Home ownership

When buying a property there are lots of things to consider like finding the right property and checking title information, private sales and auctions. You will also want to make sure things like schools, health services and public transport are nearby.

Financial considerations

Buying a home is a big decision. It needs planning and budgeting.

The Australian Government's Moneysmart website has information that will help you get started on the path to buying your own home – from working out if you are ready to buy to finding the right property.

There is also a budget planner and mortgage calculator that will help you work out what repayments you can afford.

It is also important to consider the type of property you want to buy.

Houses and townhouses are usually freestanding and have their own separate titles.

Flats and apartments often have strata titles which allow individual ownership of part of a property. This means there will be annual fees, levies and charges that you will have to pay.

Fees

You will also need to think about the other fees that come with buying a property, like:

• Stamp duty
• Transfer of registration fees
• Bank charges
• Other professional fees (like legal and conveyancing fees)
• Moving costs
• Inspection fees (like for architectural inspections)
• Mortgage insurance.

Getting the right home loan

The Moneysmart website has information about borrowing money and choosing the right home loan – from understanding interest rates to how to pay off your home loan sooner.

There is also a budget planner and mortgage calculator that will help you work out what repayments you can afford.

Financial support to help you buy your home

You may be eligible for grants and concessions to help you buy your home. To find out more, see Help to buy a home.

Our section for home owners and buying has information and services to help you buy and stay in your home.

Finding places for sale

You can look for a place to buy by:

• Searching online: There are lots of websites that have places listed, like real estate agent websites or other sites. They let you search by location, type of property, number of bedrooms, and your budget.
• Checking newspapers for property listings: Check the local paper in the areas you want to live for any rental listings they have.
• Walking or driving around the areas you want to live and finding 'for sale' signs
• Contacting local real estate agents:
  • Visit real estate agents in the areas you want to live and see what is on display in their windows. Ask if they have a list of available properties that are for sale. Ask if they have a mailing list that they can put your name on
  • Make a list of all properties you're interested in and the details of any real estate agents you have contacted. This will help you keep track of the properties you have asked about or inspected.

Affordable housing in public and private housing projects

The Victorian Government has worked with private enterprise on a number of projects to build new affordable private homes and public homes.
 
These developments are in vibrant and growing communities with schools, parks, shopping facilities and services.

An example of one of these projects is New Norlane. Norlane is an area that offers some of the most affordable new housing in Victoria. It is a suburb located seven kilometres from Geelong's CBD and is around 70 kilometres from Melbourne.

This project will build 160 new affordable private homes and 160 new public homes.

Public housing tenant house sales program

Eligible public housing tenants may be able to buy the home they live in through the tenant house sales program.

Before you buy

Before signing a contract, consider paying a qualified building inspector, surveyor or architect to provide a professional building inspection report.

To buy a property you will need to sign a contract of sale. A solicitor or a conveyancer can give you advice and to make sure that all legal obligations have been met by both the buyer and the seller.

More information

• Consumer Affairs Victoria's website section on buying a property has advice on finding a property and arranging an inspection. There is also a buyer's guide covering real estate agents, legal obligations, private sales and auctions
• Consumer Affairs Victoria's website also has tips to help you research types of property to buy. It explains the types of properties that exist and what you should think about before you buy
• The Law Institute of Victoria explains the legal aspects about buying a home
• Our home ownership advice page has a list of organisations that can help if you are having problems in and around your home
• The Youth Central website has tips for young people about finding a property and the steps to buy it