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Step 6: Make An Offer

Auction vs Private Sale
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Auction
If you find a home you like and it is to be sold at auction, the first thing to do is to establish what price the property is likely to go for. Keep in mind that often the sale price can vary a fair bit from what is anticipated and other bidders could possibly inflate the price. Local real estate agents can provide you with the most recent sale prices on similar properties prior to the auction. Before bidding at an auction, make sure you don’t have any doubts about the property and you’ve done all the necessary inspections and research. Once you place your bid and it is accepted, you are obliged to purchase the property without any ‘cooling off’ period and you have to put down a 10% deposit on the day.

Private Sale
If you’re bying a property privately (either through a real estate agent or a private seller) you simply make an offer. You are generally not required to pay the 5% or 10% deposit until both parties agreed on the sale price and contracts have been exchanged. Found a place you’d love to call your home? Then take a deep breath and make an offer.

Unconditional Offer
If you’ve already done all your research and necessary inspections you can make an unconditional offer. If the seller accepts the offering price, you are legally bound to go through with the purchase.

Conditional Offer
You will be legally bound to purchase the property if all the conditions are met. If not, you can withdraw the offer and back out from the sale. Conditions can include - subject to satisfactory valuation, building inspection, finance, title search, pest inspection or anything else you may think relevant and important.Both Unconditional & Conditional offers are subject to ‘cooling off’ periods, which may vary from state to state.
If the seller wants to negotiate the price, the real estate will act as a ‘middle man’.

Buying off the plan
If you’ve decided to buy an apartment ‘off the plan’, you may be required to pay your deposit even before the construction has begun. You commit after viewing the proposed plans and computer generated photographs rather than inspecting the property itself.

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TODAY: Thursday, 20th November, 2008

WEALTH MAXIMISER - INVESTOR ASSIST UPDATE - JUNE 2008
The ATO has recently published an edited version of a Private Ruling on its website: http://www.ato.gov.au/rba/content.asp?doc=/rba/content/81797.htm A taxpayer and client of Austral Mortgage, applied for the private ruling to seek confirmation from the ATO that if there was a shortfall between his investment income and his investment outgoings then that shortfall could be capitalised under the home and investment loan & line of credit structure noted in his application.

WEALTH MAXIMISER UPDATE - MAY 2008
Ever since the High Court decision in Hart's case, taxpayers have been seeking clarity from the ATO on the deductibility of capitalised interest in certain loan structures. On 16th April 2008 a favourable Private Ruling issued to an Austral client that provides insight into the ATO's current thinking on the subject.

My Choice
Austral has recently expanded its product offering through its My Choice loan initiative. My Choice provides borrowers with access to a wide range of lenders and loan products for residential, commercial and equipment finance, so no matter what your need our friendly and experienced staff can assist you.

Austral in the Community
Austral Mortgage has been a Principal Sponsor of the Winston Hills Little Athletics Club since October 2006. We are proud to be supporting this community project and congratulate the young athletes of WHLA for their commitment to and successes in the sport.

WEALTH MAXIMISER UPDATE - FEBRUARY 2008
Wealth Maximiser Update 12th February 2008 - We have advice from the ATO that it is well advanced on a binding Tax Determination regarding the deductibility of capitalised interest on a line of credit facility. Borrowers with both a home loan and an investment loan should consider including a capitalising line of credit within their loan structure or at least ascertaining from their lender that they could access such a facility by way of a simple variation of their existing mortgage.

Trans Tasman Finance
Did you know that Austral has a wholly owned subsidiary, Gem Home Loans Limited, in Auckland NZ - we are able to assist with organising mortgage finance for you should you be considering buying property in NZ.

AusComm Finance
AusComm is the specialist Construction and Development division of Austral Mortgage - if you are a developer seeking finance for construction purposes - residential, commercial, retail, industrial - give Peter McAuley a call on 0419 220 630 or email him peter.mcauley@australmortgage.com to discuss your funding requirements.

Mortgage Calculator
A number of excellent resource tools are now available on the internet for people in Australia seeking a loan to finance the purchase of a property or refinance an existing mortgage. One of the most useful and user friendly tools is a mortgage calculator. Before going too far in the purchase and /or borrowing process it is a worthwhile exercise to quickly gauge your borrowing capacity and also determine how your new mortgage repayments will impact on your personal cash flow. Mortgage calculator...

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