After a slump of two years or so due to the pandemic, Australian real estate is on an upward swing. If you are considering buying a house, this is the year you should do it. The market is just right for first-time buyers, and you will find plenty of loan services in Baulkham Hills to help you do that.
Why 2023 is Great for First time home Buyers
With the world economy limping back to pre-COVID days, it is no wonder that the government is doing all it can to boost the real estate market. This year is the best for the first-time buyer, including the new federal first home loan deposit scheme. Under this, if you are a first-time buyer, getting a mortgage is very easy as you need to pay a minimum of a 5% deposit. Not only that, but you also don’t have to pay any LMI or Lender’s Mortgage Insurance. Earlier, banks needed LMI and at least 20% of deposits from first-time buyers. On top of that, the Reserve Bank of Australia lowered their interest rates, offering banks better loan schemes to interested buyers.
What to look for when buying your home for the first time
It is not necessary that you have to buy a house just like your parents as your first property. Single houses in even more miniature cities cost quite a much, which can be challenging for new home buyers. This is why start looking at apartments as your first property. Go for small block apartments in great locations with good access to parks, transport and other amenities.
Second, shop around for loan offers before settling for one. People often miss the best bank for first-time home buyers in Kellyville because they didn’t look around. A good market survey is critical when going for a home loan. Look into every aspect of the loan offer before signing anything.
Third, be aware of the actual cost of buying a home and not just what you must pay off as a home loan. Many first-time buyers need to pay more attention to the associated cost of buying a home, like home insurance, council rates, corporation fees, etc. You also may have to renovate or redecorate the property before moving in. So, when you are going through your finances to see if you can afford to buy a house, consider these costs as well.
So, these are some information you need to know as a first-time home buyer in 2023.