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Hot tips for first home buying!🚒


1. Research the area, and the market Most home buyers enter the market with a specific community or neighbourhood in mind. Unfortunately, it’s not always practical from a value-cost perspective to purchase from that area. While you’re checking the quality of the neighbourhood and its amenities, also consider distances to work and other destinations. If you live in a big city, proximity to work often comes at a higher cost. Research the market thoroughly and decide what the right compromise is given your budget, lifestyle and needs.

2. Work with a broker Fewer and fewer Australians go straight to their bank for a mortgage. Instead, they visit a mortgage broker( preferably me), to get a better sense of what their options are. The mortgage industry extends far beyond the top-five banks and there’s a pretty good chance that a lesser known lender will provide you with a better overall deal. Brokers( again me), work on your behalf to find you the best mortgage for your specific situation. Essentially, as your advocate, they scour the market to locate the most favourable lending terms available. This also includes how the loan is structured for your advantage. This isn’t always possible at your bank. Brokers provide this to over 55% of Australians currently, so they(including me) are doing something right.

3. Make use of government programs If you live in Queensland, there are State government programs out there to make your first-time home buying experience easier. The First Home buyers Grant provides $15,000.00 to go towards the purchase of your first newly constructed home with as little as a 5% deposit( sometimes less)! To find out if you are eligible, give me a call and I can direct you where to go there.

They will give consideration towards extensively renovated homes also with supporting proof that it hasn't been lived in after the renovation. In these cases and just buying a regular established home, they will also exempt stamp duty. This is also a saving in the many thousands of dollars. Each state has it's own unique support to first home buyers. If you are unsure, contact me and I will help you.

This is a great opportunity to become a home buyer and start building equity at a younger age. The Federal government is also supporting your ambitions with the first Home Super Saver( FHSS) scheme. This scheme allows you to withdraw up to $25,000 from your voluntary contributions in your superannuation fund to buy or build a qualifying home. Withdrawing from your Superfund usually means paying hefty administration fees and personal income tax, but the FHSS scheme allows you to do it tax-free. I can provide you direction to start the process quickly.

4. Don’t feel rushed A seller’s market or a high pressure agent can create a sense of urgency to snatch up the first piece of property that even remotely meets your criteria. After all, very few emotions move people faster than the fear of missing out. While it’s always important to act with purpose when buying a home, there will always be new listings tomorrow. If you cast your net wide enough, you’ll have plenty of options to find something suitable in a reasonable time frame. Use a checklist( email me if you want one) and you can't go wrong. I can usually provide you with a comprehensive property report of the home( if it is established) and the area, all you have to do is ask. There are a lot of good agents out there who will listen to what you want and then check their listings to fit your requirements. Make use of them, it's worth it in the long run.

5. Calculate all the costs of home ownership While renting cannot compete with the long-term benefits of owning a home, it’s usually much cheaper when measured month-over-month. In some cases, one payment can cover all your renting costs. This isn’t the case with home ownership. In addition to your mortgage payment, you also need to factor utilities (electricity and gas), maintenance, furnishing, insurance and rates. You are still responsible to manage your lifestyle like an adult. It would advisable to use a broker( again me), they can provide you with very accurate ongoing fixed expenses to confirm you will not be in hardship.

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0405 476 765

 A Cairns Mortgage Broker with the ability to service all of Australia for all Australians.

Disclaimer: This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply. Credit Representative 492977 is authorised under Australian Credit Licence 389328. The JAM Family trust T/A Australian Home lending Solutions and Finance. ABN 32 702 437 914.

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