First home buyers can find the property market confusing

Your Aussie Broker is here to help you
navigate the mumbo jumbo

06 July 2020|7 minute read

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Starting the journey to becoming a first home owner can sometimes feel like a long and often confusing process.

With the range of different options available to assist you, it can be hard to know how to take your first step. But don’t worry, you are not alone.

Four things to consider

If you’re looking to buy your first home, here’s four key things to consider before you start your journey.

1. What is your savings goal?

Saving for a deposit can feel like a gruelling task. And knowing how much deposit you need may feel overwhelming if you don’t know what your capacity is to borrow, or what kind of home you are looking to buy.

In fact, research commissioned by Aussie found that more than 7 in 10 first home buyers admit building savings is a priority. Plus nearly half (46%) of first home buyers saying building savings is now more important than before COVID-19.

Breaking down a realistic amount into manageable chunks every pay cycle could make it easier for you to stay on track. Staying on top of this routine could make you feel more in control of your savings.

Setting a goal and sticking to it may seem like an obvious first step. However the sooner you start, the higher your chances are of putting yourself in a good position to find your first home.

2. How can you cut out the confusion?

Buying your first home is likely one of the most important financial decisions you will make in your life. And feeling confused about the process is normal.

Over half (58%) of first home buyers feel negatively about navigating the mortgage market by themselves, with 5 in 6 admitting they want more financial guidance.

The impact of confusion and uncertainty can affect aspiring first home buyers. To cut through the confusion, 67% of first home buyers intend to enlist the help of a mortgage broker to assist with the process.

Enlisting the expert guidance of an Aussie Broker can help wave goodbye to any confusion and provide you with the helping hand you need on your journey.

3. Do you know what you're eligible for?

Your first home will be one of the biggest investments of your life, and it’s important to know if you are eligible for assistance.

It’s one thing to continue to build your savings and stick to a goal, but knowing what is available to you as a first home buyer can be extremely helpful. 

Understanding the latest Government schemes or grants, and whether you are eligible for initiatives can make a significant difference. Yet, many Aussie’s don’t know what is potentially available to them.

Over 8 in 10 first home buyers admit they had never heard of the First Home Loan Deposit Scheme. The Scheme enables first home buyers to take out a home loan with as little as a 5% deposit, and with 10,000 new spots being made available from 1 July 2020, it’s something that could be worth exploring.

Alongside this, you may also be eligible to access other state government grants or incentives to run in parallel to national schemes.

Your Aussie Broker can help you understand what you are eligible for and assist you in the process to apply for schemes or grants that may accelerate the journey of buying your first home.

4. What is the right move for you now, and tomorrow?

We all lead busy lives and searching for your dream home is a journey.

By having a clear mind on what is important to you, it can help ease the whole process, let you focus on what is a priority to you, and help save a lot of your time when you start looking.

Ask yourself important questions like:

  • Do you want to raise a family in this home? 
  • Do you need to be near any specific schools?
  • Do you want to have a spare room to be able to host out of town family and friends? 

Asking these questions can help avoid being too led by emotion when making a decision.

With all the effort, persistence and control you need to save, research, and locate a house, it’s important you are buying something you won’t outgrow too soon.

Speaking to an Aussie Broker could help you identify locations or types of homes that will also increase in value over time. So you will not only find a home that you’ll love, but one that can grow your investment in the long term.

View the first home buyer research report

For this research, Aussie asked over 1,000 Australians about buying their first home. To learn more, download the The State of First Home Buyer Confusion Report.

Connect with an Aussie Broker

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