Buying your first home is an exciting milestone, but we know it can also feel a bit overwhelming. Between sorting out your finances, navigating government grants, and understanding the property market, there’s a lot to think about. That’s where Cliquey Realty comes in! We’re here to guide you through the process, helping you feel comfortable, informed, and ready to make your move.
Here’s a breakdown of what you need to know as a first-home buyer in Victoria:
1. Know Your Budget
Before you start searching for homes, it’s crucial to know what you can afford. This includes not just the property price but also extra costs like stamp duty, legal fees, and inspections (such as building, pest, and strata inspections). Start by getting a clear idea of how much you can borrow from a lender.
Cliquey Tip: Speak to a mortgage broker early to get your finances sorted, and find a home loan that fits your needs.
2. First Home Owner Grant (FHOG)
The First Home Owner Grant is a fantastic support for first-home buyers. In Victoria, you may be eligible for a one-off payment of $10,000 when purchasing or building a new home valued at up to $750,000. If you’re buying in regional Victoria, this grant could increase to $20,000.
Cliquey Tip: Make sure you meet all eligibility criteria, including being an Australian citizen or permanent resident and living in the property for at least 12 months after settlement.
More information on the First Home Owner Grant here.
3. Stamp Duty Concessions and Exemptions
One of the biggest costs when buying property is stamp duty, also known as land transfer duty. As a first-home buyer in Victoria, you could be eligible for a full exemption if the property is valued under $600,000. For homes between $600,001 and $750,000, a sliding scale of concessions applies.
Cliquey Tip: Understanding how much you’ll save on stamp duty can make a big difference to your budget!
Find out more about stamp duty concessions for first-home buyers here.
4. Victorian Homebuyer Fund
The Victorian Government has created the Homebuyer Fund, which can help eligible home buyers purchase a property with as little as a 5% deposit. The government contributes up to 25% of the purchase price in exchange for an equivalent share in the property, which can be repurchased over time.
Cliquey Tip: This is a great way to get into the market sooner if saving a large deposit has been holding you back.
Read more about the Homebuyer Fund here.
5. First Home Guarantee (FHBG)
The First Home Guarantee allows first home buyers to purchase a property with a deposit as low as 5% without paying Lenders’ Mortgage Insurance (LMI). This scheme is limited and operates on a first-come, first-served basis.
Cliquey Tip: Check your eligibility and act quickly, as spots for this scheme can fill up fast!
Learn more about the First Home Guarantee here.
6. Choosing the Right Property
Once you’ve sorted your finances, it’s time to start searching! Whether you’re looking for a house, apartment, or townhouse, it’s essential to research your chosen areas, attend inspections, and make sure the property suits your lifestyle.
Cliquey Tip: Take your time and don’t rush – finding the right home for you is all about balancing your needs, budget, and future plans.
7. Legal Matters and Conveyancing
Buying a property involves legal processes, and that’s where conveyancers or solicitors come in. They’ll handle the contract of sale, conduct searches, and make sure the property is transferred to your name.
Cliquey Tip: Choose a reliable conveyancer to guide you through the legal steps, so you can focus on your exciting move into your new home.
8. Preparing for Settlement Day
Settlement day marks the moment you officially become the proud owner of your new home! Your conveyancer and lender will handle the nitty-gritty, ensuring all the funds are transferred, legal documents are signed, and the property is officially yours. Once everything’s finalised, you’ll collect the keys from the selling agent.
Cliquey Tip: Keep in close contact with your conveyancer and lender to make sure everything is ready for the big day.
9. Moving
Moving day can be exciting, but it’s also a lot to juggle. From coordinating removalists to making sure your utilities are set up, there’s plenty to think about. One thing to keep in mind is making sure your new home is move-in ready. While most owners leave the property in good condition, it’s worth planning ahead for any cleaning or touch-ups before settling in. Organising things like professional cleaners or carpet cleaning ahead of time can make all the difference.
Cliquey Tip: Arrange cleaning services after settlement but before you move to make unpacking stress-free.
Ready to Buy Your First Home?
At Cliquey Realty, we understand that buying your first home is a huge decision. Our Cliquey Professionals are here to guide you through the process, helping you feel comfortable, informed, and ready to take that exciting next step. Whether it’s sorting out your budget or finding the perfect property, we’re with you every step of the way.
