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