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First home buyers urged to do their homework

How keeping across Government policy can help first home buyers enter the market

First home buyers are being urged to do their homework before jumping into the property market after a report from the Housing Industry Association reported housing affordability is the best it has been since 1999.

The Customer Owned Banking Association has developed a series of recommendations for first home buyers looking to enter the market to help them ‘look before they leap’.

Customer Owned Banking Association Senior Policy Advisor Mark Nguyen recommended first home buyers keep across the current and planned Government policies for home ownership.

“For many Australians, a first home is their first major financial commitment. Governments know this and have ways to help first home buyers achieve the ‘great Australian dream’.

“Doing your homework on where governments can help will save both money and time.

“One example of this is the First Home Loan Deposit Scheme which will come in next year. It is important that future first home buyers keep an eye on what it could mean for them.

“The Government is also helping Australians save a home deposit by using their super through its  First Home Saver Super Scheme (FHSSS).

 “First home buyers should also find out if their state or territory has any grants or stamp duty concessions to help with the costs that come with buying your first home.

Mr Nguyen also recommended first home buyers create a list of ‘nice to haves’ and ‘must haves’.

“It’s important to be realistic and set aspirations that are in your means.

“The average home is owned for around 10 years so first home buyers should keep this in mind when choosing their first home.

“Writing down a list of ‘nice to haves’ and ‘must haves’ helps you ensure you don’t get carried away buying a house that is well outside your price range.

 “Buying a home is an emotional rollercoaster and its easy to get caught up in the moment. That’s why it’s important to always have a property inspection completed before making a bid.”

When it came to choosing who to take out a mortgage with Mr Nguyen said first home buyers should look around.

“There are plenty more options out there than the ‘Big Four’.

“Shopping around can result in first home buyers finding a banking institution that offers them a more competitive interest rate or lower fees.

“It’s worth visiting ownyourbanking.com.au to learn how a customer owned banking institution can help you buy your first home.

“Many customer owned banking institutions also have specific products or ways to help first home buyers, so always ask how they can help you out.”

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