Tips for Victorian First Home Buyers During A Pandemic
If you are a Victorian First Home Buyers and you are considering to put your toe in the water and buy your first home, there are lots of factors to consider from your budget, credit file and even what grants might be available to assist with the purchase of the property.
While you might have done the hard yards saving up a deposit, there are plenty of things to consider when you are a first home buyer purchasing your first home during the COVID-19 pandemic.
We’ve put together the grants and concessions Victorian First Home Buyers. They should consider as well as steps for how to save for a new home.
How Victorian First Home Buyers can take advantages of grants for their new home
There is a range of grants and initiatives from the government for new home buyers entering the market, in particular, the First Home Owners Grant which is available in every state and territory across Australia.
Victoria’s grant is $10,000 for First Home Buyers, and there is also an additional $10,000 available for regional first home buyers that buy or build in regional Victoria, taking the total amount to $20,000.
On top of the First Home Owners Grant, there is also the Home Builder grant that offers additional benefits and concessions for new home builds and renovations. The $25,000 grant can be used towards a new home build or a home renovation in each state and territory across Australia.
How can first home buyers save for a new home?
If you’re working towards buying your first home in Victoria, here are some ways new home buyers can save for a home.
Determine how much you can borrow & set a limit – your budget and your ability to pay the loan is an essential step in the process for preparing to be a first home buyer. Take the time to understand the upfront costs of purchasing, the fees for lending, government fees, mortgage insurance fees, moving costs and any other factors you should include in your budget to determine what you can comfortably afford and borrow.
Check your credit report – your credit report is an essential step in getting finance, and you should be sure there are no black marks against your name, and your credit file is in great shape.
Research locations for your home – the location of your property is one of the key factors for home buyers, and you should take the time to explore the transport options, lifestyle, parks, shops, conveniences and local schools in close proximity to your property. While the location might seem idyllic, it is important to visit at a range of times throughout the day to ensure the location is perfectly suited for you outside of the standard open home times when there can be heavy traffic.
Explore finance options and grants – there is a range of options for new home buyers when it comes to First Home Owners Grants, concessions for stamp duty and even concessions and grants for home builders. Take the time to get pre-approval and find out what you are eligible for as a new home buyer.
At the end of the day, buying a new home in the COVID-19 pandemic is a good choice for man first home buyers due to lower interest rates, and positive economic data backing an emerging housing market.
If you’re looking to take advantage of Victoria’s First Home Owner Grant or you would like to take advantage of exceptions and concessions, now is a great time to explore options for purchasing or building a new property.
At Achieve Homes, our custom builders provide a complete building solution from start to finish. Whether you’re looking for a house and land package or you’re searching for the perfect home in Victoria, Achieve Homes can help assist with the home buyer grant and house and land packages to suit your needs and budget.
With plenty of custom house designs, display homes, and floor plans for our house and land packages available, Achieve Homes offers great options for the first home buyer getting into the market. If you would like to find out more about home and land packages and custom builds, get in touch today to find out how we can design a new home and take advantage of the First Home Owners Grant.