With Australia’s property market hotter than ever, getting into the property market as a first home buyer can be extremely daunting, but here are 7 steps you can take to make it more achievable:
- Explore government assistance: Many governments offer incentives to first home buyers, such as grants or concessions. Research the available schemes in your area and check if you are eligible for any assistance programs.
- Research and set a budget: Determine your budget based on your savings, income, and expenses. Consider additional costs like stamp duty, legal fees, and inspection costs. This will help you understand what you can afford and narrow down your search.
- Maximise your deposit: Being a disciplined saver is the most important quality when it comes to maximising your deposit. However, don’t be afraid to ask for a top up from friends or family if it can help you increase your deposit.
- Get pre-approved for a loan: Approach different lenders and get pre-approved for a home loan. This will give you a clear idea of your borrowing capacity and help you make realistic decisions while searching for properties.
- Consider different property options: Be open to different property types, locations, and conditions. You may find more affordable options in emerging areas or by considering
- Attend inspections and do due diligence: Attend property inspections to get a firsthand look at potential homes. Conduct thorough research on the property, its location, and any potential issues. Consider getting professional inspections done to identify any hidden problems.
- Be patient and flexible: The property market can be competitive, so be patient and prepared for potential setbacks. Consider attending auctions, monitoring online listings, and staying informed about new opportunities.
Remember, it’s essential to plan ahead and know what your borrowing capacity is from the moment you start looking. Speak to us today to discover what home loan options are available to you.