Property Purchase Guide
 Buying a new property
Looking for a new home? Even though you may have purchased before there is still many things that need to be considered before proceeding. At Police Credit Union we want to make the process easy and give you the knowledge that you need to make an informed decision. If you need to clarify anything along the way, feel free to contact one of our helpful Branch staff or email us.
What are the considerations?
If you are selling one house and buying another one you need to take into consideration that you will need to do one of the following:
 Completed the sale of your property before you settle on your new property.
Arrange the settlement dates to be the same for the sale and purchase.
If required organise Bridging Finance for the time between the purchase of your new property and the sale of current property. Police Credit Union can provide you with Bridging Finance if required.
Costs involved
Legal fees – conveyancing costs and property search costs.
Government fees – stamp duties on the mortgage and the transfer.
Property related costs – you will need to pay back the seller, pro-rata, any council and water rates and if it is a unit, strata fees.
Inspections – you will need to have the property inspected for building and pests.
Mortgage Insurance - If you borrow more than 80% of your new home's value you will need to pay Mortgage insurance. This covers the lender if you fail to make your mortgage repayments and the property sells for less than what is owed.
We have you covered
Before settlement you will be required to provide evidence that you have building insurance (with units this is usually covered by strata). At Police Credit Union we offer Allianz Home and Contents insurance making the process even easier for you.
What's next?
Now that you have all the information that you need you can take the next steps:
Use our calculators to see how much you think you can afford to borrow and repay.
Start the application process by filling out our online form.
Call one of our helpful Branch staff to find out more about Police Credit Union Home Loans or if you are in the Sydney Metropolitan area request a meeting with our Mobile Lender.
Find out more about our different types of home loans
Premium Home Loan
Equity Maximiser Home Loan
Fixed Interest Home Loan
Read our Guide A Smart Guide to Buying Property.
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