Real Estate Tips For First Home Buyers In NSW

Buying your first home

If you’re thinking of buying your first home in Wee Waa or somewhere in NSW’s golden west, there are a few things you should keep in mind. Our expert team at JMW Property Services has compiled some of our top tips below to help you out, particularly if you are a first-home buyer.

Do your research

Western Sydney is a great area to buy property in, with plenty of affordable options available. However, it’s important to do your research before making any decisions. Have a think about what kind of property you would like, where you would like to live and how much you can afford to spend. Once you have a good idea of what you want, start talking to our friendly team at JMW, and we’ll give you a good idea of the local real estate market. This will help you make informed decisions when it comes time to make your first offer.

Get your finances in order

Like many first-home buyers, you will likely require a home loan when it comes to purchasing your property of choice. Have you spoken with your bank or a trusted mortgage broker yet about how much money you will be able to borrow regarding your loan? Have you been pre-approved for a loan? These are all important considerations.

In order to get your finances in order and have a clear idea of what you can afford, you will need to provide your bank or broker with documents such as pay slips, tax returns, asset statements and proof of any other income. They will also need to carry out a credit check. Once you have been approved for a loan, you will have a clearer idea of the amount you are able to borrow and you can then start looking at properties within your budget.

Access government grants

Depending on your circumstances, you may be eligible to apply for first home buyers grant. In NSW, the First Home Owner Grant is available to those who are buying or building their first home. The grant is worth $10,000 and is available for new homes that are valued at less than $650,000. There is a range of other grants and government assistance available for first-home buyers, so be sure to do your research.

Consider hidden

What some first-home buyers don’t realise is that there is a range of other expenses that come in addition to the cost of a property’s purchase price.  When budgeting for your first home, be sure to factor in the following:

  • Stamp duty: This is a tax that is payable on the purchase of a property. In NSW, stamp duty is calculated based on the value of the property.
  • Mortgage insurance: If you are borrowing more than 80% of the purchase price of the property, you will likely be required to pay mortgage insurance. There may be grants available that will waive this cost for first-home buyers, so as mentioned above, do your research into the grant options available!
  • Conveyancing fees: These are the legal fees associated with buying a property, and can range from $800 to $2000.
  • Inspections: It is strongly recommended that you get a building and pest inspection prior to purchasing any property. These inspections can cost around $400 but could save you thousands of dollars in the long

Need help?

Speak to the friendly team at JMW Property Services today. You can call us on (02) 6795 4114, and we’d be happy to answer all your questions regarding buying your first home. We know the local area which covers Wee Waa, Coonamble, Walgett and Narrabri, and can bring you opportunities as they arise.