6 Things You'll Wish You Thought Of Before Buying Your First Home

First Home Buyers looking to build a new home can now take advantage of the recently announced government incentives relating to stamp duty exemptions. Read on to find out how you can put more money in your pocket to put towards a new home. 

Unprecedented property price growth, pockets of undersupply across many regions in Australia and slow income growth have all made it difficult for families, couples and first home buyers to find an affordable home. Many buyers who want to live in cities like Sydney or Melbourne are having to compromise and look elsewhere.

Are you planning on buying a new home? Buying a home is a smart financial move but you need to make the right decisions about the home you buy, the mortgage you apply for, the professionals (home builders, conveyancers, mortgage brokers, etc.) you work with and so much more. This includes saving for the deposit, which for many Australians is the greatest challenge of all. However, it’s worth noting that around 70% of Australians own property and so can you. In fact this current low interest rate environment means now is a great time to buy.

Thinking about getting into the housing market and owning a home of your own? Saving for a house deposit takes time — years for most people — but there are ways to save for that home deposit and get into a house of your own sooner. Whether you’ve already started saving or you’ve just decided it’s time, here are some handy tips to get you there sooner.

Buying a home is one of the smartest financial moves a person can make. Whether you’re a first homebuyer or you’re looking at buying a residential investment property, the benefits of buying a house and land are many in both the short and long-term.

Have you thought about purchasing an investment property for your first home? This usually involves buying and renting out a property while continuing to rent yourself. Doing so can have significant benefits for your financial future. But there are a few key points to consider when deciding whether it’s the best course of action.

Stamp duty is a tax imposed on certain transactions, including real estate. As a home buyer, it is the biggest upfront cost you’ll have to deal with on top of the purchase price of your new home. You pay stamp duty before settlement to the office of state revenue in the relevant state.

Learning how to plan, maintain and stick to a budget is one of the most important pillars of financial health and is crucial when it comes to saving for your first home. A budget allows you to closely look and understand cash flow and keeps you accountable for your spending habits so you can reach your savings goal. Below are some tips on helping you budget effectively for your first home.

There are considerable benefits to using your first home as an investment property. But it also involves time and effort as well as an element of risk. Some people would prefer to do without the stress and hassle and simply enjoy life living in their first home. Of course, you can hire professionals like property managers, accountants and solicitors to deal with your investment. It’s ultimately your choice depending on what you want to get out of property ownership. Below are some of the key considerations.