I thought of buying a home, but how can I determine if I qualified?

You must be over 21 years of age and have fulltime employment. The monthly repayment must not be more than 30% of your gross income per month. You must have a clear credit record and be able to afford the property, ie. Bond repayments, Rates and Taxes etc.

Can I buy a home with another person, if we are not married?

Yes, you can. Property will be registered in both applicants names, provided they have contractual powers, etc.

What if I am self-employed?

Financial Institutions are lending to self employed people in the same manner as salary employees. The difference comes in with confirmation of income and affordability. The client will be requested to supply us with his Audited Balance Sheets on the business, together with Auditor's proof of income.

How much deposit will I need?

This varies from client to client and depends what amount is being applied for. It is normally 10% on an average home.

Exactly how will an estate agent help me buy a home?

Principals and agents make it their business to provide every service connected with you home search, from expert advice in the early stages through careful monitoring of your registration. The more closely you work with one agent, the better your needs are known and the more effectively you can be served.

What is a Contract of Sale?

Your signed offer to purchase is the document you signed which presents your price and terms to the seller. This purchase offer must be completed in full, because when the seller signs it, the document becomes the binding "sales contract" which contains the conditions of the sale.

How do I make an offer on a home?

You, as potential buyer, start the process by putting an offer with price and terms in writing and presenting it to the seller through your agent.
The seller has three basic options:
- to accept the offer
- to counter offer on specific details; or
- to reject your offer.

How do I apply for a home loan?

Your agent can assist you in making application to a financial institution for a home loan. Some variance exists in interest rates offered with a number of "packages" being made available to borrowers.
The institution will require all you personal particulars including your employment history, your current employment and income and a statement of assets and liabilities.

What is a Sole Mandate?

Under a sole mandate a seller instructs a particular Estate Agency to find a buyer and no agent from any other company may market the property during the sole mandate period.

What is occupational rental?

If one of the parties in in occupation of the property whilst it is registered in the others name, it is usual for the agreement of sale to make provision for the payment of occupational rental for the period during which the part enjoys occupation whilst the property is registered in the others name.