For many, homeownership is one of the most exciting parts of adulthood. It’s a marker of your success and hard work. What’s great is that buying your first home in Queensland affords you certain concessions on your first home purchase.
Of course, being a first home buyer, you may not be familiar with some of the terminology, paperwork and processes you have to work through, as well as the above mentioned concessions available to you. Here’s a rundown of what you need to know about buying your first home.
Research and Preparation
While the prospect of buying your first home is exciting, the process itself can be downright taxing. The key to avoiding the stress that typically comes with purchasing real estate is to prepare carefully.
The first and biggest concern to plan for is how you’ll be paying for your purchase. Buying real estate requires a deposit, usually 5 to 20 per cent of the property’s value, making it the biggest initial cost you’ll be paying.
Fortunately, you need not pay the full deposit on your own. There are different financial help and concessions available for Queensland residents. The one for first home buyers is called Queensland First Home Owners’ Grant (FHOG). Through this, eligible applicants can get $15,000 towards buying or building their new home. Apart from deposit schemes, you also need to look into the types of home loans you can get. This way, you’ll know what to choose when you’re ready to make a purchase.
Of course, there are additional costs other than the deposit and settlement fees. There are legal fees, property transfer fees, stamp duty, moving costs and building inspection fees. Make sure to research how much these are so you can set the amounts aside or save up for them.
Finding Your Dream Home
Once you’ve done the initial research, the fun part commences. You can start looking for your dream home! In the property market, you’ll get a better idea of what you can afford. Remember, though, that some home-buying assistance schemes like the FHOG are only applicable for buying or building a new home for the first time.
When you find new properties in Townsville or the piece of land you want to build your house on, you’ll want to make an offer on it. Then, the seller will formalise this offer by giving you a contract of sale to sign. This includes the price of your offer, the details of when you’ll pay the deposit and the date of settlement. Once you’ve signed this contract, you pay the deposit fee. Then, it’s time to use what you’ve learned from your research and apply for a home loan.
Purchasing Your Property
During this step, you have to prepare several documents, including ones that prove your income and expenses, the assets and debts you have, as well as your employment history. Lenders review the information you provide and, if everything checks out, your home loan gets approved.
With the loan amount, you’ll be able to settle the rest of what you need to purchase your dream property, and the title of the property will be transferred to you. Once that’s done, pat yourself on the back, retrieve the keys from your real estate agent and enjoy being a first-time homeowner!
Live Your Life in Your Dream Home
We know that the road to homeownership isn't easy. That is why we make finding the perfect property simpler for you. All the resources you spend will be well worth it once you have a place to call your own from the Maidment Group. Contact us today for further enquiries.