WHAT CAN DUBBO OFFER YOU?

Dubbo is the 3rd largest inland regional centre in NSW. Located on the Macquarie River in Central Western NSW. Dubbo is a town of 38,000 people and services an area of some 20,000 square kilometers, which comprises approximately a third of NSW. Dubbo has a shopping population in excess of 120,000.Dubbo is extremely progressive and has one of the highest growth rates in regional Australia with the city's centralised location and its extensive and well-developed transport infrastructure, the catalyst behind the city's growth.

Dubbo is home to world class businesses, The Western Plains Zoo and a soon to be constructed campus of Charles Sturt University. We have people from every walk of life and approximately eighty or more different nationalities living in Dubbo and surrounds.

THE BUYING PROCESS

Speak with your financier or Home Loans specialist to arrange the best loan to suit your needs. When considering a home you should consider getting your finance approved before you go looking. You should investigate interest rates, the requirements of lending institutions and the different loan products currently available. The key to finding a good home loan is to know what questions to ask or to call your local mortgage originator.

Interest rates for a home loan typically take two forms:

Variable Interest Rates
Fixed Interest Rates

Variable interest rates move up and down with market fluctuations. Payments can usually be made monthly, fortnightly or weekly and are commonly principal and interest. The benefit of paying more frequently is that you can pay off your home loan sooner. Every payment is part interest, part principal. So the more often you make a payment the more principal you pay back sooner, this means you save yourself a lot of interest over the life of the loan.
Fixed rates remain static for a fixed period of time. You can usually fix for a period of 1 to 5 years. At the end of the fixed payment the loan can either revert to the standard variable rate or be renegotiated. Payments are usually made monthly with fixed rate loans and most lenders do not allow additional repayments during the fixed term without penalty. Prepare a short list of preferred areas that suit your lifestyle. Keep in mind affordability and accommodation requirements.Research sales in those preferred areas. Inspect every property in your preferred area so you have a feel for the price. Attend all auctions in the area. When it comes to buying property, there's no such thing as too much research. Speak to agents who know the area, find out what similar properties have sold for and explore the neighbourhood thoroughly. Develop a relationship with a Raine & Horne Dubbo Sales Agent. The agent will be able to offer additional advice and also alert you to new listings before they reach the media.When you find a property that suits your requirements, ask your agent to send a copy of the sale contract to your solicitor or conveyancer. Once you have found the property you wish to purchase you should immediately contact the agent who has shown you the property and let them know about your intention to submit an offer. When you contact an agent, make sure you have all the details ready

about yourself
details of payment
what date you propose for settlement

You spend big money on a new home so it only makes sense that you should feel comfortable about your investment. One way of doing this is to have pre-purchase building and pest inspections done. We recommend that you arrange a building and pest inspection to make you aware of any major defects and pest concerns eg: white ant, termites. This means that before you sign any contracts you hire a trades person, who specialises in inspection work, to carry out a careful inspection of your property, be it a house or a unit. Even if you are buying at auction, it is important to have an inspection done before hand even though you may not be the successful bidder on the property. It is advised that you give the inspector more than two days notice before the inspection, it is also beneficial if you are present during the inspection. This allows the inspector to point out problems on the spot.Following your solicitors or conveyancers advice on the sale contract and taking into consideration the building and pest reports, you are now able to make an informed decision to proceed with an offer on the property through the agent.Once negotiations have been finalised, you will be required to sign the sale contract and pay a 10% deposit. Your deposit will be held in trust in an interest bearing account until settlement.
Interest is normally equally divided between you and the vendor. The vendor will sign their sale contract and the solicitor/conveyancer or agent will exchange the contracts.On settlement day, your solicitor or conveyancer may request that you have a pre-settlement inspection before settlement takes place. This is to ensure that the property is in the same condition as when you last inspected it and that all the inclusions are as per the contract you signed.

TIPS FOR BUYING AT AUCTION

It is important to remember that when you buy a property at Auction you are not entitled to any Cooling Off Period, the sale is legally binding.

FINANCE - Ensure that you have your Finance in place prior to the Auction.

DO YOUR HOMEWORK - Regardless of whether you are buying at auction, it is imperative to do your homework and research prices, then when it comes to bidding, you know exactly what you are bidding for.

WORK OUT YOUR OWN LIMIT - It is important that you set your own bidding limit. Decide what the property is worth to you, (not someone else), and having allowed a margin of perhaps 5 to 10 %, try to stick to it.

GET OUT AND ABOUT - It pays to attend as many auctions as possible before you start bidding. Watch how different auctioneers behave, and study the tactics of individual bidders. Not only will this give you some ideas on how to bid yourself, but also you never know when one of these auctioneers or bidders might be at the auction of the property you want to buy!

REGISTER YOUR INTEREST - Once you have inspected a property if you are interested it is extremely important to let the Agent know. This will ensure you will be advised if there are any offers made by another party prior to the Auction Day.

DEPOSIT - When the property is sold at the Auction you are required to sign the Contract of Sale and pay a deposit of usually 10% on the spot. This can be paid by Personal or Bank Cheque or subject to prior approval with the Agent by Deposit Guarantee.

NEVER STOP ON AN EVEN NUMBER - Wherever possible, it pays to set an uneven limit, rather than stopping on a round number. For example, rather than stopping at 110,000, try going to 111,000. You may get a pleasant surprise as one bid can make the difference between getting the property of your dreams, or missing out on it. ASK FOR HELP - Don't be afraid to ask a friend, relative or real estate agent, to assist you with your bidding. Many people ask someone else to bid on their behalf as they may be less inclined to bid emotionally and to stick to a predetermined limit. An adviser's experience can be an important asset on auction day. However, if they are going to bid for you, you need to make sure that they have very clear instructions on what they can and can't do on your behalf in order to avoid any mis-understandings in the heat of the moment.

DRESS TO IMPRESS - It never does any harm to dress for the event. If you look like an affluent, confident property buyer, this will help convince your competition that you won't stop until the property is yours. Remember that it isn't always the person with the most money that wins at auction. It is always the person who convinces everyone else to stop bidding.

CHECK THE PAPERWORK - If you are seriously interested in a property and intend to bid you should have your Solicitor inspect the Contract of Sale. It is a good idea to have a good read through all the paperwork related to the auction beforehand. Wherever possible, contact the agent handling the sale and ask them to provide you with a copy of the documentation. This is normally possible in the week prior to auction. Read through all of the documents and always ask if you are unsure of anything. It is important to clarify details such as settlement terms, deposit and fixtures before the auction commences, (not after it has been knocked down to you)! If you do not have a Solicitor our Company can recommend a number of Solicitors to assist you. On the Auction Day you should always check that your copy of the Contract of Sale is exactly the same as the original Auction Contract and that there have been no late changes.

BE CLEARLY VISIBLE - Remember how an auction looks from the auctioneer's perspective. They are often looking at a large number of people who are invariably turning around, whispering, brushing away flies, shielding their eyes, etc. If you are standing at the back of this scene, or hidden in the shade of a tree, the auctioneer may well miss your bid, particularly when you are bidding for the first time. Stand in clear sight of the auctioneer and make your first bid obvious to them.

BE CLEAR IN YOUR BIDDING - Make sure the auctioneer understands what you are doing. Bid early, clearly and confidently, and avoid unusual sign language that may be mis-understood. Buyers are usually reluctant to start bidding at Auction but the best policy is to bid loudly and confidently signalling to all other bidders you intend to purchase the property or should the Reserve Price not be reached that you are given an opportunity in any further negotiations.

MAINTAIN CONTROL - If the bidding is increasing in larger denominations than you are comfortable with, consider offering a lower denomination as your bid. The auctioneer does have the right to refuse it, but there is absolutely no harm in trying. On the other hand, don't be afraid to try and increase the bidding with a "knock out" bid if your competition is showing signs of slowing down. This can often throw doubt into the mind of the other bidders and get them to stop even though they have not yet reached their limit. Good luck in your bidding and remember, the staff of Raine & Horne Dubbo are always happy to assist you during our auctions should you need it…Feel free to ask at any time.