First Home Buyers Guide

Navigating Your First Property Purchase

Purchasing your first home is a significant milestone, filled with excitement, anticipation, and a myriad of questions. In the bustling property market, it’s essential to be well-informed and prepared. At GW Finance, we’re here to guide you through this journey, ensuring you make confident and informed decisions.

What Is A First Home Buyer?

Being a first-time homebuyer means you’re about to embark on one of the most substantial financial commitments of your life. It’s a process of securing a property that you can call your own, often with the assistance of a home loan.

Application

Before diving into property listings, it's crucial to understand your financial standing. Calculate your monthly income, expenses, and any existing debts to determine how much you can afford.

Get Pre-Approved for a Loan

Engage with our team of experienced Mortgage Brokers to assess your borrowing capacity. This pre-approval gives you a clear picture of what properties are within your reach and strengthens your position when negotiating.

Find a Reliable Real Estate Agent

A good agent understands the local area you are looking to buy in, communicates effectively, and aligns with your property goals.

Property Search

When you are ready to take the leap, touch base with us to order a property report for the property you are interested in and to ensure the purchase price aligns to your pre-approval.

Understand the Buying Process

Property Found

Before making an offer, engage with a conveyancer or solicitor to read over the purchase contract. Check for structural integrity, potential hazards, and signs of pest infestations.

Making an Offer

Once you are happy with the inspections, contract and have confirmed proposed purchase price with us, it's time to negotiate!

Finalise the Purchase

This involves exchanging contracts, paying a deposit (typically 10% of the purchase price), and completing the settlement process

"Greater West Finance values building trusting relationships with clients. We understand that “finance” does not come easy to many people and believe that education is the key to assisting clients in making the right decision."

Lee-Anne, Owner.

First Home Owner Grant

A grant of $10,000 is available for newly built homes when you buy or build your first home (restrictions apply to purchase price).

The Home Guarantee Scheme

Eligible buyers can purchase or build a new home with as little as 5% deposit or 2% for eligible single parents. This can save you $$$ in Lenders Mortgage Insurance.

First Home Buyer Assistance Scheme

First Home Buyers in NSW may be eligible for Stamp Duty exemptions reducing the overall cost of the property purchase.

Challenges and Considerations

Beyond the property price, our team will prepare you for the additional costs of home ownership like stamp duty, land tax, legal fees, building, pest inspections, and more.