1. “Compare the place against existing properties to ensure you aren’t paying too much of a premium for something brand new,” says Veronica Morgan, founder of Sydney-based property buyers Good Deeds and co-host of Location Location Location Australia.
2. Research the reputation of the developer and builder. Ask to inspect previous completed work for quality.
3. Get your deposit – usually 10 per cent – and loan pre-approval ready.
4. Have your solicitor look over the contract. Be aware of sunset clauses and the possibility of changes made to the property during construction. Hand over your deposit, sign the contract and wait for your new home to be built.
5. Once construction is complete, you’ll have a pre-settlement inspection. A settlement date is set at which point the mortgage kicks in to pay the remainder and you become a HOMEOWNER!
6. Move in!