Buying a block of land and building a brand-new home is incredibly exciting, but let’s face it, when it comes to finance, there’s lots of questions that we need answered.
Licenced and experienced Mortgage Broker, Mark Polatkesen is here to answer some of the most frequently asked finance questions and provide some useful tips to help you through your journey to purchasing a new home and becoming part of the Manor Lakes community.
As part of the 2020-21 Federal Budget, under the ‘Driving Jobs Through Housing’ package extension, the Australian Government has committed an additional 10,000 First Home Loan Deposit Scheme (FHLDS) places for the 2020-21 financial year. This is positive news for you, if you’re an eligible first home buyer looking to purchase a new up home, valued at $850,000or less at Manor Lakes. Not only has the threshold for the price of homes been increased but first home buyers have now been given a longer time frame to take up an allotted place in the scheme.
Great news for Australians dreaming of buying their own home. The Federal Government’s new HomeBuilder scheme provides eligible owner-occupiers with a grant of $25,000 to build a new home or substantially renovate an existing home. This will be a welcome relief to many Australians and the country’s economy as it tries to navigate its way out of the current health crisis.
City, suburb, north, south, east or west? So many decisions! We obviously think west is the best and that Manor Lakes has everything a busy lifestyle requires – schools, transportation, shopping, and an abundance of nature, all within a short distance of beaches, mountains, regional attractions, awarding winning restaurants, zoos and wineries. Manor Lakes is also a community that has been designed and developed by a trusted leader in the Australian property industry, the Dennis Family Corporation.
Where to next? It’s important to establish your budget. When working out your budget, you’ll need to factor in extra costs such as conveyancing, taxes, duties and fees.
We recommend that you contact your bank or a mortgage broker to find the right type of loan to suit your needs. Once again, our team can help you out by recommending a mortgage broker who’ll be able to step you through the finance process and apply for a home loan.
One of the most frequently asked, and notoriously difficult to answer, questions regarding purchasing property is: ‘should I buy before selling my existing property, or should I sell my existing property first?’.
Quite simply, every situation is different, and we recommend you consult an independent financial advisor before making any binding decisions.
There are a few key considerations that can help inform your decision making.
Is the current market favouring those selling or buying?
Another option chosen by some purchasers is to keep their current home as an investment and upsize to something larger. This can provide financial benefits, however, we recommend you speak to your financial advisor about your options before making any decisions.
