First Time Property Buying in Australia: What you Should Know

Purchasing you very first home is a milestone in anyone’s life, and if you are your partner have been saving hard for a few years and you are ready to make that magic leap to property ownership, there is a lot to take onboard. Here are a few aspects of real estate acquisition that you should be aware of.

  • Calculating your budget – Of course, you need to calculate the maximum monthly repayment that you can afford, plus there are other fees involved, and the real estate agent can help with this, as they guide many first-time buyers through the complex process. The ideal agent would be, as they are fully committed to assisting first-time buyers and you can rest assured you are in good hands.
  • Saving the deposit – For many young people, this is the toughest part of getting a foot on the property ladder, but it does show the lender that you can save, which would be a consideration these days. If your parents can help, this would allow you to get things started now and you could repay their generosity at a later stage, and having the required deposit is essential with the majority of lenders. Here are some useful tips about real estate, which you should read.
  • Government Concessions – Of course, the Australian government does offer first time buyer’s concessions, providing, of course, you meet the criteria. A leading real estate agent would offer first-time buyers a host of essential services, which include sourcing a suitable home loan from one of the lenders they are associated with. Here is some government information for first-time buyers in Australia, which you really should read. In some cases, the first-time buyer does not have to pay stamp duty, and any real estate agent or mortgage broker would be able to tell you what you are entitled to according to Federal and State laws.
  • Know your Limitations – It would be so nice if we could all buy the house of our dreams, yet we must remain realistic, and while your first home might not be your idea of a perfect home, it is a start and with improvements, you can make your home more comfortable. The real estate agent would offer you sound advice when looking at properties, as it is important that you do not stretch yourself too far financially, as this usually leads to stress.

Obviously, a first-time buyer does not have any experience in buying or selling real estate, which is why you need to advice of a leading real estate agent, one that has a lot to offer the first-time buyer. With an expert in your corner, the complex process of becoming a homeowner is simplified, and they can help you to apply for government grants that first-time buyer can receive in Australia.

Getting your foot on the property ladder is going to mean you must make sacrifices, but as time goes by, you will generate wealth, as the value of your home increases, which will help to create a secure future for you and your family.