First home buyer choices that are intelligent are currently based on the work you put in prior to purchasing. Do not simply rush into your first home purchase, just because you have the money saved for a deposit, it doesn’t mean you need to purchase the first thing that pops up.
Here is a list of intelligent first home buyer choices:
– Where is your ideal location/suburb and why?
– How much can you spend?
– Have you organised your home loan approval?
– Is there good public transportation available?
– If you were no longer working or interest rates fluctuated, could you still pay the monthly mortgage bills?
– How are you been planning to cover your down payment?
– What is the ideal settlement period?
– If you’re renting, do you need to terminate your lease?
– What additional costs will likely be entailed, legal, termite inspection, a buyers agent, building inspection?
Stamp duty is a one off tax when you purchase the house as well as in the state of Victoria is approximately 5.5% of the cost of the home. Therefore, it’s not a tiny value. If you buy your first home or new apartment off the plan, stamp duty does not apply.
So, your budget may be around the $500,000 mark, do your research and invest time to store above that limitation as much as you can. Familiarise yourself with what $550,000 would purchase in the off the plan department and you may be able to pick up a bargain more expensive house or apartment for a cheaper price.