Buying a home for the first time is an exciting and very rewarding experience, but it can also be challenging if you don’t know where to start and understanding the home buying process and real estate terminology can be difficult when buying your first home. And with property prices being so high in many parts of Queensland, buying a home can be expensive, so it’s important to get it right.
Our first home buyer guide will help you understand how the home buying process works, answering the most common questions you might have while also discussing grants that can help make it more affordable to move into your dream home. We will also let you in on first home buyer tips to help you navigate smoothly from start to finish, so you can make confident, informed decisions
Buying a home for the first time involves finding the property and securing your financing, including home loans and various other advantages available to first time buyers (such as the First Home Owners’ Grant).
However, before you even begin the process of buying your first home, there are some questions you need to answer that will help to smooth out the decision-making process. These include:
Considering these will help point you in the right direction and help you to budget, before you begin the process of buying your first home.
One of the most common questions that arise when buying a home for the first time is how to get preapproval for a home loan. Sometimes also referred to as conditional approval, a preapproved loan is an indication of how much you can borrow. This is dependent on information you provide such as your income, debt, and financial history.
At Brighton Homes, we are proud to work alongside our in-house finance experts at My Choice Home Loans. To help you understand the different options available to you, My Choice will guide you through the process of how to get a home loan that is right for you when buying your first home.
You can also use our Home Loan Repayment Calculator to determine how much you will be repaying each month.
Before you apply for a loan, you should consider the First Owners’ Grant. This concession has been developed by state governments to make the process of buying your first home easier and to get you into your new home faster. If you are approved for this grant, the state government will grant you $30,000 towards purchasing your first home. The criteria required for first home buyers grant eligibility includes a property under the value of $750,000, and that either yourself or your spouse have owned no previous property.
The Queensland government offers additional grants and schemes that first home buyers can take advantage of. These incentives include:
The type of property that is right for you depends largely on your personal home ownership goals and the suburb you are looking to live in. Although there are homes in most suburbs that could be considered affordable when buying a home for the first time, these vary in size, type, and condition.
Buying your first home in a suburb that is close to employment options, schools, and childcare will perform well and grow in value. Other things to consider are access to public transport, healthy road infrastructure and other valuable amenities such as parks, cafes and shopping centres.
If you have longer term goals in mind for when buying your first home, choosing a property that requires or has room for renovation can be more affordable. By buying a home and renovating, you can add value to it, which will make a difference when it comes time to sell.
Looking to build a new home rather than buy a pre-existing one? Many of the grants we have mentioned in this guide are applicable to first home builders as well. Talk to us today and find out how Brighton Homes can help you build the home you have always dreamt of.
Discover your ideal Brighton home by using filters that align with your personal design preferences and lifestyle.
Log in to your MyBrighton account and pick up where you left off.
Do you like what you’re viewing? Simplify the process of keeping tabs on everything by setting up your own MyBrighton account.
With a MyBrighton account, you have the ability to save and contrast your preferred home designs, create a list of display homes you wish to tour, and monitor the house and land packages that interest you. Additionally, you can gather your favourite blogs, inspirational images, floorplans, facades, and promotional options - all conveniently stored in one location.
Having a MyBrighton account lets you keep tabs on your favourite homes and house and land packages. You can also save your favourite images and articles to your own personal mood board to figure out your style! Plus, you can save your chosen home design and specific choices for later, so you can chat with family and friends, make any changes if you want, or compare it with other designs.
When you're ready, just reach out to one of our friendly building and design consultants to kick off your building journey!
Please select your desired build region so we can personalise your content.