First time buyers of real estate often struggle to get the necessary money together to make a purchase of that first home. While it pays to know what you are doing at an early stage experience is usually what is lacking when it comes to young people making that purchase. Often that deposit you struggle to save can be used up unnecessarily, before you get the home you want, but knowing the best way to use your money and what is available to assist you, can make that bit of difference.
The inexperienced buyer may not realise that the full 10 percent deposit is not always required to buy a property. Often Vendors will accept a lesser deposit and Deposit Bonds have become prevalent in todays real estate market, so without the necessity to come up with the money before the bank comes through with the mortgage can be a big help.
There are also a range of government assistance programs for first time buyers to help out, like the FIRST HOME OWNERS GRANT and FIRST HOME PLUS. Most people know about the grant, where eligible applicants can get a $7,000 grant to help out with a purchase of a house but the value now of an application for the stamp duty exemption called FIRST HOME PLUS can be a significant saving.
One of the good things to come out of the mini budget was an increase in the threshold levels for stamp duty exemptions, which means with house prices peaking in recent years the saving can be up to almost $18,000. First home purchases in the metropolitan area receive the maximum with a lesser level in other parts of the state and for vacant land.
The variations that can be used in a Contract to help the first time purchaser may just be what you need to help you get underway. Like to know more, just give us a call.
