FrancoisB Posted April 15, 2019 Report Share Posted April 15, 2019 Hello All, Our family (myself, wife and two girls) will be migrating later this year at the end of July. We are looking at purchasing a property in Victoria, and I'm wonder how long does transfer take from the date of signing the contract. Any advice from people with recent experience in this, or real estate agents will be much appreciated! Regards Francois Quote Link to comment Share on other sites More sharing options...
Bdupreez Posted April 15, 2019 Report Share Posted April 15, 2019 Hi, from how I understand it depends on the deal/contract of sale... you and the seller can negotiate, either: 30/60/90 day settlements. When we bought our house we selected 30 days as it lined up with the end of our lease. It was all finalised in 29 days... We had loan pre-approved and all the paperwork ready, also followed up with everyone... scared it would not get done in time, but it all worked out.. quite efficient compared to ZA. Quote Link to comment Share on other sites More sharing options...
ChrisH Posted April 15, 2019 Report Share Posted April 15, 2019 It works different to South Africa. You specify the "settlement" in the purchase contract - usually 30 days. This is that date that the banks and lawyers finalize all the financials, but not necessarily the date that transfer occurs. Transfer only comes later, but for all intents and purposes you are the owner of that property as soon as settlement has happened. Quote Link to comment Share on other sites More sharing options...
LM17 Posted April 16, 2019 Report Share Posted April 16, 2019 (edited) Hey François; @ChrisH is spot on , its called settlement here, its negotiable: Just a few things to consider… you might have already: The property market in Sydney and Melbourne has/have dipped about 10-15% this last year , this was expected since it increased about 120% in the last 7 years I think. We have just bought and I keep thinking should have waited a bit, but you will very seldom catch the market at the bottom I guess If you have cash you are in strong position – you will get property for significantly less than you would have 2,3,4 years ago, If you need to borrow note that the banks have tightened their lending (many reasons for this , royal commission into banking, market was going to hard, etc etc) In light of this most banks want to make sure you are out of your probation period at work and even thought interest rates are under 4% they do the “affordability calc” on about 7.5% I think Also you need 20% deposit otherwise they load your loan with insurance costs. Good luck hope all goes well Edited April 16, 2019 by LM17 Quote Link to comment Share on other sites More sharing options...
stefans Posted April 16, 2019 Report Share Posted April 16, 2019 https://www.ey.com/au/en/industries/real-estate/ey-rent-vs-buy-calling-time-on-the-rent-vs-home-ownership-debate Quote Link to comment Share on other sites More sharing options...
ChrisH Posted April 17, 2019 Report Share Posted April 17, 2019 5 hours ago, stefans said: https://www.ey.com/au/en/industries/real-estate/ey-rent-vs-buy-calling-time-on-the-rent-vs-home-ownership-debate Please provide context for these links that you paste. This is a discussion around property transfer times and your link seems to be discussing whether its a good idea or not to buy a property. Two separate topics in my opinion and not relevant in this thread... 1 Quote Link to comment Share on other sites More sharing options...
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