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Buyer’s agents for first-time homebuyers

Wise Real Estate Advice - Buyer Agents Melbourne > Buyer’s agents for first-time homebuyers

Being a first home buyer, gaining the experience you need to purchase your first home can be overwhelming. At Wise Real Estate Advice, we recognize the complexities involved.

What constitutes an ideal first home varies for each individual, given the multitude of options available.

Take for instance, established property, renovation property, new house and land packages or apartments.

Our team of buyer’s agents collaborates with first-time homebuyers, addressing the challenging questions that arise at every stage of the property purchasing journey.

Buyer's agents for first-time homebuyers

Using A First Home Owners Grant

In a competitive property market like Melbourne’s, buying property using a first home owners grant can make the process near impossible.

Your initial challenge involves navigating through the gatekeepers, namely real estate agents. When agents communicate offers to sellers, they typically present the most secure ones that have the largest deposits that are not subject on finance or building & pest inspections. Regrettably, first home owners buyers grant requirement often involves the use of clauses.

Discovering a property that aligns with your budget and successfully negotiating its purchase can be a challenging endeavor. At Wise Real Estate Advice, we boast a 100% success rate in securing properties for first-time homebuyers while utilizing government grants.

Why Use A Buyer’s Agent?

The journey of purchasing a property, as many first home buyers can attest, is often a time-consuming process. Prior to engaging a buyer’s agent, a significant portion of our clients share that they have spent over six months attending property opens and participating in unsuccessful auctions.

A buyer’s agent streamlines the buying process by presenting only the most suitable properties based on your preferences, eliminating information overload and saving you time.

They manage property inspections, interact with real estate agents, coordinate with conveyancers and building and pest inspectors, offering concise information to facilitate well-informed purchasing decisions.

The overwhelming fear of participating in an auction or contending with an unseen buyers while presenting a private offer can be set aside when your using a B.A.

A buyer’s agent can manage all aspects for you, leveraging their wealth of experience in similar scenarios and implementing adept bidding strategies to outperform competitors.

The use of a buyer’s agent can condense this process to just a few months.

How Much Do Buyers Agent Cost?

Across the Buyers Agent Market, the fees for hiring buyer’s agents vary depending on the level of service you choose, the scope of job you require and their expertise. Wise Real Estate Advice offers a fixed rate so there is no incentives for the buyers agent to spend more.

If your budget is $450K or $2M, our fees remains the same. Our fixed rate covers our clients until a property is purchased regardless of how many auctions or private negotiations it takes.

The responsibility is on our buyers agents to provide a high quality service that is paid on performance. Our clients say ‘we make buying easy.’

Check out my podcast on the pros and cons of using a buyers agent.

Preparations Before Engaging a Buyer’s Agent.

Speak to a Mortgage Broker.

A mortgage broker can offer you loans from all major banks with a range of products that are competitive, saving you money, versus visiting a banker who has access to only a few. Ask questions regarding deposits, honeymoon periods, fixed vs variable, and also the option to fix a percentage and leave the rest floating.
For more info on mortgage brokers visit the smart money web site.

Choose a qualified legal representative.

Choose one that is qualified in property matters. They are a wealth of important resources who will think of various things you may have otherwise overlooked like:

– Verifying all the property documents (section 32’s).

– Making sure special conditions on the contract are for-filled.

– Ensuring settlement is a smooth process.

Get your loan pre-approved.

Once you choose a bank you will need pre-approval on a loan before bidding at auction or entering into a private treaty sale. Pre-approval generally lasts three months and will confirm how much you have to spend.

FAQ For First Home Buyers

What is a mortgage broker?

They do the legwork on researching the best value loans on the market from the hundreds available, then support you though the application and settlement process.

What does a Solicitors/Conveyance’s do?

Represent you though the legal process of settling a property and insuring contract clauses and deposits are satisfied.

Importantly, being a first homebuyer you may be able to apply for government grants like FHOG and stamp duty grants.

Where should I buy?

You will probably come across the saying ‘location, location, location’ many times during your search for the right property, and in 99% of cases the advice is correct. To determine which location you should buy in, ask yourself what it is you want to achieve out of owning a property.

If you plan to live in the property, create a list of must have, such as local cafes or living close to family and friends. If the property is intended as an investment, proximity to public transport and desirable school zones are generally well received.

Why do I want to buy a property?

Purchasing a property may seem like a sensible life step, but you need to make sure the decision is right for you and your individual circumstances.

It is easy to feel pressured by friends, family members and the media that owning a house is the great Australian dream, but is it your dream? If it is, is it your dream right now?

How much should I spend?

Knowing where you want to buy, and what you can afford to buy may be two very different things. Setting a realistic budget that accommodates changes to your current lifestyle is important.

Besides a possible increase financially from rent to a mortgage, making allowances for council rates, insurances and unexpected repairs is vital. Once you know how much you can realistically spend you will be better prepared to begin looking for a property in the right area for you.

How long do I want to retain the property?

The length of time you intend to hold the property is also very important. If you are looking for a property to renovate and sell for a profit you may be looking at a different area than where you would want to settle down and raise a family. Knowing your long-term goals will help clarify what you should purchase right now.

How do I work out stamp duty?

One of the bigger upfront costs you may have to pay is stamp duty or transfer duty on your property. Find out how much you will need to pay using the following stamp duty calculator. If you are a first-home buyer, check what stamp duty concessions you are entitled to in your state.

Can I get the First Home Owners Grant (FHOG)?

The First Home Owner Grant (FHOG) scheme was introduced on 1 July 2000 to offset the effect of the GST on home ownership. It is a national scheme funded by the states and territories and administered under their own legislation.

Under the scheme, a one-off grant is payable to first homeowners that satisfy all the eligibility criteria.

If you are buying or building a new home valued up to $750K, you may be eligible for the Frist Home Owner Grant of up to $10,000. First home buyers can also claim a 30% reduction in stamp duty for purchases up to $600,000, a reduction set to increase by 10% in July 2014 and 10% again in July 2015.

A few rules that apply the FHOG:

Can apply to the purchase of a house, townhouse, apartment, unit or similar.
Applicants are Australian citizens or permanent residents.
You must live in the home as your permanent place of residence.
New Zealanders holding a special category visa or anyone holding a permanent visa are considered to be a permanent resident of Australia can apply.
Established homes are no longer eligible to receive the FHOG.

Have Our First Home Buyers Agents Call You.

For an obligation-free conversation, contact Wise Real Estate Advice on 1300 009 473 to discuss how their buyer advocates can turn your property goals into a reality

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