Becoming the owner of your very own house is an exciting prospect and one that we all look forward to at some stage in our lives. For first-time investors or those hoping to be able to afford a home of their own, it can also be quite a daunting prospect if you aren’t familiar with all the ins and outs of the process.
Fortunately, with the help of a professional financing specialist and the support of the government in all states for first-time buyers, you will have all the help you need to secure the home of your dreams. Here’s what you need to know – and do – to prepare for application as a Gold Coast first home buyer.
Government And State Funding Support
Wherever you are in Australia, if you are a citizen and meet certain qualifying criteria, you may be eligible for state funding to buy your first home. The First Home Owners Grant is a subsidised, once-off cash payment to help you with securing a deposit on a house, apartment, or piece of land and building plans to construct your new home. Grant totals vary from state to state and depend on the value of the home you are looking at buying, as well as your overall annual income total.
The government has also created the First Home Loan Deposit Scheme (FHLDS), allowing buyers to purchase a property for a much-reduced average of 5% deposit without paying the lender’s mortgage insurance. They allot this grant to a total of 10 000 applicants each year, but the Scheme has decided to allow an additional 10 000 places for the 2020/2021 financial year.
Do Your Homework And Be Prepared In Advance
Before you even set out on a house-hunting adventure, you will need to determine what your affordability or budget is. This is determined by looking at how much you have in savings to put down as a deposit, as well as what your annual income and expenses are. Your credit history also plays a big role in how successful you will be at securing a finance loan, so be sure to keep your payments up to date so that your records reflect sound financial responsibility. Once you apply for finance, you will be able to speed up the entire process and reduce extra administration by being prepared beforehand. You can do this by having all your bank statements, credit history and personal identification documents ready for submission.
If you are a first home buyer on the Gold Coast or in a surrounding region, having a financier who truly understands your situation and is passionate about helping you achieve your goals can make all the difference. Be sure to find someone who is committed to making a plan and providing you with the support you need throughout the process so that you can soon be on your way to receiving the keys to your new home.
Visit ZEP Finance today to learn more about your options.