If you’re planning on becoming a Queensland First Home Buyer, it’s important not to rush in without being prepared. Purchasing property can be confusing, stressful, and as an asset class it has substantial entry and exit costs, so it will save a lot of time, money and stress if you do your research prior to making the big decision on which type of property and where to buy.
A great way to start is by reviewing your current finances; working out a budget to increase savings is a great way to start your property buying journey. The Moneysmartwebsite has some excellent investment guides and Budgeting Calculatorsto kick start your homebuyer savings plan.
While working on your budget, it’s a good time to think about what your long term plans are for the property. Are you going to live in it long term, or are you planning on renting it out in future?
It’s essential to get financial advice from a suitably qualified professional about the effects of your strategy on your tax status and also how it may affect any government grant you may receive. It can be extremely costly if you get it wrong.
Here are some of the state and federal incentives currently available to Queensland First Homebuyers:
You should also take the time to review the government incentives available to help Queensland First Home Buyers enter the property market. The Queensland State government currently offers Queensland First Home Buyers a $15,000 Grantfor newly built homes under $750,000.
As of 16th June 2020 an additional $5,000 grant for buyers of a new home (with the home being owner-occupied and valued up to $750,000) in a regional location.
They also provide a Concession on Transfer Duty for Queensland First Home Buyers for purchases under $550,000. The property can be second hand or new.
The First Home Loan Deposit Schemeoffers approved 1st Home Buyers the ability to purchase property with a lower deposit without having to pay high Lenders Mortgage Insurance Costs (LMI).
The First Home Super Saver scheme allows you to save money for your 1st home within your super fund. Queensland First Home Buyers will be able to save faster due to reduced taxes on superannuation.
After the COVID 19 outbreak calmed down in early June, the government introduced the $25,000 HomeBuilderstimulus package on new builds and substantial renovations for home buyers as well as First Home Buyers.
Exclusive Buyers Agents likeThe Edge Property Buyers are only paid by our clients so are able to negotiate the removal of hidden marketing costs associated with a newly built property.
While all these incentives for first home buyers are great it’s important to understand that new property is not always the best property type to purchase. They generally have a low land content and this is where the real value in property lies. It really depends on what your long term plans are and everyone is different. If you would like to have an obligation-free chat about your property plans book a time with Craig HERE
Build a Strong Team to Help With the Purchase
Buying property at any time can be a stressful process, so you must have a strong team of licenced professionals around to reduce your stress levels and more importantly, reduce your risk of problems during and after the property purchase.
Some examples of these professionals are:
Building and Pest Inspectors
Lawyer or Conveyancer
As BrisbaneAnd Sunshine Coast Buyers Agents, we offer specific solutions to help Queensland First Home Buyers enter the Queensland property market for the best price under the best purchasing conditions to suit your requirements.