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The process of buying your first home can be overwhelming. With that in mind, we have prepared 5 helpful tips to help you navigate the process.

1. Are you eligible to receive any financial assistance?

It is worth investigating whether you are eligible for Government grants or stamp exemptions/concessions that are available for first home buyers.

As a first home buyer, you may be eligible for a concession or exemption from stamp duty, depending on the property value which can provide great savings to the amount needing to be contributed by you.

In New South Wales depending on your circumstances and eligibility, the First Home Owners Grant could give you up to $10,000.00 as a one-off payment towards your first home provided that your home is brand new and under $600,000.

2. Start saving a deposit

The bigger your deposit is to purchase property, the better your chances are of securing a home loan and the less interest you will have to pay.

There are also extra costs associated with buying a property, that can increase the size of the deposit you will need, for instance conveyancing fees, bank fees and mortgage insurance.

3. Arrange pre-approval on your loan

Pre-approval is an indication from a bank of how much they would be willing to lend you, so that you can purchase a property within your means. Part of the process of arranging your pre-approval involves submitting details of your financial position so that the bank determines how much you are eligible to borrow.

Pre-approval is not however a guarantee of formal approval but it does simplify the process once you find a property to purchase.

4. Understand the ongoing costs

There are several ongoing costs when you purchase a property, including the following:-

  • Loan repayments – These generally occur monthly or fortnightly over a projected loan term.
  • Interest charges – You have to pay interest on top of the principal loan borrowed, either at a fixed or variable rate.
  • Other ongoing expenses – Such as council rates, utility costs, building and contents insurance, strata fees and home improvements.
5. Get Advice

The homebuying process is complex. There are professionals who can help you with every step of the home buying process, such as real estate agents, mortgage brokers and solicitors. By seeking advice from professionals you can rest assured that your buying process will go ahead smoothly and lead to a positive result.

At Kells our friendly and experienced conveyancing team are here to help you purchase your first property, so reach out and get in touch today.