First-Time Home Buyers Should Know These Helpful hints

Home Buyers

Plan on purchasing your first house in the near future?

When it comes to purchasing a home, the procedure might appear to be overwhelming. You must learn how to apply for the appropriate mortgage, decide the appropriate budget, and locate the appropriate home that meets your requirements.

According to the Australian Bureau of Statistics, the number of owner-occupier first home buyer loan commitments reached its highest level since 2009 in 2020. First-time homeowners will benefit from new government incentives, which will make it easier for them to jump on the housing ladder in the future. If you want to buy a home, it is essential that you obtain advice from a reputable real estate agent that can guide you through the process.

Every year, Canberra’s professional real estate companies assist hundreds of first-time homebuyers in the search for their ideal property in the city. The real estate professionals stationed in Canberra have access to a diverse choice of homes and are well-versed in the surrounding community. Their business is built on trust, both with their customers and with the surrounding community.

Understand all of the hidden costs of homeownership.

There are other hidden costs associated with homeownership that you should be aware of. Things like stamp duty, Lenders Mortgage Insurance (LMI), building charges, inspections, and house insurance are all expenses that must be considered. This is done before you’ve even decided on which paint to purchase, and the results are frequently unexpected.

Make sure that you investigate and evaluate these hidden expenditures before you begin to develop your budgetary plan. In addition to checking county records to get an idea of prior property tax payments, you may obtain information from utility suppliers and insurance that can help you estimate additional expenditures.

For additional information about hidden charges from the New South Wales government, please visit this page. Please keep in mind that the cost for capital may vary.

First and foremost, obtain pre-approval.

Looking for a home first, without first obtaining pre-approval, might put you at a significant disadvantage.

In the mortgage industry, pre-approval refers to the letter that you receive from a lender indicating that you qualify for a certain mortgage amount. A pre-approval letter included in your offer signals to the buyer that you are a serious contender and that your financial situation is in good working order. This provides you with a competitive advantage and increases the reliability of your bid submission.

Grants and programs offered by the government

First-time homebuyers in Australia may be eligible for a number of incentives and programs, depending on the state in which they live. The Family Home Guarantee and the New Home Guarantee, both of which were recently enacted by the federal government. If you qualify, you could save thousands of pounds by making a deposit of as little as 2-5 percent on your home. Make sure to look into the grants that are currently accessible to you. It is possible to utilize the money saved to improve other aspects of the home, such as its interior or its structure.


Purchasing homeowners insurance is one of the items that your lender will require you to acquire before closing on your dream home purchase. If you are unable to make a 20 percent deposit or more, they will frequently request Lenders Mortgage Insurance (LMI). It protects the lender in the event that you default on your payments and are forced to take possession of the property.

Other types of insurance include home insurance, which pays for the costs of replacing or repairing your possessions and home if they are destroyed or stolen as a result of an incidence covered by the insurance policy. When it comes to natural calamities such as flooding or fires, this is critical information to have.

When purchasing a home, you want to work with a professional that is knowledgeable in the region in question. They can assist you in locating the best properties, partners, and builders that fit your budget and objectives, as well as connecting you with the local business and professional communities.

Using the services of a real estate agent in Canberra, you can discover the perfect house in Australia’s capital as well as work on your behalf to achieve the best possible price for your property. We work on your side and ensure that you feel completely supported during the whole buying process.


We can assist you if you are seeking a real estate agency that can assist you in identifying solutions and getting you on the property market as quickly as feasible. We will get in touch with you as soon as possible, and we will be able to assist you with acquiring your first house!

By Camila

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