Queensland offers an abundance of fascinating sights and attractions, from a 4,000-mile coastline that’s home to the Great Barrier Reef to a beautiful rainforest and a plethora of nightlife, family activities, and entertainment. If you’ve never bought a home before and want to settle in Queensland, you need to know a few tips for first home buyers to make the home buying process as smooth and effective as possible.
In this post, you’ll discover everything you need to know and do to be able to afford your dream home in Queensland.
Without further adieu, here are seven tips for first home buyers in Queensland.
1. Apply for the Stamp Duty Rebate
If the price of the home you wish to purchase in Queensland falls below $550,000 then you could be eligible for what’s known as a stamp duty rebate. This can save you a substantial amount of money.
The rebate provides a concession for buyers who purchase properties. First-time buyers in Queensland can access a stamp duty concession for properties valued up to $550,000. See more here.
2. Get Your Debts in Order
Do you have a lot of debt? If you do, it might make it more difficult to get approved for a home loan. Or you may only gain approval for a small loan.
Before you apply for financing, pay off any large debt you have accrued. Especially debts with high interest.
One option to lower your debt is by consolidating existing debts into one. This will enable you to pay a lower interest rate than you currently pay.
3. Plan to Put Down a Decent Sized Deposit
One thing that helps first-time homebuyers is putting down a decent-sized deposit. The larger your deposit the more the lender will finance you.
When you put down a big deposit, it lowers your monthly payments and principal in a big way. You’ll also be able to apply for low-interest rate loans.
Keep in mind, you’ll have to pay your lender mortgage insurance if your deposit is below twenty percent.
4. Find Out If You Are Eligible for a Loan
This is a good first step. Before you rack your brain, make sure you actually qualify for a mortgage. Reach out to multiple lenders to learn how much money, if any you can borrow.
Before looking for higher-end homes, make sure you can actually buy there, unless, of course, you can afford to pay cash.
5. Research Different Loan Options
The loans available on the market can seem confusing for first-time home buyers who aren’t educated about home loans.
By doing your research, you can acquire the best rates and terms for your loan. The industry offers a wide variety of home loans and mortgages: some with variable rates, fixed rates, investment loans, and interest-only loans.
Speak with someone who has purchased a home before to get the best loan or mortgage for your specific situation.
6. Seek Out Help from a Professional
There are real estate experts who can help first home buyers such as agents who are familiar with the buying process. The great thing about this? You don’t have to pay them because the seller will.
When you’re ready to sign the contract, make sure a lawyer or licensed conveyancer looks it over before you sign.
Also, make sure that the home is properly fixed up before you move in and you can take help from professionals.
7. Get All Your Ducks in a Row
Have you found your dream home? If you found a home you love there may be other buyers who love it too.
For this reason, ensure you have all your paperwork in order, your deposit available and you’re preapproved. This puts you in a better place
Final Thoughts on Essential Tips for First Home Buyers
Now you know some important tips for first home buyers. Incorporate these tips into action and you’ll be in a better place to move into your dream home.
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