First Home Owners check list.
There are plenty of things to think about before you buy your first home. Our handy checklist should get you started, but remember it’s important to also do your own research.
Are you eligible to apply for the First Home Owner Grant?
We can discuss the requirements with you to determine if you are eligible to apply for this grant. We can assist with the paperwork and arrange for the grant to be included as a part of your property settlement.
Have you prepared a budget?
We have a budget planner that can outline all your everyday expenses, and see what excess you have left over. You can then work out what you can afford to pay in loan repayments. Please contact us if you would like a budget planner sent to you.
Will mortgage insurance be payable?
You may have to pay mortgage insurance if you want to borrow more than 80% of the value of the property you are purchasing.
Have you negotiated?
Negotiate fees with your solicitor or conveyancer; don’t just accept their ‘set fee’.
Have you worked out your property stamp duty?
Stamp duty charges have changed over recent years and will differ from state to state. You should discuss your personal situation with your conveyancer to determine if you’ll need to pay any fees.
Is the property sound?
Before you sign a contract it is advisable to have the house inspected for defects and problems. It may be a good idea to organise a pre-purchase inspection report. If you would like any assistance with organising this please feel free to ask us.
Have you included moving costs in your budgeting?
Moving costs can add up quickly. If you’re purchasing your first home or are moving out of your parents place for the first time you will also have to consider the costs of ‘setting up home’ for the first time. This can include furniture, linen, cutlery, TV, etc. – the list goes on!
Have you arranged Insurance?
Make sure you consider house and contents insurance as well as loan protection cover.