Top tips for first home buyers
Across Australia, the reality is that conditions are becoming more and more challenging for first home buyers. The combination of high deposit rates and rising price points are two examples of challenges first time buyers are faced with, making it increasingly difficult for them to enter the property market.
Fremantle-based Liv Apartments has identified the following tips to help make entering the property market easier and potentially more affordable for first time buyers
- First Home Owner’s Grant
Due to recent changes in the First Home Owner’s Grant, eligible first home buyers have the opportunity to receive $15,000 toward their property purchase. The increased grant is available to first time buyers of new homes up to the value of $750,000, and applies to contracts entered into between 1 January 2017 and 31 December 2017, for completion by 30 June 2019. Liv Apartments is due for completion by mid-2018.
First time home buyers in Western Australia are also exempt from paying Stamp Duty on any home purchase up to $430,000. Liv Apartments in Fremantle are currently selling from $400,000 for a one bedroom one-bathroom dwelling, with completion due by mid-2018, making Liv Apartments a smart choice for first home buyers seeking to maximise these benefits.
- Buying property off the plan
With Liv Apartments, there are a number of benefits to buying off plan (before construction is complete).
At Liv, construction is already underway, and unlike other off-plan apartment developments, completion is fully guaranteed. Why? Liv Apartments’ developer Defence Housing Australia (DHA) is a government backed entity, and not reliant on pre-sales to fund construction. Something many Western Australians aren’t aware of is DHA is in fact one of Australia’s biggest property developers, with around $130 million in projects in Western Australia alone.
Buying off the plan also provides buyers with the opportunity to secure their future home at today’s prices, a rare opportunity in the current market. DHA’s unique deposit structure gives the purchaser time to save more and borrow less, enabling lower mortgage repayments.
- Find property which requires a low deposit
Before purchasing a property, first home buyers should consider how much deposit they require in order to successfully purchase the property at question. Liv Apartments have made entering the property market more achievable for first home buyers by requiring a deposit of just $10,000 from approved purchasers, compared to standard off-plan deposit requirements of 10% of the purchase price at other developments.
- Find property with realistic price points
First home buyers need to consider how much money they would like to spend and invest for the property at question. Putting down a deposit for a house that is greatly out of your price range could lead to a financial burden in the future.
Liv Apartments are priced to suit first home buyers in particular, with apartments currently starting from as little as $400,000 for a one bedroom, one-bathroom property close to all amenities and public transport, in the heart of Fremantle.
Find out more
Construction of Liv Apartments is underway, and apartments are now selling. First home buyers or anyone interested in living or investing in Fremantle’s up and coming East End precinct are invited to visit the Liv Apartments display suite at 34 Quarry st, Fremantle. Appointments can be made by calling or texting Alex 0438 007 155 or Toby 0410 855 803