First Time Buyer Recommendations VIC

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  Big Lenny on 08/02/2022 - 12:22

  +2

  what to do

  preunup

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  [Deactivated] on 08/02/2022 - 12:38

  +6

  First thing to do is see a mortgage broker to work out how much you can borrow. Then create an account on realestate.com.au and set up alerts that notify you by email when there's a new listing that suits your criteria. Depending on budget, in order of least expensive to most, look at 2 bedroom 'flats' in a 3 storey walk up, small complex with low body corp (try get level 2 or 3, security not as good on ground level). Next more exy would be a villa unit (with garden), townhouse then a house. Go for the worst house in best suburb, rather than nicest house in crappy suburb. Look for something you can add value to with a bathroom or kitchen renovation. Go to lots of open homes and speak to the agents, get informed and more confident in your approach. It's a hot market so you need to act quick if you see something you like. For best chance of securing a property, you need to make an unconditional offer (not subject to finance or pest/building inspection) with short settlement. Good luck

  • 

    GG57 on 08/02/2022 - 13:51

    -2

    ^^This^^ is spot on.

  • 

    Caerdyddblue on 09/02/2022 - 16:14

    Thanks so much, some great info there! Is there any way of finding a preferred lender before going in? Or is it just simply finding the best rate etc then going in and hoping they'll lend you as much as you need? Would you then look for a conveyancer on your own or do real estate companies generally use their own?

    • 

      [Deactivated] on 10/02/2022 - 11:18

      You're better off using a mortgage broker instead of going directly to the lender. Reason is the mortgage broker will have access to them all and can find a lender that fits you best. Low rate is important but also make sure you get a loan with an offset account which is handy to park surplus savings. Also consider this property might turn into an investment property in the future so make sure you set up your finances correctly (IO loan with full offset) if that's your intention. Most conveyancers are the same but don't use one receommended by the agent. If it's a 'tricky' property with a caveat etc, then best to use a solicitor for the conveyancing.

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  oscargamer on 08/02/2022 - 12:53

  +1

  As an ex-pom myself, I used Michelle and her team at www.equityvision.com.au to get my head around things here. That was 15 years ago. We are still using her today…..

  • 

    Caerdyddblue on 09/02/2022 - 16:19

    Thank you, I'll take a look!

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  dasher86 on 08/02/2022 - 14:36

  +1

  Rule one # don't buy an apartment.
  Rule two # if you think apartments are good investments refer to rule one.

  • 

    Ghost47 on 08/02/2022 - 16:49

    Rule three # move to Brisbane or Adelaide.

    • 

      Caerdyddblue on 09/02/2022 - 16:16

      Lived in Adelaide for 18 months, thanks but no thanks

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  yellowfever on 08/02/2022 - 22:17

  +1

  Check for non combustible cladding if buying an apartment
  If it has it you've be up for tens of thousands in owners corporation contributions to replace the cladding, or not replace it and risk being cooked.
  Newer apartments 2020+ may not have this issue as building permits have been more rigorous with cladding, but still have to check.

  • 

    Caerdyddblue on 09/02/2022 - 16:16

    Definitely good to know, is that an simple as asking the owner/agents/council about that or will be definitely require the property to be inspected?

    • 

      yellowfever on 09/02/2022 - 17:48

      ideally inspection from a building surveyor. But they generally won't have the time to offer that service for a domestic property. you could try.
      owners corporation is the next option to ask.
      local council would not even bother to care or know what cladding has been used.
      and no point asking the owner, they are trying to sell.

      Firstly you can tell easily by looking for coloured aluminium/metal cladding. If it's all over the entrance and corridors you should avoid it. Or you need to determine what product it is, and if it is non-combustible with a certificate from the builder/owner corp. it's not an easy exercise to determine if an older building has combustible cladding and the paperwork wouldn't exist, and most buyers would overlook it, or not bother to care much about it.

      If it just coloured render, concrete, brick, or plaster, you are fine.

      End of the day it's about what risks you want to take as part of your purchase. Some buyers don't do any building inspections, eg. don't check if the oven works, or hot water coming from the tap. Any they may be fine.

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  gila24 on 26/02/2022 - 23:07

  Maybe not relevant, you'll be in a much better financial position years later if you buy a villa unit instead. Or, buy an old brick unit around South Yarra (not sure if that's what you mean by south, or you might think South Melbourne or Port Melbourne?), Richmond and Collingwood (not that south tho) areas.

  • 

    Caerdyddblue on 28/02/2022 - 11:05

    +1

    We're actually thinking of St kilda east, st kilda, Balaclava kind of area so a little further south than south Melbourne! I'm not sure if there is many villa units down this way, maybe Elwood has more?

    • 

      gila24 on 28/02/2022 - 18:39

      You're right, not many and would be pricy.