How the home buying Process Works

Buying a home for the first time involves finding the property and securing your financing, including home loans and various other advantages available to first time buyers (such as the First Home Owners’ Grant). 

However, before you even begin the process of buying your first home, there are some questions you need to answer that will help to smooth out the decision-making process. These include:

• How's your financial health?
• What type of home will best suit your needs?
• How mortgage do you qualify for?

Considering these will help point you in the right direction and help you to budget, before you begin the process of buying your first home.

Before you apply for a loan, you should consider the First Owners’ Grant. This concession has been developed by state governments to make the process of buying your first home easier and to get you into your new home faster. If you are approved for this grant, the state government will grant you $30,000 towards purchasing your first home. The criteria required for first home buyers grant eligibility includes a property under the value of $750,000, and that either yourself or your spouse have owned no previous property.

The Queensland government offers additional grants and schemes that first home buyers can take advantage of. These incentives include:

• Family Home Guarantee. This is aimed towards single parents with dependants, regardless of whether that single parent is a first home buyer or previous owner-occupier.
• First Home Vacant Land Concession. This allows you to claim a concession on vacant land to build your first home valued under $350,000.
• Home Concession. When acquiring a residence, so long as you meet certain requirements, you will pay a reduced amount. 
• First Home Loan Deposit Scheme. This is aimed towards Australian citizens who are single or couples with a minimum 5% deposit looking to buy an established property or build their first home.
• New Home Guarantee. This is aimed towards new builds only for Australian citizens who are single or couples with a minimum 5% deposit.

The type of property that is right for you depends largely on your personal home ownership goals and the suburb you are looking to live in. Although there are homes in most suburbs that could be considered affordable when buying a home for the first time, these vary in size, type, and condition.

Buying your first home in a suburb that is close to employment options, schools, and childcare will perform well and grow in value. Other things to consider are access to public transport, healthy road infrastructure and other valuable amenities such as parks, cafes and shopping centres.

If you have longer term goals in mind for when buying your first home, choosing a property that requires or has room for renovation can be more affordable. By buying a home and renovating, you can add value to it, which will make a difference when it comes time to sell.

Looking to build a new home rather than buy a pre-existing one? Many of the grants we have mentioned in this guide are applicable to first home builders as well. Talk to us today and find out how Brighton Homes can help you build the home you have always dreamt of.

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