For the first time since 2009 as quoted by Suncorp, the first home buyer home loans have been consistently trending upwards.
Often the biggest challenges we see for first home buyers is getting their deposit together. If they can successfully do this, they then often find themselves competing with investors for the same types of properties at very similar price points.
One of the biggest supporting factors for the first home buyer is the generous grants in which the government hands out. Recent research commissioned by Suncorp found that confusion and a lack of knowledge may be the barrier holding this group back from being able to secure ownership of their first home.
Studies found that despite two thirds of home buyers having saved or actively saving a deposit more than half (60%) don’t know if they can afford the home they want, 50% don’t believe they can afford their preferred area and a third believe there is a limited availability in the market.
We believe that this is concerning as now we are really encouraging first home buyers to jump into the market whilst property prices remain particularly affordable. The local economy is improving, and population growth is supporting the demand.
So What’s Recommended?
First Home Buyers recommends that you gain an understanding on your borrowing capacity as well as obtaining a pre-approval prior to searching for a home. This will allow you to make an educated decision on which path you wish to take.
The real estate sector can be overwhelming in the beginning and to have a team of professionals behind you makes all the difference when building as it takes the guess work out of the equation. Our team takes you through the process, step by step to ensure that you are making the right decision fit for you and your circumstances.