Video with Sumit Joshi, RyRo Loan Centre
Buying a home in NSW, step by step
- 1:07
- Posted 29 May 2025
- Read the transcript
What this video covers
The six steps from finding a home to settlement in NSW: the initial deposit, the contract, the five day cooling off period, the 10% deposit and settlement, usually about 42 days after the contract is signed.
Related: First home buyer loans
Transcript
What Sumit says
0:00Six steps in the home buying process. Step 1. Find the property, negotiate the price. Step 2. Pay an initial quarter percent deposit. Step 3. Sign the contract of sale. Step 4. Now you have 5 days cooling off period. Go to your mortgage broker, get your formal approval done, get the valuation done and if you really have to do the building and
0:22pest inspection, get that done too. Step 5. Pay the 10% deposit at the end of cooling off period. Step 6. Get ready for settlement. Settlement usually happens 42 days after the initial contract is signed. On the settlement day, the property is officially yours. You get the keys from your agent. Three things to
0:45consider. Number one, the 5 day cooling off period may be extended if the vendor allows. Number two, the 10% that is required at the end of cooling off period may be brought down to 5% if the vendor allows. Number three, the settlement period which is 42 days can be pre-poned or postponed if buyer and vendor allows.
Transcribed from the video and lightly corrected. General information only, not advice for your situation. See our disclaimer.
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