We expect the increase of the First Home Owner Grant from $10,000 to $20,000 will make it much easier for first home buyers to enter the property market.
The increase will provide access to a greater deposit which may move buyers towards a better home. It also has the potential to decrease expensive lender mortgage insurance premiums.
Buying a home can be a daunting process, especially when there are so many things to consider, such as:
- Where and what can I buy?
- How much deposit is needed?
- How much can I borrow?
- Who should I borrow from?
- What are the costs involved?
This advertising feature is sponsored by the following businesses. Click on the links to find out more:
- Ballarat Lending Centre
- Ballarat Property Group
- Bank of Melbourne
- G.J. Gardner Homes
- Integra Group
- Langdon Building
- Bendigo Bank
- Balben Property Transfers
Our role is to guide you through the process to ensure all of your needs and options are considered.
- Do your homework. We help you work out how much you can borrow and to understand what other costs to expect. Research the area you want to live.
- Account for after purchase costs such as rates, utilities and insurances.
- Consider what flexibility you want with a loan, such as making additional repayments without penalty and taking advantage of some of the low interest rates we are currently seeing.
- Consider honeymoon loans, basic or “no frills” loans, standard variable rate loans, fixed rate loans, equity line of credit loans and professional home loan packages.
- Know your entitlements with first home owner grants and stamp duty concessions.
- Explore options such as gifted deposits and family acting as guarantors.
- If you don’t have ready cash to pay the deposit when you locate a property, a deposit bond may be your answer.
The step-by-step guide to buying your property.
- Obtain loan pre-approval. Knowing how much you need for a deposit and how much you can borrow gives you confidence in making an offer on your property of choice.
- Choose the right location, considering schools, shops and transport.
- Make an offer. Obtain a copy of the contract of sale for your conveyancer/legal representative to check. Pest and building inspections might be appropriate.
- Confirm your formal loan approval with your broker.
- Organise building insurance.
- Arrange a final inspection of the property just prior to settlement day.
- On settlement day your conveyancer will attend settlement and arrange the final payment to the vendor.