First Home Buyer

21 Day Home Readiness Challenge

Plan Your Property Purchase

21 Day Home Readiness Challenge

Saying that a lot has changed in the last six months is a massive understatement. Some of these changes will be short term and some will stick around for a long time. As a result of these changes we are running a 21-Day Home Readiness Challenge for people to get ready to buy their new home.

What’s the current situation like?

In a nutshell: it’s not great, but it is much better than it could have been. There are several things that may impact first home buyers:

  • There has been a spike in unemployment due to the shutdowns – this may take years to get back to previous levels
  • Many more people are receiving JobKeeper payments to remain employed, however this is ending in September
  • There has been a reduction in wage rises (if people are lucky enough to get one at all)
  • For those still working, many people are feeling a lack of job security and are unsure what the future holds

What are the banks doing during these times?

The official interest rate is at record lows. Alongside this banks have allowed borrowers to apply for ‘mortgage holidays’ if they are impacted by Covid-19. This allows people to pause their loan repayments for up to six months, however the interest gets added onto the loan rather than forgiven. There is less new lending happening and so banks are fighting for good quality borrowers, which is a good thing for First Home Buyers!

What Grants are available for 1 st Home Buyers?

There are some awesome grants and schemes available for First Home Buyers, some new and some that have been around for a while:

  • Home loan deposit scheme – with this the Government guarantees up to 15% of your deposit, allowing you to buy a home with a smaller deposit and not pay Lender Mortgage Insurance
  • First home owner grant – a one-off grant is payable to first home owners that satisfy all eligibility criteria
  • Stamp duty concessions – first home buyers can drastically reduce or even eliminate the stamp duty on their home
  • First home super saver scheme – this allows you to contribute extra to super, potentially save some tax and draw it out to use as a deposit for your first home

What is the 21-Day Home Readiness Challenge?

For those who are settled with work, now is a great time to buy your first home with all the incentives above and low interest rates available. To help get ready our 21-day challenge will help first home buyers assess how ready they are to buy their first home, as well as provide coaching and education on all things first home buyers need to know. You will get a personalized roadmap at the end that outlines the path to buying your first home.

What can I expect during the 21 days?

The challenge will begin with a personal assessment of where you are and your ‘readiness’ to buy your first home, and end with a personalized roadmap to outline the journey to get there. You will also have 3 one-on-one Zoom sessions with a Financial Adviser that will cover:

  • Your goals, concerns and current frustrations
  • Cashflow, savings & deposits
  • The home buying journey
  • Real estate agents, builders, conveyancers and inspectors – what do they do and who do you need?
  • Mortgages & Lending
  • Understanding 1 st Home Buyer grants & schemes

Places are limited to 15, so if you are looking at buying your first home in the next 6-12 months and want to join the challenge register your interest now and we will get in touch!