You have several aspects to consider when buying your first home. You also have an abundance of resources telling you what to do, like the real estate or business experts you come across every day on television, newspapers, or online ads. Some buyers may get ahead of themselves, especially if they want their first home to be a stepping stone to the real estate market.
Go back to the basics and start with financing. Do you already know how you can afford your first home? Have you saved up for a deposit and outlined how much of your income goes to monthly dues and other expenses? These are some of the essentials you have to iron out first.
Saving Up for a Deposit
Deposits will be part of any loan or house and land package you’ll be securing. Some builders may require as little as 1% of the total loan or home value.
Shopping for Loans
Aside from the deposit, interests and the terms of repayment are the top things to consider when shopping for loans. Find deals with reasonably low interest rates and short terms.
Maximising Your FHOG
Take advantage of your first home owners grant. If you’re eligible, you can receive $10,000 from the WA government for help in building your first home.