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No matter how well you may think you know the market, with legislation and market trends consistently changing, there is always something new to learn.

Entering the property market as a first home buyer is not something you should do on a whim. 

No matter how well you may think you know the market, with legislation and market trends consistently changing, there is always something new to learn.

Take the quick quiz below to see if you are ready to enter the property market.

1. What is the maximum amount you can borrow?

This is important to know before you make an offer on a house. You could face a huge problem if you purchase a property without organising your finances first. People who go out house hunting without a pre-approval could be making a costly mistake. A pre-approval can give you peace of mind when looking for a house as you will know how much you can borrow and how far your deposit will stretch.

2. What first home owner grants are you eligible for?

You could miss out on thousands of dollars’ worth of Government incentives if you do not know what first home owner grants you are eligible for. 

There have been recent changes to certain grants, so it is important to ensure you are getting the right information from the right website. Each state has their own website with the list of existing grants available.

3. How long will you be living in this property?

Do you have a partner or have any children? Are you on a stable career path? If you are a young first home buyer, you will need to think about where you will be in the next five years. If you are planning to start a family or change careers will this property and location be suitable?

Buying a house is a long term commitment, so not only do you need to consider if this property will suit your lifestyle in the present, but the future as well.

4. What expenses are involved pre and post purchase?

If you have done your research, you will know that there are more costs involved than just the home loan. For the purchase you will need to ensure you have the funds to cover stamp duty and government transfers, cost of your solicitor or conveyancer, pest and building inspections and loan setup costs. After settlement budget for strata fees and/or council rates, repairs, electricity and water.

Buying your first home is one of the biggest purchases you will make in your life. If you need help working through the process or have any other questions, please give State Custodians a call on 13 72 62 and we can help you.