3 Myths About Buying Your First Home

Buying your first home is an exciting time. Working out which information is correct can be harder. Here are 3 myths about buying your first home.

Myth 1 – “There are no longer any government benefits to help me buy my first home!”

This is wrong. Every state and territory still offers sizeable grants or stamp duty concessions. For example, Victoria offers a grant of up to $20,000 for first home buyers buying a new home in regional Victoria or up to $10,000 for homes in cities. New South Wales offers a comprehensive first home buyers package with stamp duty abolished for homes up to $650,000 along with a grant for builders of new homes up to $750,000 and for purchases of new homes up to $600,000.

See links for information on all states and territories below:
ACT | NSW | NT | QLD | TAS | VIC | WA

Myth 2 – “My bank will always give me a better deal!”

Not true! Your bank has their best interests at heart, not yours. To make sure you get a great deal you really need to enlist the services of a mortgage broker. A mortgage broker will go over your needs and your home loan options and find you a home loan to suit your circumstances. Better yet, they’ll also help with the paperwork, lodging the application and settlement to make the process as easy as possible.

Since a broker is in the business of helping people get the right home loan for their circumstances and they aren’t focused only on one option or one lender, you’ll be able to work with them to get the right deal for you.

Myth 3 – “Digital websites can now look after all my home loan needs.”

Not really. Some websites, commonly known as fintech, can be a good source of information, but most will still require you to meet with a professional mortgage broker. Generally, a website will let you put in your information, give general advice or information then offer to connect you with a broker.

A broker can sit down with you, go over your needs, ask questions about your specific situation which you might not think about when going through the process online.

Buying a first home is an exciting time. Click here to enquire about home loans and be connected with your local MoneyQuest broker.

You might also want to check out “Is a 20% deposit always necessary?

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This article is written to provide a summary and general overview of the subject matter covered for your information only. Every effort has been made to ensure the information in the article is current, accurate and reliable. This article has been prepared without taking into account your objectives, personal circumstances, financial situation or needs. You should consider whether it is appropriate for your circumstances. You should seek your own independent legal, financial and taxation advice before acting or relying on any of the content contained in the articles and review any relevant Product Disclosure Statement (PDS), Terms and Conditions (T&C) or Financial Services Guide (FSG).

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