HOW DOES FHBA HELP?
At FHBA, we pride ourselves on delivering high quality service to achieve the best outcome for all aspiring and ready-to-buy first home buyers across the country. We have found that there are 3 main common problems that first home buyers face:
Through FHBA Concierge, we connect first home buyers with the services you need at every step of the way. This is a unique service dedicated to first home buyers. It essentially allows a first home buyer to contact us and tell us what problems they are facing and where they need assistance. Based on their circumstances and location we will recommend a licensed professional from our FHBA Services Community, or we may be able to help you internally.
All service providers are part of our FHBA Services Community. Members of the FHBA Services Community must meet a strict criterion to ensure they are qualified and appropriate to help first home buyers. This means you know that you can trust the recommendations of FHBA Concierge (rather then the alternative of Googling a topic, finding 20 + different service providers and not know which one to pick).
Saving for a Deposit
Saving for a deposit is probably the most important and the toughest part of the first home buyer journey. This is due to a range of factors:
- Record low Interest rates: Which means returns on savings are diminishing, which increases the time taken to reach your deposit goals.
- Increasing property prices: As median prices rise, so does a first home buyer’s deposit requirements.
When saving for a deposit and other expensive items every bit counts. You should take your time to find suitable bank accounts which fit your savings time frame, has suitable account features, minimal fees, and maximum interest rates. It is also a good idea to set yourself a budget that allows you to tighten your spending on unnecessary items and maximise your savings so you can achieve your goals faster.
If you are saving for your first home it is a good idea to Speak to a FHBA Coach who is qualified in providing you information on whether you have enough savings to buy now, or how much you need in order to buy your first home, if you aren’t ready to buy yet.
First Home Loan
The next step after you have successfully saved your deposit involves determining your borrowing capacity and eligibility for your first home loan. A Mortgage Broker can assist you with this. A Mortgage Broker is a qualified professional that consumers can go to for their finance needs (such as home loans). A Mortgage Broker firstly takes the time to understand your circumstances & needs, and then goes and find’s a suitable home loan deal in the market for you (plus assist’s you with the loan application). Mortgage Brokers are paid by the lender upon settlement of the clients’ loan, meaning you won’t be out of pocket for using a Mortgage Broker instead of going to the individual banks yourself.
There are hundreds of questions you can ask your Mortgage Broker. Some examples include:
- Am I eligible for the First Home Owners Grant?
- Can I get a home loan? How much?
- How much of a deposit do I need?
- Who should I get my home loan with?
- Other than the interest rate, what else do I need to consider when obtaining my first home loan?
If you need assistance with your first home loan it is a good idea to Speak to a FHBA Coach who is qualified in responding to your questions and providing home loan advice.
Find Your Dream Home
Secure Your Dream Home
If you have found our dream home then this step is vital to ensure you secure your first home by conducting the relevant checks on the home. When buying (or building) your first home, there is much to consider from contracts to inspections and more. FHBA Concierge in association with our FHBA Services Community can assist you by ensuring the property you are purchasing is sound and the contracts have no legal loopholes.
This is one of the most exciting parts of the first home buyer journey. The dream becomes a reality when you step into your first home for the first time. ! There is a lot to consider before moving in. Whilst you should enjoy this life changing experience (you deserve it!), it is important that you consider how you will move all your furniture and organise which services/utilities you need to set up so you can start enjoying the fun stuff such as decorating, cooking your first meal, and putting your feet up! FHBA Connect (another FHBA Concierge Service) can assist with removalists, utilities, internet and even home cleaning.
On our website, we talk a lot about the importance of having plans. While it is good to plan ahead, unfortunately things don’t always go to plan. However, there are ways you can protect yourself from some of the unexpected events that life can throw at you.You will also want to consider having important insurance cover. Insurance cover provides you with a benefit in the event of certain circumstances. Some of the more important types of insurance cover relevant for first home buyers are Life insurance, Income Protection insurance and Home & Contents insurance.