September 2015

The Home Buying Process: A Brief Guide for First Home Buyers in Perth


Buying a home is a crucial financial decision, and the experience can prove overwhelming for first home buyers. As reported in a RealEstate.com.au article, Mortgage Choice cites that for every five people buying a home for the first time, four don’t feel informed enough. Whilst a home purchase is not as simple as buying something from a store, the process does not have to be fraught with pitfalls. Here are a few tips on how to make a smart home buying decision.
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Top Reasons Why House and Land Packages are Popular Options in WA


Purchasing a home is a major financial decision for most families, especially for first-time buyers. Fortunately, many viable choices are open to buyers in Perth and other areas of Western Australia. Take house and land packages, for instance. These packages include both the new house and the parcel of land where it is built. The details go beyond that, however; a Home Improvement Pages article notes that not every package is the same. In some cases, a single builder or developer may offer different varieties.
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Home Builders: Finding a Suburb in Perth that Suits Your Lifestyle


Choosing where to lay the foundation for your first home is a matter of priorities, needs, and lifestyle preferences. If you’d like a taste of the city life, there’s nowhere better to settle in than the coastal city of Perth, WA. With its famed beaches, pleasant Mediterranean weather, job opportunities, and love for the outdoor lifestyle, Perth is the place to be for many West Australians. The city is pretty big, however, and each area has its unique charms and advantages. Home builders recommend that you get the lay of the land first before construction of your new home begins to ensure a good lifestyle fit.
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Want an Affordable Home Built from Scratch? Choose a Good Home Builder


Building your own home has a lot of benefits. For instance, you can have complete control over the design, location, budget, and your choice of home builder. Believe it or not, building a home from scratch in Perth—or anywhere else in Australia, for that matter—may actually be a more economical choice than buying a pre-existing one. Choose a competent and competitive builder, and you’re looking at a lot of savings that could go to other important things you may have lined up for the future. Here are a few ways building your dream home can help you save big.
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3 Facts You Probably Didn’t Know About the First Home Buyers Grant


The First Home Buyers Grant, also referred to as the First Home Owner Grant (FHOG), is a one-off, genuine grant funded by the Western Australian Government. You can take advantage of it should you decide to purchase your very first house and land package here in Perth. Full information is available through the Department of Finance website. Meanwhile, here is a preview of three little-known facts about the FHOG application process.
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House and Land Packages in Perth: An Overview of Construction Loans


If you ever decide to purchase an established home, the entire amount of the loan will be drawn to pay for the property as soon as the contract is signed. You simply have to make monthly repayments until the loan is fully paid off. If you opt to build a property, however, as in the case of house and land packages, this kind of setup is considered less than ideal. Amongst other things, you will have to pay for the loan on the finished property even though it is still under construction. To avoid having to pay a high interest rate, you might want to obtain a construction loan.
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Buying House and Land Properties for Investment: What You Need to Know


According to banking analyst Martin North from Digital Finance Analytics, a good number of first home buyers (FHBs) are purchasing their first ever homes not as owner-occupiers, but as investors. Speaking at the release of the latest J.P. Morgan Australian Mortgage Industry Report, North said that oversaturated markets in Australia—where owner-occupier loans are virtually impossible to obtain—have forced FHBs to get interest-only loans for investment properties backed by rental income. FHBs are being denied access to the residential property market in past decades because the average price-to-income ratio in Australia has now ballooned by a factor of 9 (a few decades ago, the multiplier was as low as 3 times). Yet instead of being frozen out of the residential property market, young FHBs are simply switching how they penetrate it to take better advantage of tax privileges widely available to investors.
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Surveys Say Aussie Buyers of New Homes for Sale are Getting Older


First home buyers are widely perceived to be people in their mid to late 20s. However, that conception may need to be re-evaluated, considering that surveys from 2011 onwards have shown that an increasing number of Australian first home buyers are well over their 30s. More recently, a report by realestaview.com.au uncovered that over 60 percent of first home buyers are now aged between 30 and 49 years old. Some industry groups and analysts have attributed the trend to more people saving for longer and purchasing later in life when they are in a better financial position. This theory appears to coincide with the reasons given by those surveyed: Financial security via the property ladder was the greatest motivator for most first time buyers.
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What First Home Buyers Should Avoid As They Hop on the Property Ladder


When it comes to stepping on the property ladder, it’s important to start off on the right foot. First home buyers in Perth may find the latest real estate market reports, industry news, and expert tips frankly confusing. Yet certain pieces of advice have real merit and will genuinely help you secure a home. Avoid these common slipups so you can step up with confidence on the property ladder very soon. Losing Sight of Your Goals, Straying from Your Priorities First, determine your goals and set priorities. Write down everything you want to see in the home you are building, and make it a priority to save for a deposit. Along the way, you may have to cut down on your leisure travel, luxuries, and other non-essential spending so you can reach your goals on time (or even earlier than expected).
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Buying House and Land Packages in Perth: What Does Going Solo Entail?


You’re single, you have a sizeable savings account, and you’re excited to start a new chapter in your life. Would you rather be buying a house or travelling the world? Not all people in their 20s accomplish both goals before turning 30, which many Australians dream about and consider rites of passage. In Perth, many single persons tend to opt for home ownership rather than one-way tickets to other countries. In fact, about one in four first-time buyers—or a little less than 25 per cent of that population—gets a mortgage and buys a property. The number of these single-person households is expected to grow in the coming years.
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