We are dedicated to helping you comprehend various loan types, grants, and incentives available to assist you in acquiring your first home.
We are dedicated to helping you comprehend various loan types, grants, and incentives available to assist you in acquiring your first home.
When purchasing your first home, it is likely one of the most significant investments you will make. In Australia, first-time homebuyers can leverage current market conditions along with generous government incentives, such as the First Homeowner Grant, to step onto the property ladder.
We have extensive experience working with clients nationwide to access various first home owner grants and explore the different stamp duty concessions and other benefits that vary by state. Our team can provide detailed guidance on your available options, including comparisons between purchasing vacant land and an established home. Additionally, you may qualify for the Home Guarantee Scheme, which can significantly impact the type of property you can afford.
Understanding the buying process for your first home is crucial, as is comprehending how much you can borrow prudently. With our years of experience supporting first home buyers through the purchasing journey, our expertise can help you navigate the complexities of purchasing your first home while ensuring you make well-informed decisions about your borrowing capacity.
When buying your first home, it’s crucial to be well-prepared. Here are three key things to consider:
Mortgage Pre-Approval: What is ‘Pre-Approval’? Leaning on a broker for guidance before starting your home search can be invaluable. Get pre-approved for a mortgage to understand how much you can afford. You can weigh up your options, especially when deciding between buying at auction versus private sale, and understand how this affects your approval for finance.
Deposit: Determine the amount you can comfortably save for a down payment. Keep in mind that a larger deposit can lower your monthly mortgage payments and potentially save you from paying Lenders Mortgage Insurance (LMI). You may also be eligible for the First Home Owner Grant (FHOG) or other government concessions.
Additional Costs: Beyond the mortgage, consider other expenses like property taxes, insurance, closing costs, and utilities. First home buyers may also be eligible for government schemes or duty exemptions that could save you money.
Location and Future Value: Research neighbourhoods that fit your lifestyle and offer amenities like good schools (if applicable), low crime rates, and convenient access to work and recreation.
Resale Value: Consider the long-term value of the property. Look for areas with growth potential and factors like infrastructure developments that can impact future resale value. With high interest rates, think about whether to buy a home you can add value to or one that's move-in ready for long-term living without renovations.
Inspection: Always get a professional home inspection before purchasing. This helps identify structural issues, plumbing problems, electrical faults, or necessary repairs. It usually coincides with a pest inspection. It’s better to know what you’re getting into before buying your first home.
Renovation Costs: Consider any renovations or repairs you may need, and factor that into your overall budget. You don’t want to overcapitalise or spend so much on the purchase that you can’t afford the renovations.
2024 / Mortgage Brokers Co. Jackson McCarthy is a credit representative (488785) of BLSSA Pty Ltd ACN 117 651 760 (Australian Credit Licence 391237)
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 notconstitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.
