First Home Buyers Tips
What are our top tips for Melbourne First Home Buyers?
🏡 Planning to buy your first home?We've some hot step by step guide for you.
And we are giving you an offer!
Check out our Property Deals page for great buying opportunities.
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 once said.
The Pandemic Year 2020 was the best time to buy your property. Unfortunately, not many home buyers took up the challenge.
The good thing is, economic support measures put in place lsat year, 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 low as $10,000 deposit.
Family Home Guarantee. This scheme allows eligible single parents to buy their home with just a 2% deposit.
Banks have lowered their interest rates to as low as 1.69%, and also loosen their lending criteria, so borrowers can now have access to more funds.
This an unprecedented chain of events, is favourable to property buying. And if you are in the market, you should grab this opportunity. This perfect buying condition is not going to last. It may never be repeated again.
If you are planning to buy your house, buy before you get more competition when the borders are reopened.
5 Tips for the First Home Buyer
As buyers agents, our First Home Buying service have 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 like you avoid the issues they faced.
Get your finances ready. How much do you have for the deposit?
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).
As a first home buyer, you might also be eligible for the First Home Owners Grant (FHOG)
Find out 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 they 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 have access to lenders with very competitive rates for first home buyers.
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 complete 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 develop it? Sub-divide it in future? Sell and upgrade? Lease it out?
Acquire a second or third or more properties in x number of years?
Start searching 😜
Now you know what you want, and what to look for, start searching. This is the most critical and time consuming step.
You'll be surprised, this is also very often the most stressful, most difficult, most time consuming, and most demoralising phase of your property purchase journey. We all 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 step 5, consider seeking help from a property buying service. Our property buying concierge service might be able to help you get what you want in less than half the time. Under 3 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, and we might be able to help you. Book in your free consultation.
Consider Using a Buyer's Agent
Did you know?
It typical takes a buyer 6-12 months of searching before they 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 up to $133k or more, for each year delayed! Here's why.
That is why, the ability to buy your property as quickly as possible, is a major step towards successful home ownership. Here are some of our client feedback:
"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.
Imagine having your own property coach, property mentor and property buying concierge. The wealth of information you have at your disposal, is priceless, when you use a property buying service from a buyer's advocate.
We do your home work with you, and we do the dirty work for you. We will work with you to ensure your buying process is as smooth as possible. We find and shortlist properties for you, based on your selection criteria, organise the purchase, attend auctions and negotiations, organise the mortgage / finance, conveyancing, property inspections, etc. We comb through the top Melbourne suburbs, and the best Melbourne suburbs within your budget, to search, analyse and identify the best properties fitting 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 up to $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 to let us help guide 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 you need to do.
2. Receive a special 20% 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) $20,000 discount on the purchase price. That's up to $30,000 worth of savings.
AND, all you need to do now is to get a free Quote and book in your FREE consultation!
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