For most of us, buying our first home is an emotional decision and a significant milestone. It is about a new start and taking that first, bold step into the property market.

We believe there is no straight way into it, and we’re bound to make mistakes. There are numerous things that make decision-making difficult for us – the property buying processes, the real estate terminology and the costs involved.

Yes, buying property can be expensive with prices soaring in many parts of Australia. This can also make finding the ideal property that matches our lifestyle, tricky.

But here’s the thing – buying your first home can be simple. It’s a matter of finding the “right” advice and following through with a series of thoughtful decisions and smart planning. With years of experience working with home buyers, we – at Wealthy You – know exactly what it takes.

In this blog post, we have outlined 5 things that you must keep in mind as you make your decision about – where, when and how to buy your first home. We’ve answered your most common and frequently asked questions to us. And there’s heaps of general advice that will make navigating the home-buying process easy from start to finish.


1. Figure out your budget

Look at all your finances to draw up a realistic picture. Now, prepare a prioritised list of your financial goals and determine where a home purchase ranks on it.

If you are buying property with a partner, it is important to consider their priorities as well as yours. If your family or friends are helping with the purchase, discuss how they plan on contributing. There could be risks, benefits and tax implications involved if financial help is received.

The price of the property you’re looking to buy will play a big part in deciding your budget for the purchase. Research online to get a ballpark of the different location-price ranges and match them up with your budget.


2. Find the scheme that works for you

Loan terms in Australia generally extend between 25 to 30 years. And since a mortgage is the biggest debt you’ll incur with this purchase, there is a lot to consider.

There are several schemes that can help you fund your purchase. It is recommended that you look into them to determine which one suits you best.

·       First Home Loan Deposit Scheme (FHLDS)

Buy your first home with as less as 5% saved towards the deposit. Read more about this scheme.

·       First Home Owner Grant

Your state government offers eligible first home buyers a one-off grant. Contact your state revenue office for more details.

·       Stamp Duty Concessions

Certain state and territory governments offer incentives to first home buyers, including stamp duty concessions. It may be worthwhile to check the offers available in the areas you’ve earmarked for property purchase.

·       First Home Super Saver Scheme

Under this scheme, eligible first home buyers can withdraw voluntary super contributions (up to certain limits only), to put towards a home deposit.


3. Save towards that deposit

Did you know that an average-income Australian couple takes almost five years to save for a deposit on their first home in one of our capital cities?

You can reduce this period and speed up your first home purchase considerably with the First Home Loan Deposit Scheme (FHLDS). Which requires you to be an Australian citizen with as little as 5% saved towards your deposit. Follow this link to download the handy eligibility checklist.


4. Zero in on that perfect property

It is true when they say – location, location, location! It is especially important while making a smart financial decision on your home purchase. To buy a home you love for the right price that fits in with your lifestyle, here’s what you need to consider:

  • In what range are the property prices in the areas you’re interested in?
  • What is the ideal distance that you are comfortable travelling for work?
  • Whether amenities are available, such as schools, shops, hospitals and public transport.
  • How much would you need to spend on renovations and if you have the extra funds to do so?
  • What is the potential for appreciating property prices in the areas?
  • Are there any proposed developments in the areas that could potentially impact the value of your home?
  • What is the crime rate in the areas? Have there been any major incidents in the past that can have a bearing on your decision?
  • What is the local job market like? Are there ample opportunities to find occupation in your line of work?


5. Find a property broker with a penchant

This step is highly recommended. Find a property broker who can help you navigate the buying process, identify the potential suburb and property that would suit you and maximise your chances at success while applying for specific schemes.

Local brokers have considerable experience and knowhow. They have the lay of the land and can provide crucial advice in all aspects of the first home buying process.


How we, at Wealthy You, can help you?

We understand that purchasing your first property can be an overwhelming and daunting process. There may be steps that you are unsure of and conditions that you are unaware of. This is where team Wealthy You can be of assistance.

You can be assured that no stone is left unturned in finding you the best options.

We offer advice and guidance every step of the way. We help you fill forms, review properties and make informed decisions. We help you navigate complexities with ease and confidence.


Talk to us today. And let us make your first home a reality.