953 $1,500,000 $8,052
$575,000 $3,087 $1,750,000 $9,394
$600,000 $3,221 $2,000,000 $10,736
$625,000 $3,355 $2,250,000 $12,078
$650,000 $3,489 $2,500,000 $13,421STAMP DUTY
CALCULATOR
Property Value Rate Of Duty Property Value Rate Of Duty
$195,000 $5,315 $675,000 $25,865
$200,000 $5,490 $700,000 $26,990
$225,000 $6,365 $725,000 $28,115
$250,000 $7,240 $750,000 $29,240
$275,000 $8,115 $775,000 $30,365
$300,000 $8,990 $800,000 $31,490
$325,000 $10,115 $825,000 $32,615
$350,000 $11,240 $850,000 $33,740
$375,000 $12,365 $875,000 $34,865
$400,000 $13,490 $900,000 $35,990
$425,000 $14,615 $925,000 $37,115
$450,000 $15,740 $950,000 $38,240
$475,000 $16,865 $975,000 $39,365
$500,000 $17,990 $1,000,000 $40,490
$525,000 $19,115 $1,250,000 $54,240
$550,000 $20,240 $1,500,000 $67,990
$575,000 $21,365 $1,750,000 $81,069
$600,000 $22,490 $2,000,000 $95,819
$625,000 $23,615 $2,250,000 $109,240
$650,000 $24,740 $2,500,000 $122,319FIRST HOME BENEFITS & INCENTIVES
Supporting First Home Buyers The government has capped the number of
home buyers it will support at 10,000 per year
The NSW Government’s comprehensive and the property value price cap is
package to improve housing affordability determined by your local market. (For the
is focused on helping first home buyers. Coffs Coast this is a property value of up to
$450,000).
For first home buyers, this comprehensive
package includes: Stamp Duty Relief
• abolishing stamp duty on all homes up The duty paid when buying residential
to $650,000 property can be an obstacle for first home
buyers.
• give stamp duty relief for homes up to
$800,000 For those entering the market, the NSW
Government has abolished this duty on new
• provide a $10,000 grant for builders of and existing homes worth up to $650,000.
new homes up to $750,000 and
purchasers of new homes up to For properties valued at between $650,000
$600,000 and $800,000, the duty concessions are
gradually reduced.
• abolish insurance duty on lenders’
mortgage insurance
First Home Owners Grant
• ensure foreign investors pay higher (New Homes)
duties and land taxes
First home buyers building a new property
• no longer allow investors to defer are entitled to a $10,000 grant on homes
paying stamp duty on off-the-plan worth up to $750,000.
purchases.
First home buyers purchasing a new property
worth up to $600,000 are entitled to a
First Home Loan Deposit Scheme $10,000 grant.
The First Home Loan Deposit Scheme will This policy aims to provide assistance to first
allow first time buyers to pay a deposit as home buyers and stimulate the construction
little as 5%, while avoiding lenders mortgage of new dwellings.
insurance (LMI).
The $5,000 New Home Grant Scheme, which
The scheme is open to individuals who are was available to other buyers
earning up to $125,000 per year, as well as including investors, has now closed.
couples with combined earnings of up to
$200,000 and will apply to owner-occupied
loans on a principal and interest basis.
To be eligible for the scheme, first home
buyers must show that they have saved at
least 5% of the value of the property they are
purchasing.
This information should act only as a guide.
Further information can be found at http://www.osr.nsw.gov.au
or by contacting your Solicitor/Conveyancer.Nolan's were great to deal
with in purchasing our new home. Being a
major purchase and a home we planned on living in
for a long time - I had lots of questions I needed
answered to help make our decision. They either had
the answer on hand or were quick to sort and source
the information from the Vendor, great
communicators. I feel they quickly addressed
concerns we had leading into exchange of contracts
and worked tirelessly behind the scenes to get things
sorted for a great outcome for both parties.
Rachael
Thank you Nolan's for a
seamless and stress free purchase process.
Everything has been handled very professionally! We
are so excited with our new project and won't
hesitate to contact you should we be
buying or selling in the future.
Thanks again
Tim & SharonMy interactions with Nolan Partners
for my property purchase was very
pleasant. They were easy to contact and
have great communication skills, while they
were patient in explaining everything to me
as a new home buyer. Their honest opinions
pertaining to the existing tenant and the
property, I can vouch as being genuine. I
found all their advice to be legitimate.
Daniel
Nolan's were a pleasure to deal with from
start to finish. Their knowledge of the local area
and surrounds gave us the confidence to make a
decision that best suited our needs. They
communicated with ease between all parties involved
which ensured that the entire process ran smoothly.
Their approachable nature and obvious enthusiasm
and passion for their work is why I think Nolan's was the
perfect agency for my family to deal with. We are
glad we got the chance to work with Nolan's and I
wouldn't hesitate in using their services again.
Morgan & Janellenolans
02 6650 0655
www.nolanpartners.com.au
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