Buying your first home lawyers Melbourne and Ballarat

Buying your first home can be both exciting and scary. It’s a big step and you don’t want to make any mistakes. Whether you’re buying a house, apartment or townhouse, our lawyers can guide you through the process and make sure you understand everything you need to do.

Our experienced lawyers can help you buy your first home so you can focus on moving in with confidence.

Buying your first home

When you’re seriously thinking about buying your first home, there’s a lot to think about. Before you sign on the dotted line it’s a good idea to speak to a conveyancer or lawyer to make sure that you know what you could ask for in the purchase contract. Some common things that you could negotiate include:

  • Making the purchase subject to finance. This means that if you have difficulty getting a lender to approve a home loan you may be able to end the agreement;
  • The settlement timelines. While most home purchase agreements will have a standard settlement time of 60 days, you can often negotiate this with the seller;
  • How much you pay. You can negotiate the price you pay for your new home;
  • The amount of your deposit. Generally, a 10% deposit is required when you sign a purchase agreement but you can negotiate this; and
  • What fixtures and fittings come with the property. Things like curtains and even furniture can all be negotiated into or out of a purchase contract.
  • If you’re buying your first home at auction you may not be able to negotiate any terms in the contract, so it’s worth reviewing the sale contract before you put your hand up.

Our conveyancing lawyers can help you review the contract and explain what it means to you. They can also help you negotiate any changes you want to make with the seller’s lawyers.

The First Home Buyer Grant (FHOG)

The First Home Owner Grant or FHOG is a government grant that you may be eligible for if you’re buying your first home. In Victoria, you may be eligible for the FHOG if:

  • You’re buying or building a new home;
  • Your new home hasn’t been sold or lived in before;
  • Your new home is valued at up to $750,000;
  • You or your partner haven’t received the FHOG before; and
  • You or your partner haven’t owned a home in Australia before 1 July 2000 or lived in a home that either one of you owned after 1 July 2000 for at least six months.

You will need to apply for the FHOG which can be a bit complicated. Our conveyancing lawyers can help you complete your application and lodge it for you.

Why MNG Lawyers

Our experienced lawyers understand what the fine print in your first home purchase contract means and can explain it to you in plain English. They will listen to your issues and help you negotiate your agreement and make sure all the paperwork is in order so you can enjoy your property.

Frequently Asked Questions

Stamp duty is a Victorian fee that you pay on contracts. You will probably need to pay stamp duty when you buy your first home. The amount you need to pay will be based on the value of your property and whether you’re eligible for any reductions or exemptions. There are some specific exemptions to stamp duty that first home buyers may be eligible for. Our lawyers will be able to advise if you are eligible.

After you make a formal offer to purchase your new home you have three days to change your mind. This is called a cooling off period and it’s there to make sure that you make the right decision, after all buying your first home is a big decision.

When you purchase at auction the contract is unconditional. There is no three day cooling off period and you are not purchasing subject to finance or any other condition. If buying at auction you need to have satisfied yourself as to the condition of the property and ensure that your finance is in place.

Get in touch today, always in confidence.

We’re here to help. It’s our top priority to ensure your needs and concerns are met every step of the way.
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