First Home Buyers are individuals who are purchasing their first residential property typically with the intention of living in it as their primary residence. This milestone often marks a significant step in one’s life symbolising financial independence, stability, and the achievement of a long term goal
First home owners can come from various backgrounds and age groups, ranging from young adults just starting their careers to older individuals or couples who have saved up over time. Their reasons for buying a home may be including wanting to invest in the future, escape the rental market, or establish a sense of permanence and security for themselves and their families.
For many first homeowners the process of purchasing a home involves careful planning, saving for down payment, navigating the complexities of the real estate market, and often securing a mortgage loan. It’s a significant financial commitment that requires consideration of various factors such as location, property size, amenities, and affordability.
Owning a home for the first time can be both exciting and challenging. It comes with responsibilities such as mortgage payments, property maintenance,insurances and potential unexpected expenses. However it also not offers numerous benefits including building equity, potential tax advantages, and the freedom to personalise and make improvements to the property.
First home buyers are not always young couples or singles. They can be single again mums or dads or more mature singles who have never been on the title of a property. With a glance available their own home may be in reach. You could potentially buy a house with 5% deposit and a little extra for some costs. If you ever thought about buying your own home, now may be the time.
Even without a deposit, we could put together a plan for you to be able to buy in the near future. Or maybe you have someone in your family with a property who could be a guarantor for your first line and have an even smaller deposit.
There are always grants available from the government that will help first home buyers. For example at the moment in Queensland, you can get an extra $30,000 from the government if you are building your first home or you are purchasing a house that has either never been lived in or has been renovated and never been lived in since it’s been renovated. That’s an awesome amount of money to have extra. There is also at the moment the first homebuyers guarantee. This allows you to get a home loan on as little as 5% deposit for or 2% deposit for single parents. You will also not have to pay what is called lenders mortgage insurance which can be a saving of several thousand dollars. Cheque your state for what benefits the grants will give you. You also may be able to get out of paying stamp duty.
First Time buyers have many options these days, talk to somebody about what you can or can’t do. Your first time may be closer than you think.
