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You have been renting a home for too long. Now you are contemplating buying your dream home, your first home! And you are excited and at the same time apprehensive. Yes. Owning a house is a dream comes true! The expenses, charges, home loans and whether you will be able to realize this keeps you thinking.
There are many ifs and buts and pros and cons to buying a home vs. renting a home. What should guide you is this- what your future plans are, do you want to be a homeowner, have you been saving, your financial health and a lot more.
Inspyre Finance would like to walk you through the pros and cons buying a home or renting a home.
When you rent a property, other than paying your monthly rent, there are no other expenses from your end. You don’t need to pay for maintenance, repairs or any other charges.
Whereas, when buying a home or before buying a home, there are many charges that you have to pay like home insurance, stamp duty and so on.
Eventually, you may always want to buy a house down the line, so it would be a good idea to plan, budget, and build savings so you have a good down payment that you can pay for the house you want to buy.
Always pay your rents on time every month and keep saving any which way you can. Cut down on unnecessary expenses and work as per a planned budget. This way, when you contact lenders like Inspyre Finance Pty Ltd, you can establish your track record and also show the savings you have and thus avail a home loan that is best-suited to you.
Please feel free to contact us if you are looking for first home buyers loan in Brisbane To connect with INSPYR Finance, call on 07 3103 0655.
There’s good news for the first homebuyer. You can check if you are eligible for FHOG- The First Home Owner Grant. When you apply for this, you may realize more savings and that would be reduced stamp duty!
Depending upon where you plan on buying your home, the State or territory, you are in, the conditions for eligibility differ.
You should be over 18 years of age.
You should be an Australian citizen or a Permanent Resident.
You should be staying in your present place for at least 6 months or over.
If you had owned a home before in Australia, you are not eligible for FHOG.
If either you or partner/spouse or anyone you are jointly buying the home with had availed FHOG, then you are not eligible.
FHOG works best when you are buying a brand-new house. If the property is new and no one has lived there before, or it has been majorly renovated then FHOG works well. To be eligible, you should buy the home not as an investment but for you to reside in. And you should plan on residing there for at least 6 months and over.
There is a lot of savings when FHOG kicks in. There is savings on costs, charges, stamp duty and more.
At least $10,000 is given to the first homebuyers as part of FHOG
There is no stamp duty for homes costing up to $650,000. There are stamp duty discounts for houses costing anywhere between $650,000 and $800,000
Constructing a home or buying the home that is already built, where the contract amount, or value of the land is not exceeding $750,000
Buying a new home that costs anywhere up to $600,000
To know more, click on NSW FHOG information
At least $15,000 is given to the first homebuyers as part of FHOG when buying homes that are priced less than $750,000
There are discounts in stamp duty made available. The maximum discount given is $8,750 for houses that cost up to $504,999. Interestingly, the stamp duty discount is only about $875 if the house costs $549,999 and over
FHOG kicks in even if a person is only buying land and the construction happens later and no stamp duty is payable for land costing $250,000 or lesser. But there is not much savings in stamp duty for land that is costing up to $399,999 and the savings in stamp duty drops down steeply to a mere $525
To know more, click on QLD FHOG information
At least $10,000 is given to the first homebuyers as part of FHOG when buying homes
The FHOG given for new homes that cost up to $750,000 in regional VIC can even go up to $20,000
There is no stamp duty payable for homes that cost up to $600,000
There is not much savings in stamp duty for homes that cost up anywhere from $600,001 – $750,000.
To know more, click on Victoria’s FHOG.information.
At least $20,000 is given to the first homebuyers as part of FHOG when buying homes or even building or constructing new homes.
To know more, click onTasmania’s FHOG.
At least $15,000 is given to the first homebuyers as part of FHOG when buying homes or even building or constructing new homes that cost up to $575,000.
To know more, click on South Australia’s FHOG.
At least $10,000 is given to the first homebuyers as part of FHOG when buying homes or even building a new home
The FHOG given for new homes that cost up to $750,000 in regional VIC can even go up to $20,000
There is no stamp duty payable for homes that cost up to $430,000
There is no stamp duty payable when a person buys land that cost up to $300,000 and is planning to construct on a later date
There is also savings in stamp duty for homes or land that costs anywhere from $400,000 – $530,000
To know more, click onWA’s FHOG.
At least $7,000 is given to the first homebuyers as part of FHOG when buying homes or even majorly renovating a home.
To know more, click on ACT FHOG.
At least $26,000 is given to first homebuyers as part of FHOG when buying new homes
Discounts in stamp duty can go up to $23,928 for an already built home if people qualify
There is also another grant made available if it is a home renovation and the amount available is about $10,000
To know more, click onNT’s FHOG.
To connect with INSPYR Finance Pty Ltd, call on 07 3103 0655
One of the biggest and most important steps in purchasing your first house is to plan, save and budget your expenses and create good savings. This is important not only for your initial deposit but you will also have budget keeping in mind the monthly loan instalment repayment. If you have a sizeable deposit, then you will be able to buy a home of your choice and the interest rates too will be lesser. If you show your savings and build a savings reputation, then lending companies will be impressed and will sanction home loans faster. It is very important to be in control of your expenses and to thoughtfully save. This is a good habit to inculcate and not just you, but your partner and family members too should be told to do so.
We understand that the most crucial steps in buying your first home are budgeting and saving for your deposit, and understanding your monthly loan repayments. The size of your deposit will determine what kind of property you can buy, as well as the interest rates on your home loan. A solid savings history is also important in getting a loan approved.
Learning to save can be an empowering process as you discover your ability to take control of your finances and your life. And it’s not something you need to do alone. We’re here to help demystify the deposit process – give us a call to chat through your options.
Set a realistic goal. You should be fully aware about your monthly expenses and also keep aside some amount for some sudden, unexpected expense. Factor in everything, money required for day-to-day living, food, commute, education, health, and rent and also eating out or buying things. Whatever it is stick to your plan. This way the drive to save is set and you will not squander the money or indulge in some unnecessary buying, spending or accrue expenses for unnecessary stuff.
Tell yourself, you want to be the owner of a home and soon. And then work towards owning a home by building a good sizeable deposit and be the proud owner of your dream home soon!
To know more, you can always speak to the lenders from Inspyre Finance Pty Ltd and understand the world of first home loans and home loans better.
To connect with us, call us on 07 3103 0655
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