My first home
Imagine standing in the doorway of your brand new house, thinking about all the great times you're going to experience as you turn it into a home. QPCU can help you realise this dream sooner with the following steps:
The Deposit
Government First Home Owner Construction Grant
How much can I borrow?
Choosing the right loan
Obtaining a pre-approval
Finding your home
How to purchase a property
Once you've purchased - finalise the sale.
Insurance
The deposit
Before you can buy a new home you will need to save for a home deposit. When saving for a deposit you should aim to accumulate at least 5% of the value of the property you wish to buy (10% for investment properties). Deposits less than 20% may require Lenders Mortgage Insurance.
Government First Home Owner Construction Grant
If you are buying a home off-the-plan or building your own first home, the Queensland Government can help get you started to the tune of $15,000 through the First Home Owner Construction Grant.
Details of the Grant are announced as part of the Queensland State Budget each year. From 12 September 2012, the rules that apply to both applicants and properties eligible to receive the Grant were modified.
The $15,000 First Home Owner Construction Grant is designed to help kick-start the opportunity for new home owners and owner builders to get underway on new residential building projects. Rules apply to both the types of properties and homeowners that can participate in this initiative.
For full details about the first homeowners grant including eligibility criteria and instructions on how to apply, visit www.osr.qld.gov.au/first-home-owner-grant.
Make the most of the First Home Owner Construction Grant. Talk to us about our Home Loan options - call us today on 13 77 28.
How much can I borrow?
It's best to find out how much you can borrow before looking for a property. To complete an initial estimate on how much you can borrow check out the borrowing power calculator. However, we recommend that you obtain a more thorough assessment by speaking to one of our experienced loan consultants.
Choose the right loan
QPCU has a range of different loans available to suit your needs.
Click here to view our range of home loans.
Obtaining a pre-approval
This will also give you a set budget to work from when you're out looking for a property; agents are likely to treat you as a serious buyer as you already have finance and are ready to purchase.
By getting your home loan pre-approved you can be more confident that you have the funds available when purchasing your house. This will reduce the chance of disappointment in losing the home of your dreams because the finance falls through.
Finding your home
There are many ways to search for a property and one of the most popular ways is online. There are many websites dedicated to providing real estate listings in your area – all you need to do is a little searching.
Tip: Many websites offer the ability to set up 'alerts' that will notify you via email when a property meeting your criteria is listed. This is a great way to ensure you know about any new listings quickly.
How to purchase a property
There are three main ways to purchase a property; via auction, private sale or agent sale.
Auction
An auction usually takes place at the property for sale or in an auction room and is the process where people bid on the property that is available for purchase. For a first time home buyer auctions can be a little confusing and intimidating so it's always a good idea to attend some auctions prior to taking the plunge. This will ensure you are familiar with the process and how an auction works.
Private or agent sale
This is the process of negotiating with either the seller directly or a real estate agent who is representing the seller.
Once you've purchased - finalise the sale!
Once you've decided on the property you wish to purchase there is usually an amount of time specified in the contract to settle the conditions. When all the conditions are met (for example the house might be subject to pest inspection), the contract becomes unconditional meaning the sale will go ahead and you will own the property.
Settlement process
• Your conveyancer or solicitor will arrange a transfer of land document to be signed and sent to QPCU.
• Your conveyancer or solicitor will contact QPCU and other parties involved to arrange a date and time for settlement.
• Your conveyancer or solicitor will tell you the amount of funds that are required to be paid prior to settlement. This is usually required to be paid by bank cheque one day before property settlement.
• After settlement your conveyancer or solicitor should advise the real estate agent that the sale has taken place and they can hand over the keys.
• Move in and enjoy!!
Insurance
When purchasing a home in Queensland you will need to insure your house as soon as the contract has been signed.
You may also want to consider updating your life insurance, or consider mortgage protection insurance – to ensure your valuable investment is protected.
For more information about competitive insurance options click here.