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Are you buying your first home and wondering how to find out its true value? At Affinity Property, we understand how important it is to feel confident when making this life-changing decision.
To help you, we offer a comprehensive market appraisal or an instant digital property report, giving you the essential information to understand the value of your potential first home. Get the knowledge you need to make a smart, informed decision as a first-home buyer.
Or, call us now on 07 3293 9100
Are you buying your first home and wondering how to find out its true value? At Affinity Property, we understand how important it is to feel confident when making this life-changing decision.
To help you, we offer a comprehensive market appraisal or an instant digital property report, giving you the essential information to understand the value of your potential first home. Get the knowledge you need to make a smart, informed decision as a first-home buyer.
"*" indicates required fields
Or, call us now on 07 3293 9100
We’re proud to have a strong reputation for delivering the best results. With over 100 five-star customer ratings on Google, Facebook, and Ratemyagent reviews.
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Set a realistic long-term budget for repayments and costs, using online tools to help. Review and cut unnecessary expenses to stay on track as a first-home buyer. However, you should make sure to set aside some money to enjoy life, or you will probably not stick to your budget!
Stick to what you can afford and focus on needs like location and size. Don’t immediately aim for your dream home—buy within your means for peace of mind.
Save as much as possible for a deposit. A 20% deposit can help you avoid mortgage insurance, saving money in the long run. There are a multitude of savings accounts available. Read about the things to look for in a savings account to find what is appropriate for your goals.
Minimize personal debt and consider consolidating loans. Paying more than the minimum helps you reduce debt faster, making homeownership more achievable.
Explore government grants for first-home buyers, such as the Queensland First Home Owners Grant or federal programs that can reduce your costs.
A finance broker can help with pre-approval, budgeting, and accessing grants, making the first-home buying process smoother and less stressful.
Check out Affinity’s Complete Guide for First Home Buyers for more information on confidently navigating the home-buying process.
When buying a home, securing the right home loan is crucial to avoid years of unnecessary stress. With so many loan options available. Some of these options can save you thousands so it’s important to navigate potential traps and make an informed decision. Here’s what to consider…
Fixed-Rate Loan:
Interest rates depend on economic factors.
Breaking the fixed term can result in high penalties.
Extra repayments are often capped.
Ideal for those seeking stability and individuals managing other debts.
Variable-Rate Loan:
Offers flexibility with unlimited extra repayments and redraw options
Payments fluctuate with interest rate changes
Minimal exit fees, making it easier to repay early
Best for those comfortable with rate fluctuations and needing flexible repayment options
An offset account makes it easier to transact with your savings, which can be beneficial or detrimental depending on your spending habits. If the offset facility comes with a higher interest rate, you need to ensure you have enough money in the account to justify the extra interest payment
For instance, with a $249,000 mortgage, a package including an offset account might cost 4.25% interest, while a basic product with a redraw facility might cost 4.00%. The extra interest for the offset account would be $622.50 per year. To break even, you would need to maintain around $14,500 in the offset account at all times.
Warning: This content is not designed to replace professional advice. It has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the advice, in light of your own objectives, financial situation or needs before making any decision as to whether this scheme is appropriate for you.
Buying a home is a significant step, often accompanied by large financial commitments. However, with careful budgeting and expert advice, saving for your first home can be more manageable. Affinity offers tips to help you save effectively, making it easier to afford and pay off your home in the long run.
Even after saving enough for a deposit, it’s crucial to continue building your savings to cover mortgage repayments and unexpected expenses like property repairs. Having a substantial savings buffer provides financial security and peace of mind.
To determine how much to save, consider these three expert tips from Affinity:
Work Out What You Can Afford: Be realistic about your budget. You might need to consider smaller, older properties or different locations to enter the property market.
Learn About The Property Market: Stay informed about property prices in your desired area by checking online real estate listings and attending auctions.
Check Your Loan to Value Ratio (LVR): Your LVR, calculated by dividing your loan amount by the property’s value, affects your loan’s risk and interest rate. Aim to keep your LVR below 80% to avoid higher interest rates and mortgage insurance costs. This makes it essential to save as much as possible for your deposit.
Develop a plan to help you save your deposit and beyonf. Work out how long it will take you to save the amount you need, and how much you'll have to put aside each pay. Have your plan written out and placed somewhere visible, so you are always reminded to stick to it.
The easiest way to see where you can cut back is by doing a budget. Write down your essential costs, such as rent, bills, and food, and subtract this amount from your income. Save the leftovers for your deposit. Give yourself some leeway - if your budget is too tight, you might be tempted to ignore it.
Many young people choose to move out later, or move back into the family home while they are saving for their first house. Rent is likely to be one of your biggest expenses. Thus, if you can cut this right down, you could increase your savings very quickly.
Once you know how much you can save, maximize your savings by using a high-interest savings account instead of your everyday account. This reduces the temptation to spend and earns you more interest. Look for accounts offering bonus interest for months without withdrawals to further discourage spending.
Boost your savings by setting up automatic transfers to your savings account as soon as you get paid. You can do this online or ask your payroll department to send part of your pay directly to your savings account. This “set and forget” method ensures consistent growth without manual effort. It also reduces the temptation to spend.
Have you thought about investing your savings in shares or a managed fund? This is a good way to increase your overall capital. However, this is only a good idea only if you plan to buy your home in a few years' time. This is because investments in shares or managed funds are suited to long-term goals.
Here are our essential tips for preparing a winning contract offer…
By following these steps, you can prepare a strong contract offer and navigate the property buying process with confidence.
As a first home buyer, you have options for government assistance available to you. Learn about how you can access these grants and other benefits.
There are many types of guarantor loan options but the most common is that of a family guarantor loan. This is when the guarantor is directly related to the borrowers. Grandparents, siblings and other family members can be considered on a case by case basis but is not as preferred as a direct parent.
A family guarantor loan has 2 main benefits for a borrower or applicant:
The new loan is secured by both the new property being purchased as well as the property owned by the guarantor. For the majority of guarantor loans we ask the lender to limit the guarantee secured on the guarantor’s property.
This means that they are not liable for the entire amount of the loan, only a portion of it, usually only the 20% depending on the bank and situation.
A guarantor is legally responsible for your home loan if you face difficulties making repayments. If you're struggling, it's important to seek help from your bank or broker, as your home will be the first asset at risk before any action is taken against the guarantor.
While there is concern that the bank may sell the guarantor's home to cover the debt, banks typically explore all options to resolve the issue before resorting to this extreme measure.
Warning: This content is not designed to replace professional advice. It has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the advice, in light of your own objectives, financial situation or needs before making any decision as to whether this scheme is appropriate for you.
In 2022, the First Home Guarantee Scheme was introduced by the federal government to succeed the First Home Loan Deposit Scheme. Under this scheme, a first-home buyer can purchase a home with a deposit as low as 5%, provided it fits within a certain price range.
The price cap depends on which part of the country you are in. In Queensland’s capital city and regional centres, the cap on the Scheme is $700,000. In regional areas, the price cap is $550,000. To see the price cap for properties in other states, click here.
The scheme was luanched on the 1st of July, 2022 and will conclude on the 30th of June, 2023. There are only 35,000 places in the Scheme, so you should act fast and apply.
You can check your eligability online through the government's website. Check youe eligability for the First Home Gaurantee Scheme here
Conveyancing is the legal transfer of a property’s title from the seller to the buyer.
Before you buy a property, you should research who you want to use for conveyancing. We recommend you do this research before you enter a contract of sale. Solicitors’ conveyancing costs can vary significantly – between $600 – $1,500 – so it’s important to do your homework.
The Real Estate Institute of Queensland (REIQ) is Queensland’s peak real estate advisory body. The REIQ recommends using a qualified solicitor for any property matter, including conveyancing.
Using a solicitor saves time on paperwork such as title searches and stamp duty. It should also provide peace of mind. This is very important when making one of the largest single financial transactions of your life.
Most of these searches are standard in the conveyancing process. DIY or discount conveyancing services may skip these crucial checks, posing risks to buyers.
Affinity Property works with a range of highly qualified solicitors and conveyancing services. For more information CLICK HERE.
The costs involved in conveyencing include the cost of:
Council and property searches help identify potential planning issues or future changes, such as:
Zoning and title searches reveal potential property restrictions, such as:
Your quest of buying a house, unit, townhouse or any other property is now complete – enjoy!
Warning: This content is not designed to replace professional advice. It has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the advice, in light of your own objectives, financial situation or needs before making any decision as to whether this information is appropriate for you.
