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Buying Tips

Buying your first home can be a pretty daunting experience. After all, it is likely to be the biggest financial commitment of your life! Follow our 6 simple steps below to make your dream of home ownership a reality!

  • 1. You can download our FREE First Home Buyers Guide, to find out everything you need to know about buying your first home, from how to organise your finances, to how to choose the right loan for first home buyers.
  • 2. Start budgeting and find out how much you can borrow using our online mortgage calculator.
  • 3. Research into what government initiatives first home buyers can apply for. Visit our first home owner grant page for more information.
  • 4. Open a first home saver account, to reach your financial goals sooner! First home buyers receive government contributions of 17% of their personal contributions for the financial year, up to a maximum amount.
  • 5. Understand the different loan products available to first home buyers, and think about the type of features you need and how much you are prepared to pay.
  • 6. Get your finances pre-approved so you have the peace of mind of knowing exactly how much you are eligible to borrow.

Buying at auction

  • Before you bid at auction you must understand the process and satisfy yourself about all the details relating to the property. If you are the highest bidder and your bid is accepted, you are obliged to purchase the property. If buying at auction you should have:
  • 1. Decided on a definite upper limit you are prepared to pay
  • 2. Conducted inspections
  • 3. Had legal documents checked by your solicitor/conveyancer
  • 4. Organised a bank cheque for the deposit
  • 5. Had finance pre-approved
  • Conditions of sale by auction might differ between state and territories. Your agent can explain the conditions applicable in your area.

Bidding at auction

  • In some states, prospective purchasers wanting to bid at an auction for residential and rural property must register by giving their particulars to the selling agent before they are permitted to bid. Bidders are issued with a bidder's number which is displayed when making a bid.
  • The vendor or the auctioneer on the vendor's behalf may make one bid which must be accounted for during the auction. This is called a vendor bid.
  • If the property fails to reach the reserve price it is passed in. As a courtesy, the highest bidder is usually given the first opportunity after the auction to negotiate further with the vendor through the selling agent. If the highest bidder does not purchase at the reserve price the property will be put back on the market for sale by private treaty.

Bidding on behalf of a purchaser

  • If you want someone else to bid on your behalf, they must give the auctioneer written authority from you before the auction starts. The letter must include your name, address and details of proof of identity, such as your driver's licence or passport.

Telephone bidding

  • The practice of bidding by telephone is allowed subject to compliance with certain procedures. A written authority must be given to the auctioneer prior to auction, containing an acknowledgement that the person on whose behalf bids are made has been given a copy of the conditions that are applicable in respect to the sale, and the bidder is satisfied the person has been given a copy of those conditions. A copy of the contract must be provided to all successful telephone bidders after the auctioneer has signed it on their behalf.

Dummy bidding

  • It is illegal to make 'dummy' bids at an auction. If you make 'dummy' bids for the seller, you may be prosecuted and incur a substantial fine.

Bidding tips

  • 1. Attend similar auctions in the week leading up to your auction to better understand the system.
  • 2. Get a feel for the bidding process before you start.
  • 3. Establish a limit of how much you're willing to spend for the property.
  • 4. Know what's happening around you. Don't hide or the auctioneer might miss your bid.
  • 5. Bid with confidence. This shows people that you're serious about buying.
  • 6. The auctioneer will set the bidding increments, depending on the price bracket of the property. Bid in these increments if you can and don't raise the price unnecessarily.
  • 7. When the bidding slows or stops at a figure acceptable to the vendor, the auctioneer may announce that the property is to be sold. The auctioneer will repeat the price several times before the hammer comes down and the property is sold.

Reserve price

  • Before the auction the seller will nominate a reserve which is the lowest they are willing to accept. The reserve price is not revealed to buyers.

Passed in

  • If a property fails to reach the reserve price the property can be 'passed in' or withdrawn from auction. The agent will then negotiate with the highest bidder on behalf of the vendor. This may result in a sale.

Purchase at auction

  • If you are the successful bidder, you must sign the sale contract and pay the deposit immediately (usually 10%). A cooling-off period does not apply if you buy at auction so it is imperative you arrange finance prior to auction. Conditions of sale by auction may differ from state to state. Your agent can explain the sale by auction conditions in your area.

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What People are saying

HIGH LEVEL OF COMMUNICATION!

Keith I take this opportunity to thank you sincerely and convey my appreciation for the hard work and diligence you showed during the process of selling our home. As you will recall our home had been with another agent who brought through 2 groups of people in 3 months and gave us no feedback. In 10 days you had 9 groups through and so it went on. Your consistent and regular feedback was much appreciated. From day 1 you were determined to sell our home and did so successfully. At all times you kept us informed of market conditions and interest in our property. Our open homes were well organised and expertly handled you both yourself and Brendan. I have no hesitation in recommending Keith Murphy from Refresh Properties to any buyers or sellers – believe me Keith will ‘make it happen’. Odette Palmer

WOW - SOLD IN 14 DAYS!!!!!

Selling your home can be a stressful and worrisome experience, but through Keith's very professional efforts, it became an enjoyable and comfortable process for me. When I found I had to do some unexpected painting, Keith did not hesitate to help me get that done - and she is a brilliant wall painter! If I have the opportunity to help anyone find a realtor on the Gold Coast, I would send them directly to Keith Murphy.

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About Refresh Property

Refresh Property Australasia is a sophisticated boutique international real estate group primarily based in Australia. With a single international website and a superior brand incorporating a soft colour scheme, Refresh Property operates only in specially selected metropolitan and lifestyle locations where a savvy, discerning clientele appreciates our premium, boutique identity and unique points of difference.

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