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First Home Buyers Guide in Australia

$$$ $ O First Home $$$$ Buyers Guide Australia Christrmas Isla AUSTRALIA D Checklist 01 02 BANK Open a First Home Saver Account. The government will make a 17% contribution on the first $6,000 you deposit each year. Prepare a budget and be realistic. 03 04 Start saving a substantial deposit. Aim to save 20% of the purchase price. Identify the location of where you want to buy and the local amenities. 05 06 News Government of Western Aus Department of State Developm Research the market. Check property listings on the internet, in local newspapers and with real estate agents. Check with the Department of State Development, Infrastructure and Planning for information on any upcoming new developments at your chosen location. 07 08 First Home Owners Grant Check if you are eligible for the First Home Owner Grant (FHOG) a national scheme which is administered by the state or territory where you live. Compare various lenders. Remember! One of the bigger upfront costs you will have to pay is stamp duty or transfer duty on your first home. Check to see if you are entitled to any stamp duty B8 concessions in your state as a first time buyer. House Price Guide 3% 5% Sydney is the most expensive city with 66% of suburbs with a house price in excess of $1 million. Nationally house prices have declined by 5% and apartment prices by 3%. Perth Melbourne Sydney.: Perth's house prices have remained stagnant in the last 5 years. Melbourne house prices have grown by almost 30% in the last 5 years. Top Tip If you are finding the process daunting, appoint a Real Estate Agent. They will source suitable properties and negotiate with the seller on your behalf. They can also do background checks on the property and can bid on your behalf at auctions. Make sure that you appoint your Real Estate Agent in writing. Getting Financing Fixed Vs. Variable Loans V/. Fixed Loan Variable Loan BANK BANK 100 100 Term The interest rate is fixed Interest The interest rate fluctuates with the typically between 1 to 5 years. It does not fluctuate. Reserve Bank of Australia's rate movements. Repayments do not change which helps the monthly household budget. Extra features such as a redraw facility, repayment frequency flexibility or the option to pay in advance may be included. Advantages You could end up paying more if overall interest If interest rates rise, you Disadvantages pay more. rates fall. Exit It is sometimes possible to exit the loan agreement but lenders will apply a penalty fee to compensate for any loss in their profits. More flexible from the Flexibility beginning so there is less chance of penalty charges. 3 Ways to Selecting a Home Get a Professional Valuation 01 Get a professional valuation to understand the true value of the property. Appoint an independent valuer to carry this out on your behalf before you sign any type of contract and make sure you are provided with a valuer's report. Buy at Auction Terms of a residential auction typically require the buyer to bid on an unconditional basis. This means you can't have any special conditions such as 'subject to finance'. If you are the successful bidder, you will have to settle the contract even if the house is defective. Attend other auctions and get a copy of the terms and conditions from the real estate agent before the auction date. 02 Buying a Unit Off the Plans SOLD The benefit of buying off a plan means you may have input into the design of the house and you might save money on the purchase price. The risk is that you won't see the final result until after you have bought the house and there may be construction delays. Make sure you receive an information sheet and a disclosure statement before signing the contract. 03 Top Tip If you appoint registered by checking with the valuer's Registration Board or the Australian Property Institute.' a valuer, make sure he or she is EAUSTRALIAN PROPERTY LINSTITUTE erty professions Making an Offer You need to sign a contract of sale. Show it to your solicitor for review first. A contract of sale is legally binding once signed by both the buyer and the seller. 2 Once the contract is signed, pay the deposit in the manner set out in the contract of sale. Contract There is a standard cooling off period of 5 business days. This means if you are not completely happy after signing the contract of sale, you can cancel the sale within this time frame by giving written notice. CANCEL You should strongly consider taking out home and contents insurance once the contract is signed. Before making an offer you should carry out a pre settlement inspection to make sure the property is in the same condition as when you viewed it previously. O Sale and Settlement The balance of the purchase price is paid on settlement day to the seller in exchange for the title of the property. You should acquire the keys and take possession of the property. Check that the details the Land Registry has on file for the property are correct and up to date. Ask for a Registration Confirmation Statement from the Land Registry or from your solicitor. di divw PULL DOWN You may need to install fire alarms or safety switches, now is the time to do this. FIRE ALARM 4. Plan your house move and contact all of your utility providers to alert them of your change of address. MOVING References DoMyOwn HomeLoan* *The home loan grant for everyone.

First Home Buyers Guide in Australia

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Buying your first home can be a daunting task, but we’ve made it easy with our quick facts in the infographic about "First Home Buyers Guide in Australia". We outline a checklist of what you need ...


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