Advice for first home owners

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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.

EXPERTISE: Ray Watson from Ballarat Lending Centre says take advice from well meaning family and friends, but make sure that it's backed up by evidence and always double check with the experts.

EXPERTISE: Ray Watson from Ballarat Lending Centre says take advice from well meaning family and friends, but make sure that it's backed up by evidence and always double check with the experts.

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?

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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.

  1. 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.
  2. Choose the right location, considering schools, shops and transport.
  3. 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.
  4. Confirm your formal loan approval with your broker.
  5. Organise building insurance.
  6. Arrange a final inspection of the property just prior to settlement day.
  7. On settlement day your conveyancer will attend settlement and arrange the final payment to the vendor.