Buying a property in Victoria can sometimes be very easy or in some instances very complicated and costly. Here are some simple recommendations to consider when buying a property anywhere in Victoria, be it Melbourne or Regional.

1. Get Contract Advice Prior to Signing

Many conveyancing firms now offer free contract review. As part of these services they will consider any issues that may arise with your specific contract and advise you before making any deposit or binding legal agreement with the property. Getting advice early, even if you are ok with paying for some hours of professional legal or conveyancing advice may save you some headaches down the road when it comes to settlement or issues owning the property afterwards.

2. Home Loan Insurance

Home loan insurance is there to protect you in any event where things go wrong. While many people consider home loan insurance an unwanted burden, it is recommended to have in place. Properties in Victoria now have very high values associated with them so it makes sense to ensure you are protected as usually a large home loan will be required. Home loan insurance, like Health Insurance, is there just in case so the likelihood of ever needing it is small. However should it be needed, you’ll have the peace of mind for having had it. Many mortgage companies offer their own insurance, such as Mortgage Choice.

3. Plan for Contingencies Early 

If there are issues arising throughout the conveyancing process, get prepared by communicating as much as possible with your appointed conveyancer. Planning ahead for things that could go wrong such as a delayed settlement, or quality issues with the property prior to settlement as should be addressed as soon as possible. Having issues or concerns documented in either a letter or email from your legal representative will protect you in case things do go wrong.
There are hundreds of conveyancing and property lawyer options here on LawSeeker. Make sure you do your research and consider the best legal advice for your individual requirements.