FIRST HOME BUYER
Buying a home is one of the most important decisions, you will ever make in your life. As a first home buyer if you find the process quite confusing and overwhelming you are not alone. We will guide you every step of the way, and explain the process in detail and help you move from your rental premises to your own dream home. We will analyse your needs and assist you with the right loan to suit your circumstances.
Things to consider:
How much can I borrow
Lender will asses your borrowing capacity based on your income and commitment.
Most lenders require a minimum savings of 5% -10% of the purchase price. If you have bigger deposit it will help you to save lot of interest in the long run as well as on mortgage insurance.
Most lenders would like to know your saving pattern. This is to safeguard that you are not over committing .
First Home Owners grant
In NSW First home owners who purchase or build a new home where the eligible transaction commencement date (contract date) is on or after 1 October 2012 will be eligible for the $15,000 grant. The grant will reduce to $10,000 on 1 January 2016 for eligible transactions which have a commencement date (contract date) on or after 1 January 2016.
It is the state government tax payable to the State Govt on the purchase of the property. You may be eligible to some exemptions if you are buying a brand new property .
There are a number of other expenses, which you need to keep in mind while purchasing a new home. Provide for the following expenses: Pest and Building inspection cost, solicitor fees, Building, insurance, moving expenses etc.