steps to buying your first home 2. Learn how to buy your first home using the $20,000 Government grant 3. Connect with industry experts who can help you start your property ownership journey the right way 4. Learn more about property as an investment
Bachelor of Commerce (UQ) • Licensed Principal & Real Estate Agent • REIQ Accredited Licensed Company Director • Past secretary & treasurer of UDIA Moreton Bay Branch • Over 20 years experience in property, consulting and accounting sectors
under management • 3,500 clients across Australia • Government accredited • Highly qualified staff • Multiple projects across Australia • Wide range of properties – house & land, townhouses, apartments & retirement living Melbourne Sydney Adelaide Perth Brisbane Sunshine Coast Shoalhaven Mackay Darwin Canberra Kingaroy
a SAFE, SECURE investment that YOU can completely control • Property Investment can provide a “Nest Egg” and a lifeline for the future, giving you independence and security in your retirement years • You can leverage (borrow) against property unlike any other investment Cons • Homeownership is a long-term financial commitment
try to over-complicate the buying process, which is why we have broken it down into 5 easy steps – making it easier to understand and much less daunting!
becoming a home owner!! Speaking with a Property Expert at Affinity Property Australia is the first and most IMPORTANT step. You have made a conscious decision to start the home buying process.
Requirements & Why? - House & Land Package – 4 Bedroom 2 Bathroom 2 Carpark - Townhouse/Apartment – 3 Bedroom 2 Bathroom 2 Carpark 2. What is your perfect Location & Why? - North Brisbane, Moreton Bay Region, Inner City, Western Suburbs 3. When do you want to be living in your new Property? - Timeframe - Move in by June 2017 4. How do I get the best deal?
Deal • It’s all about structuring your finance • Understand bank lending policies • Secure the right loan • Access government grants and schemes Part 2. Getting the Best Property Deal • The property must ‘value up’ • Look for vendor incentives • Get good advice
the best times in history to buy a first home in Queensland • Record low interest rate environment – world’s advanced economies at or near 0% official rates (bank rates < 4%) • $20,000 QLD State Government Grant for First Home Buyers (ONLY UNTIL 30 JUNE 2017) • $0 stamp duty for homes less than $500,000 • TOTAL SAVINGS $28,750
ABOUT • Pluses & minuses of different property types • Median sales prices over past 6-12 months • Sales volumes in local area • Population growth in the suburb and surrounding region • Infrastructure projects, public transport links & public amenities - shopping centres, services, schools, etc. • Industry diversification
All property types have ongoing costs, such as rates, insurance, water, pest treatments and loan repayments. Some properties also have other costs, such as body corporate expenses. GETTING THE BEST PROPERTY DEAL PROPERTY TYPE PLUSES MINUSES House & Land Larger, higher capital growth, no body corporate fees Most expensive, may have to travel further, less locations Townhouse Good size, cheaper than house, wide range of choices More neighbours, sometimes large complexes, body corporate fees Apartment Lower up front cost, wide range of choices, lots of locations Potentially noisy, can be expensive to run, body corporate fees Duplex Only one immediate neighbour, cheaper than house, no body corp. Close to neighbour, limited options
To build wealth through property, you need to grow equity in your home as quickly as possible. • Having equity gives you: • peace of mind that you have savings for unplanned circumstances • the ability to buy your second and subsequent properties
an appoint with Veronika (Park First Home Loans) to understand your financial position. • Being Pre-approved for a Loan and understanding your borrowing capacity enables the Affinity Team to find your ideal property within your budget.
1 Part 1 - What you Need to Pay • Purchase Price: $ 389,000 • State Fees & Charges: $ 350 • Loan Mortgage Ins (LMI): $ 9,575 • Total Funds Required $ 398,925 Part 2 - What you have available • Total Funds Required $ 398,925 • First Home Buyers Grant: $ 20,000 • Savings $ 11,500 • Loan Amount: $ 367,425 SUMMARY $11,500 SAVINGS required in addition to FHOG can be funds gifted from family, sale of asset etc. Weekly Repayments at 4.64% on loan of $ 367,425 =$436.53 a week
in addition to FHOG can be funds gifted from family, sale of asset etc. Weekly Repayments at 4.64% on loan of $ 441,085 =$524.05 a week Part 1 - What you Need to Pay • Purchase Price: $ 464,385 • State Fees & Charges: $ 515 • Loan Mortgage Ins (LMI): $ 13,185 • Total Funds Required $ 478,085 Part 2 - What you have available • Total Funds Required $ 478.085 • First Home Buyers Grant: $ 20,000 • Savings $ 17,000 • Loan Amount: $ 441,085 STEP THREE – FINANCE REQUIREMENTS
from 5% of the property purchase price, to 7% to 10% or 20%. What are my deposit options? The amount of deposit and type of deposit (savings held for over 3 months, rent paid over 12m or more, gifted funds, combination of these, equity in a parents property) determine your home loan options. In some cases the deposit amount can include the FHOG $20,000. Best to ask your broker which deposit option could work for you. What documents do I need to apply for a loan? Two of your most recent and consecutive payslips if employed full time Last years group certificate or tax return if receiving bonuses or overtime may be required Statements showing savings held for the past three months (if savings are for 5% of the property purchase price or more) 100 points of ID documents
to speak with Affinity Property At your meeting you will receive the following: a) Information on the best available properties in the market today that meet your requirements b) An up to date market report on your desired suburb/s c) Booked inspections to view your chosen properties / builders display homes d) Confirmation of vendor’s / builder’s incentives that are exclusively available to Affinity Property 2. Select your desired property and discuss your contract offer and incentives.
of Interest ) Form to secure your Property Packages - Fill in EOI form with a $1,000 deposit and secure your Property 2. Engage Solicitors – the Affinity Team have a panel of recommended solicitors - the Affinity team will help through this process of engaging a Solicitors 3. Signed Contract - Sign Contracts. Once again the Affinity Team are with you all the way. 4. Settle and Move In
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