Are you and your family looking into buying a first home? Making the decision to purchase or build a new home is one of the biggest decisions of your life. Owning your own home, as 34.9% of Australians do, according to AHURi, is a milestone in your life. It marks you as an adult. It may mark you as a family person. One thing is for sure; owning a home marks you as someone with considerable financial hurdles to navigate.
If you are looking into buying your first home, you have to consider ways to save money and ways to get what you want. Here are four things to keep in mind to get you both.
- Shop Around for Financing
- Go with Custom Luxury Home Builders
- Are You Eligible for First Home Loans?
- What About House and Land Packages?
Australian home prices, depending on the region, range from an average $331,503 to $673,300, according to Global Property Guide. Of course, buying the property is only part of your cost. You have to consider what the true cost of your home will be after getting financing from the bank.
Bankrate writes that shopping around for the lowest interest rates on your home loan is one of the best ways to save yourself money in the long run. You may only slash your interest rates by .25%, but on a $400,000 house that is considerable.
If you are going to be spending hundreds of thousands of dollars on your home, why not get what you want? By contracting with Australian home builders specializing in custom homes, you can make sure each detail is exactly the way you want it. Do you want a deep red dining room complete with a hanging chandelier? How about a sliding door in your bedroom that leads out to a deck? All of these things can be had by contracting with the best home builders.
Did you know that the Australian government maintains a first home loans program? Eligibility requirements, first home loans amounts, and other specifics vary based on the region. For instance, the Northern Territory government offers first home loans for any home passing a transaction eligibility threshold of $600,000. Again, eligibility depends on your region. Look to the Australian Department of Treasury and Finance for more information.
According to Realestate.com.au, searching out house and land packages is a great way for first home owners to save money if they want both a home and a chunk of land to go with it. House and land packages Victoria and elsewhere vary in price. Contact a real estate agent in your area to find out what is available.
If you are a first time home buyer, keep these four tips in mind for saving on your new home and for being sure you get what you want. After all, this is your future and your comfort. Happy hunting! More on this topic.