Unless you’re fortunate to be in a position where you can get a little helping hand on the path to being a homeowner, a lot of young Australians would find the notion near-impossible.
From expensive stamp duty to skyrocketing housing prices, that concern is entirely valid, and while there’s no quick solution to get closer to your dream house, there are certainly routes you can take to make it a tad easier.
To help with saving and planning
As someone who has no set savings plan and merely tries to spend as little as possible, I can confirm this method has multiple flaws. Namely, once I go over my ‘budget’, I throw caution to the wind and just keep spending as I’ve already broken my self-enforced plan.
Online tools like Metricon’s Loan Repayment Calculator, as well as its Borrowing Power Calculator, will give you an estimated figure which will dictate how much (give-or-take) you should be putting aside ahead of actually buying a home.
If you start to budget your money based on what you’d realistically be paying each month towards your mortgage/loan, you’ll likely hold yourself accountable more than you would if you stuck to my ‘budget’ plan mentioned earlier.
To help with hurdles like the financial load/financing your first home
Depending on which state and area you’re living in, there are various homeowner grants that will let you skirt the standard stamp duty fee, so some hunting online is required.
To guide you in the right direction, the first place to investigate would be your state’s government website. These grants change all the time, although given the past year, governments seem to be more intent on getting young people into the market, so there may very well be some sweet deals flying about.
To help with financing your first home
As is the situation with countless Australians, the major hurdle in the way of homeowning is securing the deposit and subsequent home loan.
Metricon’s HomeSaver program gives eligible first home buyers the option to forgo the 10% home deposit, and secure your own home and land package with a $5K deposit and tailored savings plan.
With that $5k deposit, you will work with Metricon’s financial partners to implement a strong, tailored savings plan and as you progress towards the house deposit, incentives are provided to you including free appliances, which could save you a nice chunk of money in the long-run.
After you’ve reached your savings goal, Metricon then works with you to build a new place.
To help with understanding specifics
Online or in-person, speaking to mortgage consultants is a great way to get your head around all of the details that go into owning a home.
A mortgage – or even house deposit – are always going to seem far more daunting when you know the bare minimum about real estate, financing and the legal jargon, so the best way to feel comfortable moving forward is to speak to someone who has spent their life studying those very things.
Head here to find a Metricon display near you and chat with their specialist team before you spread your wings and buy a nest all for yourself.Image: Animal Crossing