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Should 2019 be the year to buy your first home?

First home owners moving in

Buying property is about accumulating good assets and should be part of your financial plan.

If you are considering buying a property, now is a good time because:

  • interest rates are low
  • there are government incentives available for first home buyers
  • financial regulators removed the shackles from lenders
  • there are fewer buyers in the market (not for long?)

“The Combination of the removal of the threat to property tax concessions, earlier rate cuts, financial help for first home buyers and APRA relaxing its 7 per cent interest rate test points to house prices bottoming earlier and higher than we hav been expecting.”

AMP Capital chieft economist Shane Oliver

Six things you need to consider when buying your first house:

1.Buying property is a long-term game

AND time is on your side but the sooner you take the plunge, the higher chance your investment has to meet your goals.

2. Analyse risks v opportunities

There are opportunities to invest your hard-earned $$ everywhere but purchasing property is still an excellent long-term option, even though lending and building have become more complex. This is why you need a team of experts to make sure you are making the right decision.

3. Expect scrutiny as you apply for a loan

Following the Financial Services Royal Commission, banks no longer accept what you say on face value. Expect to put time into gathering the paperwork required!

4. Make the most of historically-low interest rates

This is particularly great news for YOU (a new home loan customer) who are the biggest winners from rate cuts because it lowers the cost of borrowing. Be smart, savvy and read the fine print to make sure you are getting the best deal.

5. Super-strict lending regulations have been relaxed

As of the 6th of July 2019, the Australian Prudential Regulation Authority (APRA) will allow borrowers to be able to access mortgages 14 per cent larger than previously allowed

6. Access your first homeowner grants

Depending on where and what type of dwelling you a purchasing this can make the difference. Check out what you are entitled too on: www.firsthome.gov.au/

What to do next?

Start the process by talking to a trusted lender or use our borrowing calculator to get an idea of your borrowing capacity before starting to look for your dream home!

While no one has a crystal ball, research from CoreLogic in a report by Aussie found that over the past 25 years the median house value has risen in value by 412% (from $111,524 to $459,900). That’s an annual growth rate of 6.8%.

The team at Triple Zero Property want to see people succeed in buying a quality first home that is affordable. As you walk through display villages and open homes it is easy to get caught up in the emotion.

Note: buying a house is a strategic investment, use your head!

We are so confident that now is a great time to buy that we are offering a limited offer of a 1% interest rate discount for the first 12 months on any new property purchased.

Alternatively, call us on 1300 897 000 so we can help you reach your property goals sooner.