{"id":5376,"date":"2024-01-25T09:50:44","date_gmt":"2024-01-24T23:50:44","guid":{"rendered":"https:\/\/financialplus.com.au\/?p=5376"},"modified":"2024-01-25T09:50:44","modified_gmt":"2024-01-24T23:50:44","slug":"first-home-buyers-charge-back-into-the-market","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/first-home-buyers-charge-back-into-the-market\/","title":{"rendered":"First home buyers charge back into the market"},"content":{"rendered":"

\"\"Hats off to Australia\u2019s first home buyers! The latest lending data shows they\u2019re refusing to let last year\u2019s rate hikes and rising property values dampen their goal of buying a home. Here are five tips to help you buy your first home in 2024.<\/strong><\/p>\n

You\u2019ve gotta hand it to first home buyers in the current market.<\/p>\n

Not only were they faced with 13 cash rate hikes in just 18 months \u2013 which can obviously affect borrowing capacity \u2013 but property prices still rose 8.1% in 2023,\u00a0according to CoreLogic<\/a>.<\/p>\n

Still, they won\u2019t be deterred.<\/p>\n

The\u00a0latest lending data<\/a>\u00a0from the Australian Bureau of Statistics shows a massive 20.3% jump in the number of loans to first home buyers last year.<\/p>\n

But it takes more than grit and determination to buy your first home. A few handy hints can also help.<\/p>\n

If you\u2019re hoping to buy your first home, below our top tips can help you become home loan-ready in 2024.<\/p>\n

1. Make a visit to your mortgage broker your first step<\/h3>\n

First home buyers are often unsure about what\u2019s involved in buying a home. That\u2019s fair enough.<\/p>\n

We can help you know where you stand in terms of loan approval, the costs you should plan for, and the steps you can take now to help improve your finances.<\/p>\n

2. Save, save and save some more<\/h3>\n

Lenders like to see you have a decent track record of regular saving. It shows you have the discipline to manage home loan repayments.<\/p>\n

Take a look at your budget, work out where you can trim back, and consider funnelling as much into savings as possible.<\/p>\n

It may mean cutting back on luxuries and treats for a while but it\u2019s not forever. And the more you save now, the less you potentially need to borrow.<\/p>\n

3. Consider lowering your credit card limit<\/h3>\n

When you apply for a home loan, lenders are often more interested in the limit on your credit card than the balance outstanding.<\/p>\n

That\u2019s because you could, in theory, max out your card after buying a home, which may affect your ability to manage mortgage repayments.<\/p>\n

The average card limit is about $9,500, according to a\u00a0Finder analysis of RBA data<\/a>.<\/p>\n

Shrinking this down (with a quick call to your card issuer) might get you over the line for the loan you need.<\/p>\n

4. Check out first home buyer support schemes<\/h3>\n

There\u2019s a tonne of potential support for first home buyers \u2013 from\u00a0First Home Owner Grants<\/a>\u00a0(FHOG) to possible savings on stamp duty.<\/p>\n

We can explain what you might be eligible for, but research of your own can narrow down your choice of property.<\/p>\n

Some support payments are only available if you buy or build a new home, and many have property price caps.<\/p>\n

5. You may not need a 20% deposit<\/h3>\n

Sure, a 20% deposit is a target worth aiming for.<\/p>\n

But you may be able to buy with less.<\/p>\n

The\u00a0First Home Guarantee<\/a>\u00a0and\u00a0Regional First Home Buyer Guarantee<\/a>\u00a0let first home buyers get into the market with just a 5% deposit and no lenders mortgage insurance.<\/p>\n

That might mean you\u2019re ready to buy now!<\/p>\n

Call us today for a chat about buying your first home, and discover how we can help you find a home loan that matches your needs at a competitive rate.<\/p>\n

Disclaimer:<\/strong>\u00a0The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Hats off to Australia\u2019s first home buyers! The latest lending data shows they\u2019re refusing to let last year\u2019s rate hikes and rising property values dampen their goal of buying a home. Here are five tips to help you buy your first home in 2024. You\u2019ve gotta hand it to first home buyers in the current […]<\/p>\n","protected":false},"author":23,"featured_media":5377,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110],"tags":[],"class_list":{"0":"post-5376","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-loans","8":"entry"},"yoast_head":"\nFirst home buyers charge back into the market · FinancialPlus Mortgage Broker Gold Coast<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financialplus.com.au\/first-home-buyers-charge-back-into-the-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First home buyers charge back into the market · FinancialPlus Mortgage Broker Gold Coast\" \/>\n<meta property=\"og:description\" content=\"Hats off to Australia\u2019s first home buyers! The latest lending data shows they\u2019re refusing to let last year\u2019s rate hikes and rising property values dampen their goal of buying a home. Here are five tips to help you buy your first home in 2024. 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