Buying your First Home is potentially one of the biggest decisions you will make in your life. We understand how daunting it can be and we are here to help you through this, every step of the way.
Here are some tips and tricks we believe will make for a smoother transaction and prepare you for stepping into the housing market.
- Planning and having a goal are important factors to consider. Think about whether this will be your forever home or if you want to upgrade in the future; do you want a family? Do you need a 4 bedroom home or is a 3 bedroom home enough? What is your short term and long-term goal? Where would you like to live?
- Saving a minimum 5% deposit is also needed in preparation for buying your First Home. Have you made a budget? Or if you do have one, have you revisited this to see if you could be cutting costs in any areas? We have a very easy to use budgeting calculator on our website for you to use. Find it here.
Now that we have spoken about your deposit let us move on to some of the requirements that need to be met when applying for a home loan.
- The obvious requirement is a regular stable income. Of course, there are different ways this can be verified with different criteria between some lenders.
- You must also show evidence that you have the capacity to save. Your 5% deposit must have been held in your account for 3 months or longer. Once again there is more to this and we are here for you to discuss this and all requirements that need to be met. Contact us today.
As a First Home Buyer stepping into the market there are now more opportunities than previously available regarding Government incentives.
- The Qld Government has had the First Home Owners Grant available for quite some time. Eligible First time home buyers looking to build or purchase a brand new home could receive $15,000 towards their purchase. Other eligibility criteria and conditions apply and are fully explained on the FHOG website.
- A newer incentive is the First Home Loan Deposit Scheme. This scheme allows first home buyers to purchase a property with as little as a five% deposit and without the need to take out lenders mortgage insurance – potentially saving thousands of dollars. Again, criteria and eligibility requirements apply.
If you would like to find out more we would be very happy to sit down and explain these schemes to you, at length and see if you are able to take advantage of one or both of these when buying your first home.
Here at Real Choice Finance, our focus is to build a long term relationship with our clients. We enjoy sharing these very special moments whether it be buying your first home or your 6th home. If you wish to speak with a real person whose sole focus is helping you to achieve your goals, we would love to hear from you. We are here to help every step of the way.
Our brokers are available for you today and in your future so do not be shy. No question is too small. Send through your enquiry here. One of our friendly brokers will be in contact within 24 hours.
