First Home Buyers

FIRST HOME BUYERS

Purchasing your first home? Assistance is available……..

What Grants are available?

Buying your first home can be exciting and sometimes an overwhelming experience and we are here to assist with the many aspects of purchasing, but we do suggest that you have your finances in order, this way you are prepared to know the location you wish to buy in is affordable for you and that you can achieve your goal.

To assist, the Queensland State Government and Australian Federal Government offer a number of incentives for First Home Buyers to purchase their first home.  These packages cover purchasing and existing home, House and Land packages, Units, etc and can incorporate Stamp Duty Concessions. Each Government Body alters the naming of these grants, eligibility, and amounts available and to assist with the various assortment of Grants, we have made available the link, so that you can see what and if you are eligible.

https://treasury.gov.au/coronavirus/homebuilder

https://www.qld.gov.au/housing/buying-owning-home/financial-help-concessions

Don’t forget to look at the local Government to see if they offer any further incentives.

Please speak to a qualified Finance representative to ensure you have the go ahead and we hope that you purchase soon.

Preparation is Important

You’ve made the decision to purchase your first home and while this is an exciting time of your life there are a number of things that you have to consider.

Financial Goals and setting your budget to achieve these goals?

Seeking the assistance of a Lending specialist to ascertain your borrowing capacity?

Setting a time frame to achieve your goals?

Research your preferred suburbs and see what properties are selling for?

Look at all options for purchasing, e.g. house and land packages, established homes, units, town houses, etc.

The most important aspect of buying your first home is to ascertain your borrowing capacity and with this all the other items will fall into place.  Once you and your financial specialist has agreed, ask how long it will take to process the Finance as this is a requirement for a Contract.

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Purchasing costs?

Once a Contract has been agreed and signed by all parties, an Initial Deposit is required as per the Contract.  This is paid as per the Contract time frame. Once all conditions have been satisfied a second deposit will be required as per the Contract. A trust receipt is issued at the time of receipt by the Agent and a copy forwarded to you for your records.  Your Financial specialist will take into consideration for your borrowings.

Transfer Duty or commonly known as Stamp Duty is collect by the Queensland Government State Revenue Office for any property purchase.  As a First Home Buyer you may be able to claim a First Home Concession when purchasing if you meet certain criteria.  The current First Home concession applies to a home valued under $550,000 and can save you up to $15,925.  The Home Concession may apply for homes valued over $550,000. Please speak to your financial representative to ensure that you qualify or visit the Governments web site for more information.

To act on your behalf for your purchase a legal representative is appointed.  This could be a Solicitor or a Conveyancer but will depend on your requirements and budget.  Costs will vary depending on what they have to accomplish however, you will be signing an agreement with them for services rendered and all costs must be transparent and approved.

When purchasing a Building and Pest is usually a Contract condition and each Building and Pest company vary in their costs.  The average is approximately $300 – $400 plus depending on the size of the home.

Moving Costs will vary depending on if you can utilise family and friends and what has to be moved into your new home.  There is such a variety of costs associated with moving that this is very much a personal preference for what you want to spend.

Property Search

People purchase homes for a number of reasons, to live in, to rent out, to renovate and on sell and/or a steppingstone for the future investment, and the list goes on.  As a First Home Buyer, there will be guidelines that may apply, if Government assistance has been applied for and this will decipher the time frame of being in a home.

To look for a home, do your homework and research a range of suburbs that you may wish to purchase in.  Make a list of your requirements, e.g. transport, schools, shops, location to work, etc.  This will assist when choosing as it will reflect in price range you wish to purchase.

Once you have narrowed down the suburbs, research the homes that have sold, look at their attributes, drive by them and see what they offered.

Watch the homes for sale and, visit at Open Homes, get a feel for the area and see for yourself what home are offering.  For some this is a reality check, and they have to go back and access the suburbs they have chosen, adapt and adjust.

Once you walk through the door you’ll know, but there is no perfect home, it takes the people to make a home.

What happens when I find that Home?

Your search is over, and you’ve found the right home.  What do you do next?

Speak to the Agent and let them know that you would like to proceed with an Offer.

Complete your offer in writing as this shows all your terms and conditions.  Please give full names including middle names.

If your offer has been accepted, a Contract is drawn up and if required your legal representative is to read over the Contract prior to you signing.

Once your legal representative is satisfied then you and the Agent will sign the Contract.

Once the Seller has signed off the Initial deposit is required as per the Contract conditions.

The Contract is dated, and a copy is distributed to yourself and your legal representative for actioning.

The Contract conditions start from the Contract date and each date is given and 5:00pm of each date is the cut off.

Your legal representative will conduct the appropriate searches on your behalf.

You are to organise the Building and Pest Company and a date set for the Building and Pest.  Our office attends, Pest Inspector and you or a representative attend.

Once all conditions are satisfied the property is Unconditional or Sold.

Settlement is the day for handover of keys.