Buying My First Home

Buying your first home can be a nerve racking experience and it is not unusual to feel overwhelmed. The key to making a good first home purchase is to ensure you have all the necessary information pertaining to buying your first home. This not only includes thoroughly researching the type of home you wish to buy and the location, but also figuring out a budget which you can afford. There are many costs which you may not anticipate when buying your first home.

Costs of Buying My First Home

Buying your first home can be an expensive business, and you need to be prepared for all the extra costs which you will incur. Buying a home does not simply involve paying the asking price of a given property. Rather there are many other costs which may be added on. Some of the additional costs which you may incur when buying your first home include the initial deposit on your home, stamp duty, legal fees, transfer fees, settlement and establishment fees, loan application fees and of course mortgage insurance. Thus it is essential that your include budget all these additional fees and charges which you may incur when buying your first home. Depending on which state you are purchasing your first home in, you may be eligible for some discounts on your stamp duty fees.  Thus make sure you get as much information as possible prior to buying your first home. 

The First Home Buyers Incentive

The Australian Government offers an added incentive for those buying their first home in the form of the First Home Owners Grant (FHOG). The First Home Owners Grant is offered to encourage and enable more Australians to own their homes. First home buyers are therefore eligible to a one off payment of $7000.00 if they meet certain criteria. A mortgage consultant or bank will be able to advise you on the requirements which will need to be met in order to obtain the First Home Owners Grant.