Special New Years Resolution 3 Part Series: Buy My First Home
THE start of a new year brings so much promise. It is a time that many people choose to reflect on their previous year and think about what they want to achieve in the coming year. Some people think about it longer and harder than others, but most of us at least have a think about it.
For many younger generations buying their first home is a common goal. Some are closer than others to achieving this goal. Whether your goal is to learn more about property, save a deposit, or buy your first home, this special New Years Resolution 3 part series has got you covered.
Disclaimer: Please note our website, including this special series, is in no shape or form designed to replace the need to obtain professional advice from experts such as Financial Planners. All information on our website is general & factual in nature and should not be solely relied upon. In particular, we wish to remind you that the information in this article is not designed to replace financial, property, borrowing or taxation advice. We always recommend you speak to a licensed professional. Please visit our website’s Terms & Conditions for more information.
Are you ready to make home ownership a reality this year?
To help you get the most out of this special series, we have broken it up into three parts:
- Part 1: Save a home deposit – for those who want to start saving a deposit.
- Part 2: Buy your first home – for those who have nearly finished saving a deposit and want to buy their first home this year. See below.
- Part 3: Learn more about owning property – for anyone aspiring to buy their first home one-day (in 2017 or later).
Part 2: Buy your first home
Once you have saved your deposit (or have nearly finished saving your deposit) it is time to get serious about planning your first home purchase. Here our top tips to prepare for buying your first home in 2017.
- Know how much you need saved to buy your first home – There is no exact set amount you need to save in order to buy your first home. There are many variables that you need to consider, both in relation to the deposit required as well as other costs associated in buying a property. To help aspiring first-timers estimate how much they need we have created an innovative tool that provides you with a free estimate in less than 60 seconds. Try our new FHBA Eligibility Estimator for free here!
- Consider the location you want to live in – What location you will likely want to live in will depend on many factors, such as proximity to family, friends, employment and transport, as well as capital growth potential. To assist first home buyers research and pick their first home location in 2017 we are currently busy working on some new tools and services that will empower you with more knowledge and insights into suburbs you are considering. Watch this space!
- Consider the type of property you want to buy – There are many different types of properties to consider in Australia. You should consider new versus established properties, as well as houses, house & land packages, apartments, townhouses, duplex’s, terraces and more. To learn more about the pro’s and con’s of buying Off-The-Plan please click here.
- Check to see if there are any Government entitlements you may be eligible for – There are various forms of Government financial assistance for eligible first home buyers. It is important to make sure you check to see if you are entitled for any assistance because the difference between getting assistance and not getting assistance could be as much as tens of thousands of dollars! Each State has their own first home buyer assistance schemes. You can find your free State guide in our FHBA Grants Info Hub.
- Compare finance options & obtain finance pre-approval before you attend open homes – Buyers will be spoiled for choice when it comes to selecting a home loan product in 2017. We recommend you use a Mortgage Broker to help you compare finance options that suit you and then assist you with obtaining finance pre-approval. To learn more about obtaining your first home loan please click here.
- Don’t forget to ask questions – Whoever you are get help from make sure you ask as many questions as you can! More questions leads to more answers, which means more information and knowledge to you.
- Join the FHBA VIP Club as a BUYERS member – FHBA VIP Club provides BUYERS members with lots of tips and resources that you can use to assist you with your first home buying process. The FHBA VIP Club is free to join as BUYERS member and has no ongoing fees either! By joining today you will also receive an additional bonus: ‘Quick Guide To Buying Your Slice of The Great Australian Dream’. Click here to join.
FHBA Coach’s specialise in providing mentorship and guidance to aspiring first home buyers across Australia. If you are feeling a little unsure about something or have any questions please book in a complimentary phone chat with one of our friendly FHBA Coach’s. We are here to help you with your great Australian dream, every step of the way!