In the Media

  • A Brave new world for First Home Buyers

    Published in: Excel Website
    Published on: 24 Jul 2015

    Back in the old days a first home buyer was usually a couple recently married with little money but relatively stable job prospects and most likely a baby on the way.  First home buyers traditionally bought the most affordable home in an area close to family or work and expected to live in a smaller, 85 square metre house with one bathroom and a bit of space for their car around the side of the house.  Flash forward to present day and the property landscape and first home buyer has changed dramatically.  In a relatively small timeframe a new generation of first home buyers have evolved.  Today we have a growing number of single men and women, couples with no kids, young families and first time investors looking to secure that all important foothold on the property ladder.  

    The reasons for buying a first home have also transformed from the need to house a growing family to today’s more flexible lifestyles and the property market has become highly competitive and sophisticated to accommodate. A much wider range of properties including apartments, townhouses and homes are available to the first home buyer but one thing remains the same; affordability.   

    Going back in the time machine again, buying a house thirty years ago was still the biggest and most important investment a person would likely make in their lives so the level of commitment hasn’t changed however the level of mortgage pressure has almost tripled.   Saving for a deposit is also major challenge for present day home buyers.  Their parents didn’t have the enforced superannuation commitments that the current generation have, so today’s buyers need to find more savings than ever before to secure their first home. 

    I believe the next generation will need to consider some brave new ways of dealing with the massive mortgage pressure placed on them.  Here are a couple of tips to consider;

     

    Buy Small – Think Big

    Consider buying a smaller home with investment property potential.  This may not be the home of your dreams but may set you on the right path as a future property investor. Look at locations outside your dream suburb, secure a newly constructed home and remember that a first home is a stepping stone that may offer you an extra income stream in the future.  

     

    From little things… big things grow

    If council approvals in your suburb of choice allow, look for new homes with the potential to extend.  This gives you the opportunity to secure a home that can grow with you as your needs change.  If you are thinking about building a new home then talk to the builder about ways to make your home extendable in the future.

     

    Money, Money, Money

    Talk to a finance specialist about the latest offers or finance packages available.  This may sound simple enough but I’m aware of housing developments offering finance assistance packages that can help make the $15,000 Great Start Grant go a lot further.  Currently, there are Zero Deposit assistance packages available in Gracemere, Biloela and Yeppoon with homes available from $298 repayments per week.  Eligibility and conditions apply so contact us for more information.

     

    JOB – Just Over Broke

    Remember that having a job usually means we’re ‘Just Over Broke’.  We have a habit of spending as much as we earn and in some instances a lot more than we earn!   Home ownership, although a huge commitment, is one of the best ways to save money that would most likely be spent otherwise.  It is a brave new world for first home buyers but there are opportunities out there to secure a home if you are prepared to look for them.  

     

    Contact us today on 1800 10 1000 to find out more about our Zero Deposit Home Loans.

     

    About the Future Housing Taskforce
    The Future Housing Taskforce was founded in 2010. Australia’s key industry leaders have joined forces to tackle the challenges of housing affordability faced by millions of Australians. The Taskforce brings together the best minds in the country to find new and innovative ways to house our future generations. For more information on this story visit
    www.highlandestate.com.au