Buying a home in Queensland is a team effort, and it pays to have the right people in your corner to give you access to the expertise you need. Some experts are required by Queensland real estate law to engage before purchasing a home, and others are optional but have valuable knowledge that is worth considering if you want your real estate journey to go as smoothly as possible.
We’ve put together a run-down on the experts that you’ll need and others who you might consider based on your situation to give you an overview of where to start when building your real estate support network.
1. Mortgage Broker or Lender
Before you can even start the process of buying a home, you will need to make sure that you have the financial backing to buy. The majority of Queenslanders do this with a mortgage, and there are many different mortgage options out there.
A mortgage broker is someone who looks at your specific financial situation and goals and matches you with mortgage options that give you the best possible rate. They will also help you understand your different options when it comes to things like fixed and variable rates, split loans, interest only loans, and the many different options available to you.
In most, but not all, cases, mortgage brokers earn their livings taking a commission paid by the lender once the loan is settled, which means that it is a service you can access free of charge. It does, however, pay to ask a few questions before engaging a mortgage broker to ensure they do work on an upfront commission basis, and to ensure that they don’t preference certain loan options over others because of this commission structure.
In Queensland, it is not required to use a mortgage broker, and you can do the leg work yourself by reaching out directly to banks and other lenders and filling out each application manually. Unless you are deeply knowledgeable in this area though, it is not likely to yield the best outcome because unless you put a huge number of hours in, you are unlikely to get the high level of visibility that a mortgage broker can provide. A common suggestion is to engage a mortgage broker and seek independent loan quotes from two or three of your preferred financial institutions at the same time. That way you can compare a few different options while still getting the benefits of using a mortgage broker.
2. Conveyancer
In Queensland, it is required for both the buying party and the selling party to use conveyancers for the property transfer process, but that doesn’t mean that you don’t have any choice in the matter. Choosing the right Queensland conveyancer can save time, money, and help to ensure a smooth and stress-free buying process.
A conveyancer is responsible for facilitating the property ownership transfer from seller to buyer, as well as all the legal steps that this process entails. A conveyancer is also responsible for keeping you informed throughout the process, translating the complex legal details that they uncover through performing a contract review and title search Queensland into information that you as the buyer can use to make informed choices around proceeding with the purchase and asking for changes to the contract of sale Queensland.
A conveyancer will negotiate the contract on your behalf with the seller’s conveyancer during the settlement date process. Often this means paying close attention to the special conditions in contracts and make sure the timing of the settlement period, any transfer of property in addition to the real estate, and other factors work for both parties. For buyers, this means that you need to have a high level of trust with your conveyancer, so it’s worth taking the time to find the right conveyancer for you. Do you want to learn more about choosing the right conveyancer? Read our guide on choosing the best conveyancer.
3. Real Estate Agent
When you are buying a home, engaging a real estate might not be your first thought, but it is worth considering for the expertise and benefits they provide depending on the type of purchase you are looking for.
The industry connections and visibility that a real estate agent has can provide you with access to off-market or pre market listings, which will allow you to have an early shot at potentially competitive properties. They can also support your conveyancer in the negotiation process, specifically working with the seller’s agent to get you the best price possible.
One of the most important factors that lead buyers to seek real estate agents is the time saving aspects. For busy working people, the time that it takes to manage property searches, inspections, and due diligence for several properties is more than can realistically be expected. This is especially helpful if you are a first-time buyer, or if you are buying in a different region to where you live or have any familiarity with.
Another situation where a real estate agent is deeply beneficial is for auction sales. Auctions are becoming more and more common in Queensland but they can be an extreme stressor for buyers and cause people to blow out their budgets when bidding rolls around. A buyer’s agent can bid on your behalf and prevent emotional overspending, as well as guide you through the auction process so you know what you’re up against.
If you have significant experience in real estate, if you are a confident negotiator, or if you are working directly with a developer, as in the case of off-the-plan purchases, you may not need a Real Estate Agent, but if you want a less stressful process, it is worth considering.
4. Building and Pest Inspector
Although not required in Queensland, conducting a building and pest inspection is highly recommended before going unconditional on a property purchase. Building and pest inspections help to:
- Identify structural issues – Checks for defects like cracks, poor foundations, or water damage.
- Detect pest infestations – Finds termites and other pests that could cause expensive damage.
- Create negotiating power – If issues are found, you as the buyer can negotiate a lower price or request repairs.
- Avoid hidden costs – Helps buyers avoid unexpected repair bills after purchase.
- Allow you to withdraw your offer – Many contracts in Queensland include a building and pest inspection clause, allowing buyers to withdraw or renegotiate if serious issues are found.
Usually, building and pest inspections are completed during the settlement period, in between when you initially sign the contract and the settlement date, when the contract becomes unconditional. In the case of an auction sale, however, this becomes a bit more tricky, as there is no conditional contract period, so building and pest inspections need to be done ahead of the auction. You can learn more about buying at auction in Queensland here.
The cost of a building and pest inspection in Queensland typically ranges from $300 to $700, depending on factors such as the property’s size, location, and complexity. Larger homes, older properties, or those in remote areas may incur higher fees. While this may seem like an extra expense, it can save you thousands of dollars in unexpected repairs by identifying structural defects, termite infestations, or moisture issues before settlement.
5. Valuer
A property valuer plays a crucial role in the home-buying process by providing an independent assessment of a property’s market value. Unlike a real estate agent’s price estimate, which may be influenced by sales strategies, a valuer offers an objective and evidence-based valuation based on factors such as recent sales of comparable properties, the home’s condition, location, and market trends.
Buyers often need a valuation when applying for a home loan, as lenders require an independent assessment to ensure the property is worth the amount being borrowed. If the valuation comes in lower than the purchase price, the buyer may need to negotiate with the seller, increase their deposit, or explore alternative financing options.
While you are not required to engage a valuer, it will provide peace of mind before making an offer, particularly in a competitive market where properties may be overpriced. A valuer can help identify whether a property is a good investment and prevent overpaying. Hiring a registered valuer ensures that the report is accurate, unbiased, and follows industry standards.
6. Insurance Broker
Engaging an insurance broker will help you navigate the complex world of property insurance, ensuring they secure the right coverage for your needs. When purchasing a home, you will need to consider several types of insurance, including building insurance, which protects against structural damage, and contents insurance, which covers belongings inside the home.
Many lenders require buyers to have building insurance in place before settlement to protect the asset securing the loan. An insurance broker provides advice by comparing policies from multiple insurers, helping you find the best coverage at a competitive price while ensuring they understand the fine print, including exclusions and claim procedures.
Unlike dealing directly with an insurance company, an independent insurance broker acts in your best interest, tailoring policies to suit your specific property and risk profile. They can also advise on additional coverage options, such as landlord insurance for investment properties or flood and storm insurance, which is particularly important in Queensland’s climate. If a buyer ever needs to make a claim, a broker can assist in navigating the process to ensure a fair outcome. Engaging an insurance broker not only saves time but also provides peace of mind that the property is adequately protected from unforeseen events.
