Helping First Home Buyers Enter the Property Market
Having your own property is an excellent dream, but it can be stressful. The information you need to work around, including the buying process, can be overwhelming, especially if this is your first time. We’re here to make it easier for you.
Preparing for the first property purchase
For starters, before purchasing your first property, make sure you know exactly what you are getting into.
Have you considered the types of property you can actually afford to purchase?
Have you done your research in the area you wish you purchase? Or the property itself?
Do you know you can tap into a wealth of industry knowledge and property market specialists?
We go through these in more detail here in our 10 points to consider before buying your first property
Then there’s the money side of things including budgeting for your purchase and all things home loan related.
Let’s jump in.
Budgeting for first home buyers
Home purchases can be one of the most expensive purchases you will ever make. So you’ll need to consider the lump sum costs of buying a property.
There are the upfront costs that are incurred and some of these may be necessary even if you don’t end up purchasing. They are part of the due diligence process.
Then there are the ongoing costs of property ownership which need to be factored into the type of property you are purchasing.
Find out exactly what’s involved so that you can budget for the right price.
So now that you’re aware there can be quite a bit of out-of-pocket costs involved in purchasing your first home, know that there are a few options that you can take advantage of, as first homeowners, to bring down these costs.
How to reduce the costs for first home buyers
You may be eligible for grants or special government schemes. There are also low deposit solutions for different states and even stamp duty concessions.
Buying a home and taking out your first mortgage is often the most significant financial decision you will ever make. You may have concerns, but it’s important to distinguish the facts from fiction.
The truth about first home buyer loans
What do you think? Fact or fiction?
“I need to clear my debt before applying for a home loan”
“My parents cannot be my guarantor or they might go broke”
“If I have bad credit, I won’t be able to get a loan”
“I’ll need to save up 20% deposit before I can apply for my home loan”
“Renting is cheaper than buying. I can save more if I don’t buy property”
Click here to find out which ones are facts and which ones are fiction.
Let’s help you fast-track your first home purchase. Why not have an obligation-free chat with us about your options?
