Want to Buy your First Home? Facts vs Fiction:
So you are a first home buyer in Sydney, but all you see and hear from the mainstream media is doom and gloom. Is it, however, all that bad? Let’s take a look at some of the secrets hidden under the clouds.
Saving for a deposit:
Standard practice dictates that a 20% deposit is required, and this is strongly recommended. There are, nevertheless, certain workarounds. You can borrow up to 95% of the property’s value, which reduces the amount of money you’ll need to put down. The first home buyers assistance scheme which may be added to the loan will be required in this case.
Homeownership is becoming expensive for many Australians due to the rising disparity between property prices and incomes. When you’re looking to buy your first house, this recurrent headline might be discouraging.
Let us not set our minds on a penthouse apartment with harbour views for your first buy. Buying something that fits your present lifestyle and is in a handy location for you, but may necessitate a short commute, is a wonderful beginning to start exploring your alternatives. Spending some time analysing your income and, more importantly, your expenses should give you an indication of how much money you have available each month to spend toward debt payments.
It’s probably time to consult a specialist at this point. A Sydney mortgage broker can help you figure out how much borrowing power your excess amount translates to, giving you a price range in which to start looking for your first house. You won’t spend time or emotional energy looking at houses you can’t afford if you know what your budget is.
Make sure you stick to your budget after you’ve created one. That will offer you peace of mind in knowing that what you’re about to undertake is something you can genuinely afford. As a rule of thumb, if you’ve been renting, you should be able to get a loan with similar repayments.
Looking through the small print:
There’s more to purchasing a property than just securing a loan. Here’s a quick rundown of the actions to take and who you should consult along the route.
To begin, get your finances in order. This indicates that you are aware of your financial situation and may have received pre-approval for a loan, making you a more enticing purchase.
Have a conveyancer in mind so that they can rapidly assess any potential acquisition if you need to act quickly in a competitive market. Be aware that there are charges associated with purchasing that must be factored into your savings strategy in addition to your initial payment. Obviously, your solicitor will charge a fee, but you will also have to pay government stamp duty on your acquisition. If you’re a Sydney’s first-time homebuyer, you’re likely to get some help, which might include a complete exemption depending on your purchase price. Your solicitor will be able to walk you through any advantages that may be available to you. The Office of State Revenue website has a comprehensive list of First Home Buyer Benefits.
As you can see, there are some obstacles to overcome in order to climb on the property ladder, but you can achieve them. It only takes a little planning, diligence, and the assistance of the appropriate individuals along the route. Why not contact the professional Sydney mortgage broker for a first home buyers assistance scheme NSW and learn about more options.
If you are looking for assistance, contact Freshwater Financial Services, our professional and expert assistance team will reach out to you and will answer all your queries.
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