| First Home Buyers even without any savings can afford a home in Ipswich despite the current debate on home affordability generated by interest rates, government taxes and charges. Many young first homebuyers who have a good employment and credit history but do not have an established savings record are achieving home ownership. The First Home Owners Grant of $7,000 can be used to assist with costs and by purchasing a home under $250,000 first home buyers obtain the maximum stamp duty concessions available. We can assist first homebuyers in applying for the First Home Owners Grant.
The Queensland Times Property Guide provides many examples of good quality existing homes around and under the $250,000 mark in the Ipswich area. These properties are proving attractive home purchases for first homebuyers who recognise the long-term benefit of entering the home loan market.
Homebuyers have a number of opportunities to obtain a home loan in today’s competitive home loan market with the range of home loan products available. It really comes down to employment, income, credit history and savings record. By having the employment, income, good credit history and a five percent genuine savings record gives the homebuyer the widest choice of lenders. Family assistance by way of a gift, inheritance or by a family member guaranteeing the loan are also options available to first homebuyers to consider in purchasing their own home.
Saving for a deposit for their first home is often the biggest challenge for the first homebuyer. At this stage in life many young people have expenses in setting up house for the first time, purchasing a car and then paying rent, which makes it difficult to save. However the bad old days of banks requiring a 25% deposit for a home purchase are long gone. Many innovative lenders are now offering home loans without a genuine savings record and providing loans of 100% of purchase price.
In terms of employment and income lenders need to be satisfied that a borrower has stable employment with the income to meet the repayments of the proposed loan and any existing commitments. A good credit history is always important. There is no problem with having existing loans or credit cards as long as they have a good repayment history with payments being made regularly and on time.
Purchasing their own home is the biggest investment most people make and the younger they enter the home loan market the better.
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