News.

24 Mar 2023

Now is still the time to buy a house

 

It seems like news about rising interest rates are in every headline you read these days.  But if you put this in an historical perspective, home loan rates are still in the lower regions – they’re just not quite as low as they were a couple of years ago. Regardless, buying property is still one of the soundest financial decisions and investments any of us can make.

 

All of which means buying your first home is one of the most exciting, scary and rewarding things you might do in your life.  Here, we guide you through what the First Home Buyer’s market looks like right now, along with some tips on making the process easier for you.

 

Finances

There are two major financial factors usually associated with home ownership:

 

  • Saving up for the lump sum deposit
  • Keeping up with monthly mortgage repayments

 

Knowing that you are able to cover these will help you with budgeting and understanding what you can afford. You will also need to provide this to a financial institution to get pre-approval for a home loan, which is highly advised, so you can look at homes that are within your price range.

 

How long do I have to save for a deposit?

This is probably the most daunting part of buying a house, especially if it’s your first home. Simply because for most of us, it requires some hard saving. But there is some good news in this regard.

 

The time people need to save for a deposit is on the decline across the country*. In other words, people are now able to come up with the deposit much quicker.  This can be attributed to falling house prices, but also higher interest rates accrued on savings.

 

The other good news is that buying a house and land package during the early stages of a development, as you can at Oaklands Green, means time is on your side, as your full mortgage only kicks in on completion of the house build. What’s more, your deposit can be as little as $10,000.

 

*Data based on report from domain.com.au

 

Making compromises

Typically, first home buyers have had to compromise in order to buy their property. It might not be in the location they prefer, or as close to amenities and transport as they’d wish.
 

Those certainly aren’t compromised at Oaklands Green. There’s the recently re-developed train station just around the corner, the largest shopping centre in the state on your doorstep, wetlands and hiking trails within walking distance and some of the best beaches just minutes away.  Partner that with the architecturally designed homes on offer, and there is little need for compromise!

 

Government Schemes

If you want to supercharge your access to the property ladder, then investigate the First Home Buyers grant, which can provide you with a grant of up to $15,000 towards the purchase or construction of a new residential home in South Australia.

 

You may be eligible for the grant if:

 

  • You are purchasing a new home that has not been previously occupied or sold as a place of residence and includes a substantially renovated home
  • the market value of the property is $575,000 or less
  • at least one applicant is an Australian citizen or permanent resident. New Zealand citizens permanently residing in Australia who hold Special Category Visas may also apply
  • each applicant is 18 years of age or older
  • you or your spouse/domestic partner have not held a relevant interest in an Australian residential property prior to 1 July 2000.
  • you or your spouse/domestic partner have not occupied an Australian residential property in which you had a relevant interest on or after 1 July 2000 for 6 months or longer
  • you and your spouse/domestic partner have not previously received a first home owner grant in any state or territory of Australia. If a grant was received but later paid back together with any penalty you may be entitled to reapply for the grant
  • each applicant must reside in the home as their principal place of residence for a continuous period of at least six months commencing within 12 months of date of settlement for contracts to purchase, or the date construction is completed for owner builders or contracts to build

 

As always, if you have any questions at all regarding buying a house at Oaklands Green for personal use or investment purposes, please contact Richard Joy, our Senior Project Team Leader – richardj@connektup.com.au.

 

To keep up to date with the Oaklands Green news, be sure to follow us on Facebook and Instagram.

 

 

Register your interest to be kept up-to-date with the latest news on Oaklands Green.
 

Alternatively, please call us or email us at:
Mobile: 0439 504 440 or
Email: richard@oaklandsgreen.com.au

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