Buying a home for the first time does not necessarily need to face tremendous pressure. As long as you can understand the precautions and effectively use preferential measures, understand some of the loan routines, it is not difficult to own your own property. Today, Wanjia shares content about how first-time home buyers can take full advantage of Australia’s preferential home purchase policy for first home buyers and strategies when buying a home.
Preferential policy
For first-time buyers, if the budget is limited, choosing a small area of residence is a good start. First determine the needs of yourself and your family, the ideal urban area, the type of house, the average price of this type of house in the area, and the current economic strength. First, calculate how long it will take to achieve the goal of buying a house.
If you find that it is too long, you can consider choosing different prices, urban areas or types of houses. Remember, in addition to preparing a 20% down payment when preparing for deposits, other upfront fees may appear when buying a house.
Of course, for first-time home buyers, when buying their own homes, the various preferential policies provided by the Australian government can also be fully utilized:
First-Home Super Saver Scheme
Under this new federal government plan, people can make additional pension contributions, saving up to A $ 15,000 per year, and the total amount should not exceed A $ 30,000. This new regulation will take effect on July 1, 2018. From July 1, 2018, first-time buyers will be able to withdraw the savings that were voluntarily deposited into the pension account after July 1, 2017, and are used exclusively for house purchases.
First Homeowner Grant and Stamp Tax Concessions
First-time home buyers who purchase or construct new properties with a maximum value of no more than A $ 750,000 can receive an A $ 10,000 subsidy. In remote areas of Victoria, the amount of subsidies received is raised to 20,000 Australian dollars. First-time homebuyers are exempt from stamp duty when they purchase a property of less than A $ 600,000. If the value of the property is between A $ 600,000 and A $ 750,000, you can enjoy stamp duty concessions.
HomesVic shared equity project in Victoria
First-time home buyers can jointly buy a house with the government. The government will provide a certain amount of subsidies to first-time home buyers, up to 25% of the initial price of the purchased house.
Parent assist loan
Now, many banks have introduced parent assist loan measures, as long as the parents loan 20% of the child ’s first house, then the remaining loans will be provided by the bank
Buying strategy
The other is some tips for first-time home buyers
Don’t be cheap and not good
For example, some people will use the following excuses to make consumers buy houses:
Unfortunately for those who died, they no longer need a house;
People who can’t afford the mortgage due to misfortune;
There are people in the family who are eager to sell the house;
Couples who need to sell a house because of conflicting divorce;
Manage your cash flow
Investing and buying real estate will inevitably require increased leverage, but you must keep in mind when adding leverage, be careful to drive thousands of years, manage your own cash flow, and once the capital chain breaks, then you will unfortunately become vulnerable Groups, especially in the environment where banks’ lending policies have also changed from the previous easing to the current conservative, it is particularly important to maintain good cash flow.
Wanjia’s suggestion is not to blindly pursue capital appreciation. When the market changes, the fast-growing ones often turn around and fall quickly. Form your investment portfolio like a football team.
When we make investment decisions, there is a way to learn from history. Because history sometimes repeats itself, look at the past and see what happened in developed regions, and sometimes you can guess with great probability what will happen in the future. So this means that a long-term perspective is necessary when planning your own investment.