Hi I would appreciate any suggestions
I have found a unit I would like to buy
I am in vic
First home buyer
I have a finance for the unit
I have had a builder check out the unit
How much is the first home buyers grant?
Thank youYou are best to go to http://www.sro.vic.gov.au which is the state revenue office. There is a link on the left menu for First home owner grants – it has all of the information you should need to check if you qualify. I would have though considering you have finance approved that your mortgage lender would have gone over this with you?
Anyway, good luck with itIn Victoria the FHOG is a total of $10,000 but surely your Bank or your Mortgage Broker would have gone through this with you when the finance application was approved.
As an approved lender your lender would process the FHOG application on your behalf to ensure the funds are available at settlement.
Richard Taylor | Australia's leading private lender
I have preaproval loan
Any other tips or help would be greatHi,
It's not clear if the unit is for domestic (i.e. a home) or investment purposes.
I think you would be wise to work on a plan about how you will use this property as the platform to exchange (I didn't want to use the word trade as it sends the wrong impression) for better housing in future years.
The trend today is different to that of the past. The baby boomers bought a house, lived in in for 30 years and paid off the mortgage. Today, the trend is to buy, pay as little off as possible, and then use the equity derived from capital appreciation to swap into better houses.
Today's strategy does not repay debt as such, more recycles it. As such, the key assumptions are future growth and also maintaining an ability to repay the loan. If either of these is lacking, the validity of the strategy is at risk.
So, in summary, the critical question is: how does buying this property fit into your longer term plan?
Cheers,
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
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