Finance focus
Tips for nabbing a bargain this Spring

The typically busy Spring sales season is upon us, so what does it mean with much of the country in lockdown?

While listing volumes will likely be down during the lockdowns, the good news is we’ve seen advertised stock and sales activity bounce back remarkably quickly once restrictions do ease.

Property prices have soared in recent months, so now more than ever it’s important to understand how to negotiate like a pro when it comes to your Spring property purchase. Here are our top tips.

Tip #1: Do your research

You’ll be in a better position to make an offer or bid with confidence if your local property market knowledge is up to speed.

We offer several types of FREE reports that will help you cover your bases.

Hint: If you’re looking for a property on the lower end of the price range, CoreLogic’s Top Affordable Suburbs Report is another handy resource. It identifies the top 100 suburbs across Australia where the median value is under $500,000.

Tip #2: Make sure your finances are in order

If you do find a bargain, you’ll want to be in a position to jump on the deal. Speak to us about organising pre-approval on your finance, so that you’re ready to go.

Pre-approval means a bank has agreed, in principle, to lend you a certain amount of money. Having pre-approval gives you confidence during price negotiations with vendors. It may also give you an edge over other buyers without pre-approved finance.

Tip #3: Find out why the vendor is selling

Understanding the vendor’s motivation to sell may give you an upper hand during negotiations. What kind of type of settlement terms and deposits will be most attractive to them?

For example, they may be moving interstate, or need liquidity fast, in which case they may drop their price for a shorter settlement.

Maybe they need an extra-long settlement while they find somewhere else to live? Or perhaps a larger deposit would make you more favourable compared to other buyers?

Ask the real estate agent why the vendor is selling and use the information as a negotiation tool.

Tip #4:Get building and pest inspections done

Building and pest inspections not only alert you to issues with the property such as termites and structural defects, but they can also be used as ammo during price negotiations.

You may be able to use the findings from the inspection to negotiate a lower sale price.

Let’s chat

If you’re in the market for a Spring property purchase, speak to us and we’ll line you up with the right finance for your needs.

The information provided is general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances. Your full financial situation will need to be reviewed prior to acceptance of any offer or product. This article does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.