Seven buying points you should never forget

There are plenty of points to factor in when buying a home, with many easy to forget amidst the financial and emotional challenge of making a significant purchase.
 

However, failing to recollect such issues can result in drama, so our agents have listed the most common elements of a purchase that inexperienced buyers forget about.
 

We hope you find their list helpful.
 

1. Pre-approval, also known as conditional approval, ****means a lender agrees to a home loan – but only in principal. The buyer will need to give the lender more details when they apply for an unconditional loan, and this loan may still be rejected.
    
2. Pre-approval usually lasts for three months, and your final interest rate may change during this period, altering the amount of money you may be able to borrow.
    
3. . Credit score ****is a numerical figure that lenders check to ensure borrowers can afford a home loan. Credit scores are calculated based on the amount of money a buyer has borrowed in their lifetime, the number of credit applications they've made, and whether loans were paid on time. Buyers can also check this figure before talking to a lender.
    
4. Stamp duty, or transfer duty, ****is a state or territory tax charge payable on home loans. It is usually payable as an upfront cost when a home loan contract becomes unconditional and is calculated based on the value of the property being purchased; Generally, it's 3%-4% of the property's value.
    
5. Conveyancers are not necessarily lawyers (although they can be). They specialise in real estate and will prepare and lodge all legal documents needed for a home purchase, including the sales contract and land transfer details.
    
6. Building and pest inspections pick up important, often unseen, structural, pest and other problems in a home before the sales contract is signed. Depending on the detected problems, buyers may choose to not buy the home, or try to negotiate a lower sale price to pay for any required remediation. 
    
7.  Lenders Mortgage Insurance. or LMI, is an extra fee paid when a buyer's home loan deposit is less than 20% of the property's value. This policy protects the lender against a buyer's potential loan default.