Top Questions to Ask When Buying a House

Essential questions about the property

When you find a potential home, ask about its condition, history and future impacts. This helps you understand exactly what you’re buying and avoid expensive surprises.

• How old is the roof and when was the last major renovation? This helps you estimate upcoming maintenance.

• What is the council zoning for this property and nearby areas? Future development can affect lifestyle and value.

• Are there any issues with damp, pests or drainage? Direct questions encourage clearer disclosure.

• What is included in the sale? Clarify fixtures and fittings so nothing is assumed.

• What are the annual council rates and strata/body corporate fees? These ongoing costs impact affordability.

Always order a building and pest inspection. While agents can answer many questions, a neutral expert like a HeyNest-connected broker, can help you factor these costs into your loan strategy.

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Key financial questions for a home loan

Understanding loan structure is just as important as knowing the interest rate.

• What is the comparison rate and which fees are included? This reflects the true annual cost.

• What LVR are you offering? This determines whether you’ll need to pay LMI.

• Does the loan include an offset account or redraw facility? These features add flexibility and can save significant interest.

• Are there penalties for extra repayments or early payout? Essential if your circumstances may change.

• How long is the rate lock period and are there exit fees? A lock protects you from rate rises before settlement.

HeyNest connects you with an independent broker who compares multiple lenders, negotiates better terms and helps clarify each financial feature.

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Procedural and market questions to ask

These questions help you manage expectations, timelines and negotiations.

• Why is the owner selling and how motivated are they? Motivation can strengthen your negotiation position.

• How long has the property been on the market and has the price changed? This can reveal issues or buying opportunities.

• What is the typical time frame from offer acceptance to settlement? Commonly 30–90 days, and crucial for planning finance.

• What recent comparable sales support the asking price? This confirms value.

• What is the rental yield in the area (for investors)? Essential for evaluating investment returns.

After completing HeyNest’s quick application, you’re connected with a local expert broker who guides you through these steps and helps ensure a smooth buying process anywhere in Australia.

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Frequently asked questions

Should I ask about the neighbourhood schools?

Yes, local school zones can significantly impact property demand and resale value, even if you don't have children.

What is LMI and how can I avoid it?

Lenders Mortgage Insurance (LMI) protects the lender if you default; you can often avoid it by having a deposit of 20% or more (an LVR of 80% or less).

What is the difference between pre-approval and final approval?

Pre-approval is an estimate of what you can borrow; final approval is the lender's binding commitment after valuing the specific property you intend to buy.