FAQ's - Buying

How long does the property buying process take? This can vary significantly depending on various factors, but generally, the process could take anywhere from six weeks to eight weeks.

What is the process of buying a property in Western Australia?
The process generally involves the following steps:

- Obtain pre-approval if finance is required
- Identifying a suitable property;
- Making an offer;
- Submit finance application
- Action timelines for special conditions
- Final Inspection
- Settling and moving into the property.

What is the deposit? The deposit amount for the offer differs from the deposit required for your finance application. The deposit amount is payable within seven days of the offer being accepted. This is paid into the estate agents trust account. The amount of the deposit instills confidence with the vendor and shows how serious you are about the purchase.

What is stamp duty? Stamp duty is a tax imposed by the state government on property transactions. The rate of stamp duty varies depending on the value of the property and your status (e.g., first-time home buyer). Click here to view REIWA's stamp duty calculator.

What happens if there are multiple offers made on the same property? If more than one offer is presented we let you know and give you the opportunity to improve your offer if you wish as negotiating with the seller may not be possible. We send you a multiple offer form so you're aware there is more than 1 offer being presented. The seller will choose the best offer that suits their circumstance.

What happens if my offer is accepted? Once the seller has signed off on the Offer & Acceptance we get in touch with you and wish you CONGRATULATIONS! You then need to send your offer contract to your chosen bank or broker if it's subject to finance as well as to your chosen settlement agent. Our administrative team will reach out with a timeline and instructions on the deposit.

Who organises my special conditions? You need to employ your chosen representative and they will call our team for access. The inspection will need to be completed per the time frame on your accepted O&A.

What happens once my finance is accepted? Once you've received your finance approval from your chosen lender we need a copy immediately. Settlement will be from the date dated on the approval letter, unless a fixed date has been agreed.

What is a final inspection? 5 business days prior to your property settling we take a walk through the home with the seller or the seller's representative to make sure the running of the home is all working ( unless previously disclosed prior to your offer being accepted ).

What happens when the settlement goes through? Pop the champagne! If the sellers are moving from the property they have until 12 p.m. the following day to hand keys over. If they're already out then vacant possession is in place and you can start moving in once settlement has taken place.

Can non-residents buy a property in Australia? Non-residents can buy property in Australia, subject to approval from the Foreign Investment Review Board (FIRB).

What is the First Home Owner Grant (FHOG)? The FHOG is a one-off payment to encourage and assist first home buyers to buy or build a residential property for use as their principal place of residence. For more information, visit the Western Australia Government FHOG Page.

What other costs are associated with buying a property? Apart from the purchase price and stamp duty, other costs may include: loan application fees, property inspections, rates, conveyance/solicitor fees, home and contents insurance, and moving costs.

Should you have more questions or need further assistance about the property buying process, do not hesitate to contact AQWASUN Estate Agents on 08 9537 1220. We're here to help!