10 Things First Home Buyers Need to Know

Buying your first home is an exciting time. Along with any brand new experience, comes a lot to learn. You’re going to hear a lot of property market jargon and a few new terms along the way. At Jubilee Wyndham Vale, we help make the process as smooth as it can be. 

Here are 10 important things you need to know when buying your first home. 

  1. Titled land: This means the government’s Land Registry department has an official record on file (a ‘Certificate of Title’) about who exactly owns that piece of property. If your land is titled that means you can be given permission to begin building on it. Untitled land can take many months, or even years, to become titled. So, if you are hoping to move in anytime in the near future, titled land for sale in Wyndham Vale is your best bet.
  2. House and Land Package: This is when you buy a block of land and a house, to be built on it, all in one go. House and Land Packages are often the easiest and fastest option – particularly for first home buyers – as a lot of the hassle and planning is already taken care of and you also have set costs, which is handy for budgeting.
  3. Land Transfer Duty a.k.a. Stamp Duty: Another cost you may need to factor into your home buying plans. It’s a pretty big extra fee based on a percentage of the value of your property and it needs to be paid up-front.But, as a first home buyer, you can likely get a hefty discount, or even avoid stamp duty all together if the home you buy costs less than $600,000. We have over 100 different House and Land Packages in Wyndham Vale that come in under that price-tag at Jubilee.Take a look at what could be all yours right here while dreaming of the amazing new furniture you could buy with the thousands you’d save on stamp duty.
  1. First Home Owner Grant: FHOG is a handy $10,000 bonus from the government if you – among other things – purchase a new house under $750,000^.
  2. Broker: Mortgage brokers provide advice on a range of home loan options. They do a lot of the work and guide you through the loan application process. Remember, that they do not look at every loan option and get paid commission by the lender. Always check ATSIC’s online register that your broker is licensed.
  3. Pre-approval: Pre-approval (a.k.a conditional approval or approval in principle) means a bank or other finance lender might lend you a certain amount of money for your home in theory. Certain conditions must be met but this helps you know what you could likely afford when you start looking for a place to call home.
  4. Lenders Mortgage Insurance: Lenders typically want you to have at least a 20% deposit saved up before they will let you borrow the rest of the purchase price of your new home. If you’ve got less, you’ll have to pay Lenders Mortgage Insurance. This LMI could currently be avoided through the First Home Loan Deposit Scheme; the government will pay this insurance for you so you might only need a 5% deposit to secure a loan.
  5. Cooling off: From the date you sign a contract, you have three clear business days in Victoria to change your mind on purchasing a home. This is called the “cooling off” period and gives you confidence you’ve made the right choice.
  6. Conveyancer: This is a specially-licensed expert who provides advice and information about the sale of a property. They help you work through contracts and legal paperwork. Always ask a professional.
  7. Ready Set Go!: One final thing you really need to know as a first home buyer is where to find the best deals. With our ‘Ready, Set, Go!’ offer, you could save up to $63,000* on your new home at Jubilee Wyndham Vale! It’s on for a limited time only. Explore the ready to build homes on titled land now selling at Jubilee here.

 

*Visit Ready. Set. Go! for full terms and conditions. ^First Home Owners Grant for eligible purchases. Please use this article as a guide only and seek your own financial and legal advice.

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