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First Home Buyer Information

​Financial assistance available

A number of financial assistance products are on offer to assist with buying your first home. Products available include:

A couple with a childHome buying advice

If you are looking at buying your own home there are a number of things to consider to ensure you make the right choice.

Think about your lifestyle – how you live day-to-day, your plans for the future and your budget will determine the home you buy. Will you need more or less room in the future? Is it important that you live close to family, work, parks, cafes and other recreational facilities? Consider how far you are prepared to live from schools and shops and if there is good access to transport.

How much can you afford to repay – the experts will tell you to save as much as you can for your deposit because you’ll pay interest on everything you borrow. When working out your loan, figure out your expenses now, work out your potential mortgage repayments and associated costs (like council rates and water rates) and look realistically at whether your income can cover it all comfortably. Know exactly what your repayments and associated costs will be before plunging in.

Have realistic expectations – just getting into the housing market is a great step, so don’t worry if you can’t afford your dream home the first time you buy. Very few people buy just one home in their lifetime.

Research the property and surrounds before making an offer – how much did the home sell for last time it sold? What alterations have been made? What’s the zoning of the land? Check with the council to see if there are any major developments planned in the vicinity, like a highway or shopping centre that could impact on your enjoyment and the value of the property. Keep an eye on the local papers to get a feel for the issues in the area.

 

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