First Home Buyers Tips
Top First Home Buying tips for Melbourne First Home Buyers. From Property Buying Professionals.
🏡 Planning to buy your first home? Our Buyers Advocates have compiled this hot property buying step by step guide for you.
Opportunity for First Home Buyers Is Here - And It Won't Last
"Be fearful when others are greedy, be greedy when others are fearful" - Warren Buffett.
The Pandemic Year 2020 was the best time to buy your property. Unfortunately, not many home buyers took up the challenge.
The good news is, some economic support measures put in place last year for the pandemic, is still available.
First Home Loan Deposit Scheme (FHLDS). This Federal government enabled a 5% home loan deposit for first home buyers. This means you can be a property owner for as little as $10,000 deposit.
Family Home Guarantee. This scheme allows eligible single parents to buy their home with just a 2% deposit.
Low Mortgage Rates. Banks lowered their interest rates to as low as 1.69%, and have also loosen their lending criteria, to help borrowers get access to more funds for their homes.
This unprecedented support programs is favourable to property buying, but they will not last forever. If you are in the market, you should grab this opportunity while they are still available. It may never be repeated again.
If you are planning to buy your house, buy NOW, before you get more buyers competing for the limited stock when the borders reopen.
5 Tips for the First Home Buyer
As buyers agents, our First Home Buying service has helped many first home buyers buy their first homes fast and confidently. We've seen their pain points, we've seen what they struggle with, and we've compiled 5 top tips to help first home buyers avoid the issues other home buyers faced.
Your step by step guide to buying your first home:
Get your finances ready. Find out how much you have to pay for the property.
This is the cash you have, for the deposit for the property. Get this ready, so you can put your offer in, once you find THE property you want.
If you are a first home buyer, you might be eligible for the First Home Loan Deposit Scheme (FHLDS).
First home buyers might also be eligible for the First Home Owners Grant (FHOG)
Understand your borrowing capacity.
This is how much a lender or a bank will lend you. Your assets, income, liabilities and expense patterns will determine how much lenders will lend you.
This borrowing capacity, and the cash deposit you have, will determine the price range you should be looking for.
Talk to us if you do not know your borrowing capacity. We can help you understand your budget, and put you in touch with our network of trusted mortgage brokers who can find a suitable mortgage for your first home.
Determine the type of properties and the features that are important to you.
Do you want a house that is easy to maintain? Big property? Number of rooms, bathrooms, toilets, car spaces? Pool? Big backyard?
Near amenities, shops? Near schools? Near public transport? Tree change? Sea Change?
There are over 20-30 questions you can ask. The more precise you are, the easier it is to shortlist your property. But be careful. It is a balancing act. Know what you need vs what you want vs what is available for your budget vs what is available in the market.
Our first home buying service will help you define your property. We have a list of over 80 questions which we ask our clients, to get them to start thinking of their properties. Feel free to have a chat with us, if you need assistance. It's FREE, afterall.
Your plans for the property.
What do you intend to do with your property?
How long do you intend to stay in it?
What do you intend to do after that? When do you intend to do that?
Do you intend to turn it into am investment property?
Acquire a second or third or more properties in x number of years?
Start searching 😜
Now that you know what you want, and what to look for, start searching.
This is the most critical and most time consuming step.
You'll be surprised, this is also very often the most stressful, most difficult, and most demoralising phase of your property purchase journey. We live in a modern world where we need 25 hours a day, 8 days a week; and we have 101 urgent things to catch up and another 101 reasons not to go through the real estate listings and not to go for that property inspection.
This is why many people simply stop at step 4. Or did not do enough of step 5.
If you are stuck at steps 4 or 5, consider engaging a property buying service. Our property buying concierge service help you get what you want in less than half the time. Usually under 2 months, to be exact*.
Too confusing? Too difficult? Have a chat with us. We have helped many first home buyers get into the property market. Let's discuss if we are able to help you. Book in your free consultation.
Why Buyers Should Consider Using a Buyer's Agent
Did you know?
A property buyer typical takes 6-12 months or more to buy their home? And it is up to twice as long, for the first home buyer? Yes, that is almost 2 years of stressful house hunting, and 2 years of disappointments. You will also be missing out on 2 years worth of capital growth, and on average, that means it will cost you more than $133k or more, for each year delayed! Here's why.
We have a true story of 2 property buyers. One used a buyer's agent, while the other chose to DIY. One gained over $200k. Guess which one. Read here.
How fast you buy your property, is critical towards successful home ownership. Our buyer's advocate service has been helping first home buyers buy their first homes in under 3 months. Here are feedback and reviews from our client:
"We should have used a buyer's agent earlier."
"It's money well spent."
"Best service and reasonably priced."
"The cost of a professional property buying service more than made up for the stress and effort we saved."
More reviews and testimonials here.
Read some of our success stories here.
Imagine what you can do with your very own property coach, property mentor and property concierge on your side. The wealth of information you have at your disposal, is priceless, when you use a property buying service of a true buyer's advocate.
We do your home work with you, and we do the dirty work for you. We manage the entire buying process to ensure it is as smooth as possible. We find and shortlist properties for you, based on your criteria, organise the entire purchase, from auctions / negotiations, to inspections, conveyancing, mortgage and keys collections. We comb through the top Melbourne suburbs, and the best Melbourne suburbs within your budget, to search, analyse and identify the best properties that meet your requirements.
It only cost you a very low buyers agent fee to engage a buyer's agent, but studies have shown that a buyer's agent can half your property search time and save you over $133,000 on average. That is a saving of around 16%!
Would you want to save 16%? Smart property buyers would, and have benefited from it.
Our Offer for You
Not convinced yet? We are eager to help first home buyers like you. We love to see the smiles when we hand the keys over to first home buyers so much, that we have put together a deal for first home buyers:
1. Book in your FREE consultation. Let us help you in defining your ideal property. We will also put together your property plan and discuss the entire buying process. It's our complimentary service to help you understand what home buyers need to know.
2. Receive a special 10% discount off our comprehensive buyer agent package, just for Melbourne First Home Buyers like you.
3. If you prefer, select from one of our hand-picked, specially selected NO-FEE house and land deals designed for First Home Buyers, and you could be saving up to $10,000 off the purchase price, on top of your First Home Owners Grant! Yes, you'll receive your $10,000 (or $20,000) FHOG, and a further (up to) $10,000 discount on the purchase price. That's up to $20,000 worth of savings. Some properties comes with rental guarantees as well!
All you need to do now is to get a free Quote and book in your FREE consultation! It is easy.
More Tips for First Home Buyers:
And we have an offer for First Home Buyers!
Check out our Property Deals page for great buying opportunities.