First Home Buyers

Buying your first home in Australia can be an exciting but complex process. Here’s a summary of the key steps:

Assess Your Financial Situation

Savings: Ensure you have enough saved for a deposit, minimum 2%- 5% of the property price (Conditions apply).
Credit Score: Lenders will assess your credit history to determine your eligibility.
Budget: Account for all associated costs, such as stamp duty, legal fees, inspections, and insurance apart from your day to day expenses.

2. Understand First Home Buyer Schemes

First Home Owner Grant (FHOG): A government grant available for new homes or properties that have not been lived in before.
First Home Loan Deposit Scheme (FHLDS): Allows eligible buyers to purchase a home with a deposit as low as 2% or 5%, with the government guaranteeing the rest.

3. Get Pre-Approval for a Loan

Speak to banks or mortgage brokers to determine how much you can borrow based on your income, expenses, and savings.

4. Find a property

Research: Consider location, size, amenities, and proximity to work, schools, or public transport.
Inspections: Attend open homes, and consider hiring a professional inspector to assess the property’s condition.

5.Make an Offer or Bid at Auction

These professionals will help you with the legal paperwork and ensure the property’s title is clear.

6. Hire a Solicitor or Conveyancer

These professionals will help you with the legal paperwork and ensure the property’s title is clear.

7. Secure Financing

Once your offer is accepted, finalize your mortgage application with your lender.

Exchange Contracts

After both parties sign the contract, a deposit (usually 10% or agreed sum of the purchase price) is paid, and the sale becomes legally binding.
You may sign the contract subject to finance approval or unconditional.

Settlement

On settlement day (usually 1-3 months after exchanging contracts), the remaining money is paid to the seller, and you officially take ownership.

Move In

After settlement, you can move into your new home!

Additional Tips:

Stamp Duty: This is a tax on the property purchase and varies by state.
Home Insurance: It’s recommended to have insurance in place before settlement.
Government Support: Various state-specific grants and assistance programs may be available to first-time buyers – Talk to us for more information.

It’s important to plan carefully, seek advice from professionals, and fully understand the costs and processes involved before making such a significant financial commitment.

First Home Buyers

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