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2019-12-11 News & Updates
Author: Satterley Property Group

Buying your first home? Here’s what you need to know.

You’re buying your first home! Congratulations! Choosing to get your foot on the property ladder is a great decision. As you begin researching, you’ll find a wealth of tips and advice and it can feel overwhelming to make the best choice for your future. 

Perhaps you’re early in your new home journey and you’re interested in finding out how much you need to have saved to buy your first home or maybe you have your deposit saved and you’re thinking ‘What next?’.

We know a thing or two about buying a new home, having developed land for over 36 years. We’re here to layout out the essentials you need to know when embarking on your new home journey. Remember, the Eden Beach Estate team are here to help with any questions along the way! 

Deposit

How much do I need? When should I start saving? Are there any schemes that can help me? There is so much to think about! Handy calculators like this one from REIWA can help you work out the numbers and make an informed decision about your finances. If you have questions about stamp duty in WA, mortgage repayments, interest calculations, your borrowing power, budgeting and financings your new home - this is one of the first places to visit. 

Lenders Mortgage Insurance

LMI or Lenders Mortgage Insurance is a factor new home buyers need to budget for. Depending on the price of your new home and your deposit you may need to factor this cost into your initial deposit. The calculator realestate.com has on their website helps you see this amount easily and lets you play around with the numbers to see what repayment schedule and total loan amount suits you.

Land Tax

Did you know, if you buy a block of land for under $300,000 you pay $0 land tax? Tips and tricks about making the most of your land spend can be seen here. This handy table (accurate as of May 2019) will show you the tax payable on any block of land above this price. With so many blocks of land for sale under $300,000, Eden Beach has so much to offer, with no or low land tax applicable. 

Helping hands

If you’re a first home buyer, there is lots of help available to give you a helping hand on to the property ladder. The First Home Owners Grant is the first of these initiatives by the WA Government. By ticking the eligibility boxes found on their website, you could receive $10,000 towards your new home — the below video shares what you need to know.

First Home Buyer Grant WA

Keystart is another initiative popular with first home buyers. This initiative offers new homeowners a low deposit home loan option with no lenders mortgage insurance, meaning you can get into your new home sooner. If you’re eligible, deposits start from 2%, have no LMI and no monthly fees. From July 1, 2019, Keystart are increasing their income limits will increase by $15,000 for singles and couples and by $20,000 for families for first and subsequent homebuyers. 

If you’re ready to start your new home journey, view our land for sale and complete your details below. A member of the Eden Beach team will be in touch soon. 

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