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The importance of home-buying due diligence.
Get familiar with the all-important legal and physical information you need to understand about the property you're keen on buying.
Six essential checks.
Do your home buying due diligence and you'll know exactly what you're committing to, reducing the risk of costly surprises. If you've found a property you want to buy, these are the essential checks to make before you go any further.
1
Contact the council
Ask your local and regional councils about the area you want to buy in and any future plans, such as zoning changes such as zoning changes, new developments and natural hazard risks. You can also check the Natural Hazards Commission’s (NHC) website and Natural Hazards Portal to get more information on natural hazards and view settled NHC claims in the area from past natural hazard events.
Visit the Natural Hazards Commission’s website
2
Apply for a LIM report
A Land Information Memorandum (LIM) is available from the local council. It gives you valuable information about the property you want to buy, including drainage, roads, potential natural hazards (such as flooding and erosion), and consents.
3
Get a builder's report
This should be from a licensed building practitioner. Ask what the report will and won't cover and for an idea of what it might cost to fix any issues they find. If it looks like there are problems with the building or the land, it's also advisable to get a report from an engineer. You can also check the weather tightness and see whether there's been a leaky home claim for the property.
4
Check the title to the property
Your lawyer will check the title and can tell you if there are any restrictions that could affect your ownership or use of the property. The estate agent should be able to provide a copy of the title.
You might also want to talk to your lawyer about title insurance. It could help protect you if you find out later that the boundaries are wrong or illegal work has been done on the property.
5
Get an insurance quote
Your home may be the most valuable asset you own and home insurance is a requirement of your home loan. Before buying a house, it's worthwhile checking with an insurer to see if there could be any issues with obtaining insurance cover for the house you are interested in. You should also get a quote to understand how much it would cost you to insure the house.
6
Talk to us
Have some questions? Contact your local Home Loan Expert and they'll come to see you. They can explain every aspect of doing due diligence and talk through what we will need before confirming your home loan.
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Things you should know.
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