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Top Tips For Every First Time Home Buyer

Are you planning on buying your first home?

Purchasing a property can feel like an intimidating process. You need to understand how to apply for the right mortgage, determine the right budget and find the right property that suits your needs.

According to the Australian Bureau of Statistics, in 2020 Australia saw its highest number of owner-occupier first home buyer loan commitments since 2009. New government grants are supporting first-time homebuyers, making it more accessible to get onto the property ladder. It’s important that you seek guidance from the right property agency that can help you with your buying journey.

Canberra’s experienced real estate agencies have assisted thousands of first-time homebuyers in finding their dream home. The real estate experts based in Canberra have access to a wide range of properties as well as knowing the local area. Their business is based upon trust with the clients and the local community.

Understand All Hidden Homeownership Costs

There are many hidden homeownership costs that you’ll need to consider. Things such as stamp duty, Lenders Mortgage Insurance (LMI), construction costs, inspections, and home insurance. This is before you’ve even decided what paint to buy, and they often come as a surprise.

Before you work out your budget, make sure that you research and estimate these hidden costs. Check county records to get an idea of the past property tax bills and get information from utility providers and insurers that can assist you in estimating other expenses.

For more information from the New South Wales government on hidden costs click here. Please note the capitals pricing may vary.

Get Pre-Approval First

Looking for a property first, without pre-approval can put you at a massive disadvantage.

Pre-approval refers to the letter you receive from a lender, showing that you qualify for a particular mortgage amount. When your offer includes this pre-approval letter, it shows the buyer that you’re a serious contender and your finances are in order. This gives you a competitive advantage and makes your bid more reliable.

Government Grants and Schemes 

In Australia, you may be entitled to certain grants and schemes as a first-time homebuyer. Recently the federal government has implemented The Family Home Guarantee and New Home Guarantee. If you’re eligible these could help you save thousands of pounds with a deposit as little as 2-5%. Make sure you check what grants are currently available. These savings could be used for other areas of the property such as interior or construction.

Insurance

Buying homeowners insurance is one of the things your lender will need you to purchase before buying your dream home. They often ask for Lenders Mortgage Insurance (LMI) if you cannot provide a 20% deposit or more. It protects the lender in case you default on payments and they have to reclaim the property.

Other insurance includes home insurance that covers the expenses to replace/repair your belongings and house in case they get damaged or stolen by an occurrence covered in the insurance policy. This is vital when it comes to natural disasters such as flooding or fires.

When buying a property you want the right expert in the right area. They can find you the best properties, partners, and builders within your budget and requirements, as well as connect you to the local community.

A real estate agent in Canberra will help you find the right home in Australia’s capital, as well as work on your behalf to secure you the perfect bid. We work on your behalf and make you feel fully supported throughout your buyer’s journey.

Overview

If you’re looking for a real estate agency that can help you find solutions and get you on the property market as soon as possible, contact us. One of our experts will be in touch with you shortly and we can assist you in purchasing your first home!

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