Start Point Homes is passionate about helping first home buyers secure their first home.
Sponsored by Start Point Homes
Whether you’re in the market or just in the initial stages of considering owning your first home, we’ll guide you through the process and help you get started. We break down the most important information you need to know when searching for your first home.
Getting a clear understanding of your finances will help you take that first step to owning your own home. It’s difficult to track your spending and figure out where you could be saving when you don’t have all your money mapped out in front of you.
Start by calculating your savings, your income, how much savings you have combined with a partner (if you are buying your home together) and what you spend every month. Once you have worked this out, the next step is to speak to a lender and work out your borrowing power.
2. Your finances
After working out your budget, the most crucial step is finding out how much you can borrow from a lender and apply for a home loan. If you are eligible for a home loan, the first question lenders will ask is: How will you make your mortgage payments? This will take a bit of fieldwork, as you will need to provide supporting documents such as income, proof of identity and a summary of your monthly spending. Luckily, if you are a renter, you can also provide your rental payments to show your financial security.
Once your lender approves your home loan, you will know how much you can spend on a house and begin searching. If you’re looking for additional support in this process and seek professional advice, Start Point has experienced financial partners who can help you secure a home loan.
3. Incentives and grants
The government is updating policies to make home ownership more achievable and eligible, so first home buyers should take advantage of government schemes. These include the First Home Owners grant, Stamp Duty discounts and other incentives found here.
If you need help determining whether you’re eligible, chat to one of Start Point’s home ownership experts who can do the hard work for you and evaluate your options.
Whether you’re thinking of buying established or building, home ownership comes with other financial responsibilities renters may not know about. In your budget, you must consider council rates, home insurance, conveyancer costs, deposit fees and other related expenses such as home repairs. Don’t let these fees scare you out of purchasing your own home.
While you may need to allow additional budget for these costs, Start Point Homes will prepare you for these by including them in your budget and continue to communicate what the next steps are. In addition, if you build with Start Point, your home will be built from the ground up, meaning fewer repairs down the line, and all homes also come with a Lifetime Structural Guarantee.
5. Choosing the right property
You’ve organised a clear savings plan, and your loan has been approved, so what’s next? Now the fun part begins, and you can start searching for properties! First, consider the suburb you want to live in, how many bedrooms you need, the proximity to work, the local amenities and if the property is a wise investment.
If you’re thinking about building new, turnkey packages are an affordable option for first home buyers who can move in straight away once the home is complete.
Ready to take the next steps to move into your own home? Start Point offers a range of homes and financial support to help buyers with their home ownership process.
Start Point Homes are proudly built by Simonds, one of Australia’s largest home builders with over 70 years of experience. The purpose of Start Point is to give first home buyers a helping hand into their first home. The search for affordable housing and securing finance is an ongoing challenge for many first time buyers. Our aim is to help unravel the jargon, communicate with you how you want and enable first home buyers to make their dream of owning a new home possible.