The initial decision to purchase a home can be both exciting and extremely daunting. Receiving guidance can make it easier....
First Home Buyers
The initial decision to purchase a home can be both exciting and extremely daunting. Receiving guidance can make it easier; by steering you through the home buying process, as well as assistance with government programs like the First Home Owners' Grant Scheme.
Dont know where to start? The six step home buying guide helps guide you through the essential steps of Plan, Apply, Choose, Make an offer, Settle, and the First Home Owners Grant.
1. Plan:
Choose a style of home
Speak with a mortgage professional and work out how much you can borrow
Save for a deposit (usually around 10% of the property price is required)
Consider does the price range of homes you are looking at match your borrowing capacity?
2. Apply:
Apply for a pre-approval of your loan
Talk to your mortgage professional about the costs of buying a home
Select a solicitor or conveyancer
3. Choose:
Narrow your choice to a suburb or area
Search for properties internet, newspapers, real estate agents
Inspect many homes to ensure you have a good knowledge of what the property you want is actually worth
Choose your home!
4. Make:
Make an offer on the home. Bear in mind this figure will be subject to finance approval
Order a building and pest inspection
Contact your mortgage professional and let them know you have found a house. Together with your lender, they will organise for your property to receive a valuation
If the building/pest inspection or valuation do not come in to what you expected, remove or alter your offer accordingly.
If your final offer is accepted, arrange for payment of your deposit (either cash or deposit bond).
5. Settle:
Your solicitor/conveyancer will perform a final search on your property and its ownership. Remember to ask your solicitor to check for any roadworks and other construction including developments that may affect your home in the future.
Settlement will occur on a date agreed by all parties: the seller, lender and buyer. This is usually six weeks after the offer is made but can be amended if all parties agree.
Organise and confirm your loan repayments
Arrange for home insurance to begin on the date of property exchange
Relax and enjoy your new property!
6. First Home Owners Grant:
$14,000 paid to first home buyers who are buying an established home
$21,000 paid to first home buyers who are buying or building a newly constructed or substantially renovated home
Eligible applicants must be natural persons, at least 18 years of age, Australian citizens or residents, who are buying or building their first home in Australia
Neither the applicant nor their spouse (or de facto) have owned a home prior to 1/7/2000, or owned and occupied a home after 1/7/2000
Neither the applicant nor their spouse (or de facto) have claimed this grant previously
Apply to the relevant State Government body upon settlement of the property
Talk with Peter today for advice on budgeting, borrowing amounts and obtaining your first home. Call Peter from CMA Financial Solutions on 5448 8161 to take the first step towards moving into your own home.
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