Buying your first home is one of the most exciting and important decisions you could make. When it comes to choosing your home loan, it’s important to do your research.
Here are 5 tips to get you started on your journey.
Establish a budget
Work with a mortgage broker to assess your financial situation and determine how much you can afford. Consider your income, expenses, and any existing debts. Factor in additional costs like property purchase taxes, maintenance, and homeownership insurance.
Find out what incentives are available
There is a raft of incentive schemes for first-time homebuyers. The Victorian Homebuyer Fund, First Home Guarantee, Regional First Home Buyer Guarantee, First Home Owner Grant, and First Home Super Saver Scheme are available to first time buyers in different states.
Research mortgage options and compare different mortgage options
Understand the types of mortgages available, such as fixed-rate and variable-rate loans. Explore the loan terms, interest rates, and any additional fees. Getting pre-approved for a mortgage can give you a clear idea of how much you can borrow and help streamline the buying process.
Conduct location and property research
Look for areas with good amenities, transport links, and potential for growth in property value. Research the property market in your chosen area to understand pricing trends. Attend open houses and inspections to get a feel for the local market and the type of property that suits your needs.
Plan for additional costs
Prepare for additional costs associated with buying a home, such as conveyancing fees, stamp duty, and inspection costs. In Australia, the stamp duty concession is another potential benefit for first-time buyers. The amount and eligibility criteria vary by state and territory, so be sure to check the specific details for your location. In New South Wales, the First Home Buyer Assistance Scheme provides exemptions or concessions on transfer duty (stamp duty) for eligible first-time buyers. The scheme aims to make it more affordable for first-time buyers to enter the property market.
Ready to get your foot on the property ladder? Chat to one of our Resolve brokers to find out if you qualify!