Buying your first home is a life-changing experience. It’s not just about the property itself but also the first steps down your new path of homeownership. You may be feeling anxious or excited – and that’s okay! This guide will take you through all of the first time home buying processes in Australia so that you can feel confident and secure on this new journey.
What first time home buyers need to know
First off, if you’re reading this article, then chances are you want to buy a home for yourself at some point in the near future. Congratulations! Buying the first property is one of life’s most important decisions, and it can be exhilarating too! However, before we get into the nitty-gritty of the first time home buying process in Australia, it’s essential to understand what you need to know about first time property ownership.
Set a budget
Your budget should be based on how much money you’ve saved and the amount of money you may borrow if you’re a first-time buyer. Discover how to calculate your borrowing capacity, how much deposit you’ll need, and advice on saving money and reducing costs. It’s a good idea to speak with a lender or mortgage broker as soon as you start looking at properties. They’ll let you know how much money you’ll require for a deposit for the sort of houses you’re looking at, even if you don’t have a large sum saved. This gives you something to aim for.
Research what grants and incentives first-home buyers get
Eligible first-time buyers may take advantage of state government subsidies, incentives, and programs to make buying a house for the first time a bit simpler. For example, in NSW, you may be eligible for no stamp duty or discounted stamp duty, as well as other grand and home buyers assistance.
How does the home buying process work?
The buying process does not end once you’ve found the ideal house. Research the best way to make an offer and determine how the cooling-off period works so you know what to expect. The length of time after acquiring in which consumers can cancel their purchase is known as the cooling-off period. During this time, buyers can further investigate the property and cancel the transaction if they decide not to proceed. If you’re buying a home at an auction, there are strategies to improve your chances of securing the sale. Discover the distinction between exchange and settlement, as well as when you must pay stamp duty.
How do I apply for a home loan?
Getting a home loan is the first step in buying your first house. Learn the distinctions between pre-approval and unconditional approval, as well as what banks look for when deciding whether to grant loans, which sort of loan is best, and whether you should go to a bank or a mortgage broker. Customers may apply for pre-approval with a lender via the internet, by phone or in person at a branch. You may also utilize a mortgage broker or loan comparison service to make the process simpler.
It’s not a contract, so your bank isn’t legally required to offer you a loan. If your bank does decide to provide you with a loan, it won’t be obligated in any way; it will simply do so based on its opinion that you can repay the money. Make sure you are financially stable with a steady income before applying, or you may be disappointed.
Get SRS Properties on your side.
Buying your first home can sometimes be a stressful experience, but it doesn’t have to be. If you’ve never purchased a home before, it may seem daunting, so that’s why you need SRS Properties on your side. We give honest, expert advice, so you’re not overwhelmed by the first-time home buying process in Australia! If you know what to look for and keep these first steps in mind when buying your first Australian property, the process should go much smoother than if you purchased blindly without any idea of the procedures involved. Keep an eye out for more upcoming blogs, where we will cover all of these points in more detail.
If you have any questions or are ready to buy or sell, call our experienced team today on 0404055411.
