Are you looking for a new start in the housing market? Depending on where you live, entering into the housing market can be extremely difficult—saving for that coveted house deposit seems an endless mission. But Newstart Homes is an expert when it comes to providing affordable and stylish new home designs, with an incredibly easy home buying process to boot.
In this blog post, we’re going to look at some helpful hints when looking, and when buying your first home. Let’s jump right in!
Firstly, can you get a home loan for your new start?
Let’s start here as it’s obviously the most critical point to make. If you don’t have money, you’re probably not going to be able to afford a loan, which means you’re most likely not going to be able to afford a house.
If you’re a first-time homebuyer, you’re probably going through the mental stress of gathering and organising finances.
When you apply for a loan, you want to make sure that for whichever lender you choose, you are giving them an incredibly detailed depiction of your current financial circumstances. What assets do you have? What’s your weekly, monthly, annual income? What’s your new home budget? And, do you have debt? Be prepared to answer these questions and more in your face-to-face meeting with a home loan provider.
The first thing the bank will do is assess your ability to make home loan repayments. So having a good chunk of savings stashed away is always a good start when looking to buy a new home. The other main factor is minimising or reducing any outstanding debts you may have in order to demonstrate a solid credit rating.
You can find plenty of handy advice for home buying or starting the loan application process here.
Have you done your new home buying homework?
You’ve made the decision to start looking for a new home? But, what does that mean exactly? Are you going straight to the banks asking for a loan? Before you do that, it’s important to consider the market.
Most potential homebuyers will spend months on end cruising real estate websites like realestate.com.au to ensure they’re up to speed on everything. Websites such as these are designed with the consumer in mind, so there’s extremely insightful pages that outline suburb profiles so you can determine whether a suburb is hot or not! You’ll also find everything else you need to know, such as median property prices and interest rates.
Ultimately, knowledge is power. The more informed you are the more confidence you’ll have in purchasing a new home.
Here’s some more advice when looking to start buying property.
First Home Owner’s Grant
Firstly, what is the First Home Owner’s Grant? Well, it’s a Queensland government initiative designed to help us start in the marker and get us into our first home sooner. Sounds too good be true, right?
The state government will, in a nutshell, offer up $15,000 towards buying your first place, whether it be a new house, unit, or townhouse. There are some catches, of course. One of which being that the new home needs to be less than $750,000.
But there aren’t too many restrictions. In fact, with the First Home Owner’s Grant, you’re allowed to build your dream home, if that’s what you’d prefer to do, or buy off the plan! This grant is here to start the new home process by lending a little hand.
Why are Queenslanders jumping at the First Home Owner’s Grant? Imagine what $15,000 can do if you’re already thinking about buying or building a new home. If you’re looking for a new start, this is one easy way to get some financial assistance. It might be the difference between buying now and buying in a year’s time.
There is a handful of eligibility conditions to consider as well before you start applying for a new grant application. Some of these conditions include being an Australian citizen or permanent resident, you can’t have owned property in Australia before, and you need to be 18.
If you are seriously considering a new start in the housing game, or simply want to buy your forever home, you can read more about the First Home Owner’s Grant here and test your eligibility.
A new start with Newstart Homes
Newstart Homes is a renowned home builder in the south east Queensland region, dedicating a holistic home building practice to the Gold and Sunshine Coasts, and Brisbane. Customers have chosen our services since 1987 because of our commitment to creating sophisticated and liveable spaces, as well as our ability accommodate individual home designs. Bring your building plans to us and we’ll make sure the house you walk into at the end of the build is the home you’ve always dreamed of.
Find a new start with our exceptional, award-winning home designs. You can peruse our collections here.
You can also read more about Newstart Homes in our previous blog post: Some Newstart Homes’ Collection Favourites