New research has revealed that the number of Australian first home buyers has got doubled. The number of such new people was merely 7% in 2019, but it has got up to 16% in 2020.
What are the favorite spots of the first home buyers in Australia?
Work from home has become a norm, but a large portion of these first home buyers is seeking a place near cities. Most of them are searching for homes in the 10-20 km range of the city. This shows that the majority of such people from the new generation want to live a metropolitan life.
People want to live in such locations to maintain the lifestyle that they want. But they should also consider the prices of the property in a suburb area. This is a necessary point to consider as the property rates vary based on the distance in such cases.
What are the ways to help first home buyers reduce their home loan cost?
No matter what you will buy at this time, there is always some support from the government. Take a look at such options from the list given below:
- The First Home Super Saver Scheme: This scheme can help you save as much as $30,000 in two years. It is really helpful for couples who are buying homes together. They can use this money to purchase a property within 12 months of withdrawal.
- The First Home Loan Deposit Scheme: This scheme enables you to buy a new property by depositing only 5% of the total cost. The government acts as a guarantor for the rest of the money.
- The First Home Owner Grants: You can get some money from the Australian government based on where you are buying money, the type of property, and other such factors. This scheme can also get you exemptions from paying stamp duties, etc.