First Home Buyers
Where to start?
As a First Home Buyer it is important to maximise any benefits that can be gained from government assistance incentive packages that may be available from time to time.
Currently as we write, there are a number of incentives available to assist you. You can check on all available offers at Office of State Revenue, just Click Here Office of State Revenue
The best advice we can give you is to “get into the property market”. It has been proven time and time again that you simply can not save up for a deposit on your first home fast enough to keep up with property prices.
What you need to know
The property market is “Cyclical”, that means that prices will ebb and flow, rise and plateau over a 7 to 11 year cycle. When you have decided to “Get In” to the property market you will need to consider these factors;
Your initial deposit, how much will it be? Normally you will need a 20% deposit, otherwise you will be subjected to an extra cost and that is called Mortgage Insurance.
Mortgage Insurance is a penalty insurance inflicted upon you because if you can not provide a 20% deposit for you purchase the banks consider that you pose a greater risk of defaulting on your loan. Therefore, mortgage insurance is your only option and it is there only to protect the banks, but you have to pay for it.
At this point in time, i.e. May 2010, the banks prefer to only lend you 80% of “their” valuation of the property that you want to purchase. This can cause problems for you if the banks decide to “under value” your preferred property, they did this in 2008-2009 due to the GFC, the Global Financial Crisis which they played a major role in creating in the first place.
As we move through 2010 there are still some lenders who practice “Under Valuing” for reasons only known to themselves, unfortunately if you have chosen to deal with one of these lenders, your loan may not be approved.
What we can do for you
At Cooper & Cooper we specialise in providing reputable Finance Brokers to assist you in successfully securing the most appropriate loan to suit your needs, whether you are a first home buyer or a novice or seasoned investor, Cooper & Cooper can can co ordinate all your purchasing needs through our network of professionally trained customer care consultants.
We at Cooper & Cooper can provide to you FREE of charge, a “Guide to purchasing your first Home”. Simply fill in your details below and a copy of the guide will be sent to you immediately.
Want to know more?
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