Finance – find out how much you can borrow

This is a crucial first step so that you can focus your real estate search on properties that are within your budget. Oxygen Home Loans can help you work out your borrowing power and find the ideal lender.

Finding Your Property

  • Make a list of your ‘wants’ and ‘must haves’.
  • Decide which suburbs you will and will not buy in.
  • Take a check-list to inspections.
  • Ask your agent what you should know about the property and about any disclosures.


  • Research what previous sales have occurred in the area. Ask the agent for properties that they have considered in regard to their pricing for the property. RP Data is a great online resource for research, along with
  • In a buoyant market, homes can sell quickly, so make a strong offer within your budget to secure the property. If you submit a low offer, you run the risk of putting the vendor off side, particularly when they have priced the property fairly.
  • Your lender will always require a valuation, so have confidence in negotiating to secure the property if it suits you—the bank will not let you pay too much for it!

Exchange of Contracts

Once your offer has been accepted, there are two options:

1. No Cooling Off Period

The traditional process involved no cooling off period once contracts are exchanged (referred to as a solicitor exchange). The risk with this option is that while the solicitor or conveyancer is finalising the contracts in preparation for exchange, the owner is not locked in and can accept an offer from another buyer. You run the risk of outlaying money for building and pest inspections, valuation etc., and the property can be sold to someone else.

Click here to print Alison William’s No Cooling Off Period day by day checklist.

2. Cooling Off Period

Legislation changed to alleviate the risk mentioned above and now the most popular way of securing property is to exchange contracts quickly (known as an office exchange) but then to take advantage of a 5 or 10 day cooling off period. You will be required to put down a deposit amounting to 0.25% of the purchase price and once the buyer and the owner have signed and dated the contracts, the cooling off period commences. The vendor cannot accept any other offer during that time.

This cooling off period allows you time to arrange pest and building inspections, formal approval from your lender, including valuation, and other applicable searches requested by your solicitor or conveyancer. The balance of the 10% deposit is required by 5pm on the last day of the cooling off period.

If for any reason you do not proceed with the purchase of the property, the 0.25% deposit is forfeited to the vendor and the property is released back onto the market again.

Click here to print Alison Williams’ Cooling Off Period day by day checklist.


Once the cooling off period has expired, and the balance of the 10% deposit has been paid, the sale becomes unconditional, and a SOLD sign will be displayed on the signboard. Settlement usually occurs 6 weeks (42 days) from the date of the contract, unless otherwise negotiated.

On the day of settlement, the agent legally requires notification from both solicitors or conveyancers in writing that settlement has occurred, prior to releasing the keys to the buyer.

Then the truly exciting part begins as you move into your new home!

Help Find A Property


20/33 Newling Street, Lisarow

20/33 Newling Street, Lisarow

We have a great deal of pleasure in recommending Alison Williams to all who are wishing to buy or sell their properties.

8/24 Watt Street, Gosford

8/24 Watt Street, Gosford

I have had the pleasure of knowing Alison for almost five years; we first met in October/November 2009 whilst I was living in Sydney looking to relocate to the Central Coast.

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© 2014 Alison Wiliams

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