Buying a property: solicitor versus conveyancer

The paperwork needed to formally transfer a property from seller to buyer can be formidable. In theory, there’s nothing to stop you doing it yourself, though it’s not recommended unless you have a legal background.

That leaves the choice between a conveyancer, who specialises in property transfers, and a solicitor, who has broader legal knowledge. Importantly, this choice doesn’t apply in Queensland or the ACT, where only solicitors are permitted to do conveyancing work.

As with all professional services, conveyancing costs depend on the complexity of the transaction. A conveyancer can be more affordable than a solicitor, potentially with a flat fee ranging upwards from around $700 for a straightforward transaction.

A solicitor is more likely to charge by the hour, and that can see the cost climb higher depending on who you use. The difference is that if the deal is complex, or if complications arise during the settlement, your solicitor is able to offer detailed legal advice.

If you use a conveyancer, look for someone with membership of the Australian Institute of Conveyancers, which promotes best practice and ethical standards.

Best deal on a mortgage

Your home loan is likely to be the biggest debt you’ll ever take on, and while red-hot deals abound, sifting through hundreds of loans isn’t an option for most of us. That’s why a mortgage broker may deserve a place on your team of money experts.

The role of a broker is to help you get the best possible deal. But a good broker can help you save even more. “An experienced broker is committed to making sure their client is always getting a great rate – not just when the loan first settles,” says Susan Mitchell, CEO of Mortgage Choice. “A great broker will contact each client’s lender on an annual basis to try and negotiate a rate discount on their behalf.”

These potential rate savings can add up to thousands of dollars over the life of a loan. Even better, you shouldn’t have to pay for your broker’s services – the lender pays them a commission.

It’s worth asking a broker about the number of lenders they work with. “By choosing a broker with access to a broad panel of banks and non-banks, consumers are much more likely to secure a home loan that combines the features they need with a competitive interest rate,” says Mitchell.