Buying your first home is a huge milestone. And after making such a big decision, you might feel overcome with emotions and stress. But unfortunately, after signing the papers and moving in, more details need your attention.
So in today's post, we're going to give you the rundown of essential paperwork you need to do after buying a house in Australia. Thankfully, with a bit of prioritisation and focus, you can quickly get on top of it all.
Handle address updates
A couple of months before your moving date, start to note all the times you use your address and the mail you receive. There are three significant categories you likely use your address: government services, creditors and services, and healthcare.
Government services can include your driver's license, Medicare, ABN information, tax information and your My Gov account. Depending on whether or not you have super, you would also want to make sure that this information is up to date.
Creditors include your phone, cable, internet, electricity, hydro, rent, insurance companies, lawyer or accountant and your bank. You likely receive updates from some creditors in the mail, so update these addresses to prevent mail from going to your old address.
And finally, the healthcare services that you use will have your address on file. These can include your doctor, dentist, veterinarian, and other healthcare specialists. But, depending on how far you're moving, you might need to switch these services to new providers, which would require telling them you're leaving.
Organise Home and Contents Insurance
Of the many fees that come with buying a home, insurance is one of them. The first is lenders mortgage insurance. If you have less than a 20% deposit against the value of your property, your financial institution may charge lenders mortgage insurance.
The second is home and contents insurance. Home insurance should be one of the first things you do as soon as you settle on the home. You should check the laws in the state of the home you purchased because it could affect when you, the buyer, become responsible for insuring the home.
Make or Update Your Will
If you don't have a will, now is the time to make one after purchasing such a significant asset. By creating a will, you'll ensure that your house is taken care of if you pass away. If you already have a will, now is the time to update it to include your new home.
Planning your estate can be time-consuming and confusing, but with the help of a will service like Willed, you have the guidance of experts to make sure you're doing everything right. To learn more about you can build a will in less than 15 minutes, start here.
Protect Yourself with a Home Warranty
If you are building your home or the build of your home just finished, Home Warranty insurance protects you, the homeowner, against non-completion and any defects. For work to be defective, it needs to be deemed by law to be the builder's responsibility for a warranty period. Home Warranty also protects you if your build becomes insolvent, passes away or stops showing up.
Buying a home is a significant investment. It's also an incredible addition to your asset portfolio. So to make sure you're protected, keep organised and handle the necessary paperwork right away. If you haven't had the chance to create your will and you've just bought a home, get in touch with Willed and build your will in less than 15 minutes.
Disclaimer: The content of this blog is intended to provide a general guide to the subject matter. This blog should not be relied upon as legal, financial, accounting or tax advice.