Tips to Get Onto the Property Ladder
Although Australia’s official cash rate is at a record low, many first-home buyers are struggling to get onto the property ladder. To show that entering the property market doesn’t have to be difficult, No Deposit First Homes explores several ways first-home buyers can get a slice of the Australian Dream.
Save a Percentage of Your Wages
In this turbulent economy, the idea of becoming a first-home buyer can seem unattainable. The good news, however, is there’s a simple step you can take to realise this dream – increasing your savings. By simply saving a percentage of your wages, before you know it, you’ll have more than enough to cover your mortgage repayments.
Have a Guarantor
One of the most secure ways for a first-home buyer to enter the property market is by nominating a guarantor. Simply put, a guarantor (such as a parent) allows the equity built through their property to be used as an additional layer of security for your loan.
By signing as a guarantor for your loan, essentially your parents are legally bound to pay the entire loan back if you’re not in a position to do so – along with any additional fees, charges, and interest.
Buy a Property with a Partner – Buying a property with your partner, family member or a friend is beneficial, as it spreads the burden of mortgage repayments across two parties. With the freedom of an additional income, you can steadily build your savings. This will ensure you can comfortably afford your mortgage repayments
Access All Government Grants
First-home buyers can breathe a little easier, thanks to the grants currently being offered by the Federal Government.
For Victorian residents, a $20,000 First Home Owner Grant is available for any first-home buyer buying or building a new home in regional Victoria valued at up to $750,000.
For Queenslanders, the $20,000 Great Start Grant is currently available.
For New South Wales residents, a $10,000 First Home Owner grant (New Homes) is available.
For South Australians, the government is offering a $15,000 grant.
And, Tasmanians can access a $20,000 First Home Owner Grant.
In addition, first-home buyers buying a new or established home (valued under $600,000) are entirely exempt from paying stamp duty. And, for all first-home buyers purchasing a new or established home (valued between $600,000-$750,000) will be eligible for a significant stamp duty reduction. This concession, of course, is applied on a sliding scale.
Receive an Additional $15k from No Deposit First Homes
At No Deposit First Homes, we understand how difficult it can be to save for your first home. So, to help you realise the dream of owning your own home sooner, we are offering an additional $15,000 grant for first-home buyers.
When combined with the Government grants, you could be eligible for up to $35,00. This will give you a kick start to buy your first home.
For further information on these options or more tips to enter the property market as a first-home buyer, call or email the experienced team at No Deposit First Homes today.