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With property prices rising across Australia, it’s lucky that Adelaide and South Australia have a ‘steady as she goes’ market. However, these tips will help assist First Home Buyers who are considering their first property purchase:
Buy within your means so that you are not a slave to your mortgage repayments, which should cost no more than 30% of your after-tax income.
Your first home doesn’t need every bell and whistle. Don’t overlook older, possibly run-down properties. If three bedrooms is sufficient for you, don’t buy four.
Focus on paying the mortgage as quickly as you can. Even if interest rates drop, keep paying the same rate as you were (if you are managing this).
Don’t spend windfalls. Your tax refund can go off the mortgage.
Do your research: consider your long-term employment prospects, transport, and (if you plan to have children) schools, etc before choosing your location.
Take a look at the options of house and land packages with a first-home buyer specialist. They may well have finance and building services available in one spot.
For more information on what is available to you, contact your Professionals agent, or visit: http://www.revenuesa.sa.gov.au/grants-and-concessions/first-home-owners