Buying your first home can be a scary, and time consuming task. DPG has helped a number of first home buyers get the home that they have always dreamed of. We have found that there are a number of various tips and tricks which you may want to know before buying the home you have always wanted.
If you are looking for your first home, check out our properties for sale.
First Home owners grant
As a first home buyer, you may be eligible for the first home owners grant. The first home owners grant is a one off payment of $10,000 to those first home buyers that meet all of the selection criteria. To see if you are eligible for this grant, visit the department of finance website and make an inquiry.
There are some conditions that may restrict you from being eligible for this grant, one of these is that the property must be a brand new house, or a house that has been built recently which no one has lived in yet. This means that you cannot qualify for this grant if you are looking at purchasing an existing home.
What to look for in a house
Each family is different, a young couple has different needs than an older family. When buying your first home, it is important to think about the future and purchase your home in an area that meets your specific needs.
This may involve being aware of the closest schools, shops or public transport. This may also include how busy the area is, or how many parks are close by. Simply considering your needs will help you to find your perfect home.
When you purchase your first home, you may incur stamp duty, which is the tax that is added to the overall cost of your home.
However, stamp duty is not added to homes that are sold for under $430,000 or on land, with no existing house, under $300,000. Essentially, this means that and house purchased under $430,000, and land purchased under $300,000 will not incur stamp duty.
Purchasing a new home can mean mountains of paperwork to fill out, and large contracts for you to sign. This could take hours to fill out and understand. If you want help with these various tasks you can get the help of a settlement agent.
A settlement agent is someone handles all of the necessary paperwork, contracts and fees that are associated with purchasing your first home. They do charge their own fees, however this can help make the process of buying your first home simpler and easier. For more information check out the department of commerce website or simply contact us
Obtaining the finance for the purchase of your first home can be difficult, however it is a necessary step in this process. It is important to obtain a pre-approval letter from your bank or your financial broker. This letter outlines your borrowing capacity as well as outlining any conditions that may come as a result of this loan.
In our experience consulting with a finance broker can be very beneficial as they find finance options that your bank cannot.
By law, you are allowed a final inspection of the house for yourself and two others to ensure that the property is in the same condition now, as it was when you put the offer in.
For first home buyers, it is important that you check every aspect of the house before putting the offer in as this final inspection is to ensure the condition of the house is the same.