Being your first home purchase, the whole process will be a new experience and you will be entering into “unchartered territory”.
This will be one of the biggest decisions you will ever make and we will be available to assist in whatever way we can over the process.
We suggest the following things should be done, prior to signing the Contract of Sale for your first home:
Speak to us to establish your borrowing capacity – by knowing how much you can borrow and how much cash you have saved to assist with the purchase, we can estimate the purchase price range available to you.
- Identify all costs associated with your purchase such as stamp duty, solicitors fees and loan costs.
- Choose a loan that is suitable for your particular circumstances – some of the specific features to consider are interest only versus principal & interest repayments, weekly, fortnightly or monthly repayments, fixed or variable or whether you require an offset account.
- Establish what type of property you would like – house, unit, apartment etc.
- Arrange home loan pre-approval in advance so you have your loan ready to go when you find the right property.
- Plan a detailed budget incorporating estimated loan repayments.
- We will assist with advice regarding applicable government assistance for first home buyers in your state.
- Negotiate price with the agent – remember the property is there to be sold.
- Once you have found the property arrange building and pest inspections.
- Make sure you have a “finance cooling off period” included in your sale contract.
- Note that there is no finance cooling off period if the property is bought at auction
- Read all terms and conditions in the contract to ensure that they are acceptable to you.
- Before you visit a bank, it is very important that you know about your options beforehand. For first home buyers, the options available can vary drastically and interest rates can fluctuate from each lending institution.
Our services you will be aware the different options available and we will tailor anappropriate solution for your individual circumstances.
Home Owner’s Grant
In Australia, governments provide assistance to some first time home buyers.
The assistance is different in each state and we will assist with identifying the assistance available for your specific purchase and guide you through the process when needed.