What is Land Registration?

This is compulsory when purchasing or selling a home, and in the simplest terms, it tells the home buyer what area of land is theirs and what the boundary limits are. Much of this is done out of sight of the buyer and passes through the official channels to make sure what is given on any drawings, is actually what the land incorporates.

This land registration is often requested by lenders as it not only details what sized area they are lending money against, it also gives details of any property problems from landslides or past effects of subsidence from mining, as examples.

It may seem that all the benefit is in the hand of the lender, but this is not the case. By using the land registration, it gives you, the buyer peace of mind that the area being sold is exactly what you are paying for, and you will be free from any doubt that your fence has encroached onto any one else’s property. It sheds light on the real reality of the land being purchased.

You will also know the impact of any said subsidence and also any effects of flooding in the area that may have happened and not been disclosed. At the most critical point of the land registration, is revealed the statement about who the actual owner of the land is. This may seem trivial when you have purchased a home, but when it comes to a family’s death or situation where the ownership is disputed, it can save any argument about who has the right to pass on the title.

When you are in a position of purchasing a new home, you should request that this information is made available. Not only will it show any problems with the land where your house is built, but it can also take away the unscrupulous dealings of any suspect builders or developers. FHA only chooses great land for their requirements.

First Home Australia can advise on anything to do with land registration, and it is one of the first things we would show potential buyers once the process has commenced. We will already have this registration in place, so once you have chosen your dream home location and purchased, the title would be passed over to you as the contracts are completed.

Having this can gain so much security and peace of mind. Land registration is there to protect everyone, and if you are purchasing a home where it cannot be provided, it is time to take a step back and ask why. It always needs to be a part of your journey.

 

Leave Your Comfort Zone – Start Investing in First Home

Many people sit in their rented homes and dream of owning their own home. They have built around them a comfort zone that they are in no hurry to leave, even though they wish they could. You can… do you want to?

Many people save hard for their deposit, they see their savings slowly increasing and are unsure if they should let these go and make the jump to buying their first home.

It can be a daunting time, and an uncertain time. Here at First Home Australia we fully understand this. The transition from leaving your comfort zone to owning your first home can be seamless; we do not leave you in the dark any step of the way. We will hand hold you through the purchasing process and beyond, we won’t leave you in a position where you will be unsure of something. We love our work.

Our professionals help you to fully understand the ins and outs of purchasing your first home, no matter which location you choose from the many we have on offer. You may find that our locations are just outside the area where you would ideally wish to live, but you will find, no stone has been left unturned. Every one of our developments has strong transport links already in place, and many other wonderful advantages. Including sustainable living, amenities, and shopping close by.

This is another strong reason to start investing in your first home, because prices are still on the low side compared to many other areas. Start your investment today!

The early bird catches the worm, and now is your chance to take advantage of the many incentives which are available, not just from the government, but also from First Home Australia. Contact us here at First Home Australia and find all you need to know. Maybe your new comfort zone is in your first new home. Yes, doesn’t that sound perfect? Contact us today, we truly can’t wait to help you fulfill your dream…

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Saving a Deposit Isn’t the Most Stressful Part in First Home Buying

How Much Deposit Do I Need?

In years gone by, banks used to offer 100% loans, but nowadays, these options are very rarely found. Many people come to find that if they have savings of around $15,000 to $25,000, they can usually proceed with talking to a mortgage broker or lender. This does require them to make up any difference which can be sustained by partnering up with a family member, or getting money as a gift from parents and having a family member to be a guarantor, if necessary.

Deposit

Great Tips:

  • Lower your Credit Card/Personal Loan Debt (including any store card debt)
  • Cut Down on Takeaway
  • Go out Less
  • Spend Less on Luxury Items
  • Cut Down Expenditure
  • Have a Budget and Stick to It (Income minus expenses)

The rule of thumb for the amount of deposit required was 20%, but now some finance organizations may, in fact, lend you 95% of the value of your home. That means you only need a 5% deposit for some areas. So, if you currently have a 5% deposit, this could be enough to sway lenders to finance the purchase of your home. Location and zoning will be factors here. Residential and country denote different requirements.

Example: If you had to find a deposit for a $300,000 property, you would only need to find $15,000. If you saved $1000 per month, then, in 15 months you would have your deposit! That seems possible if you have a real plan set in place.

If you have a sum which is larger than this 5%, it is more beneficial to you as it will reduce the risks to lenders – which means they will look more favorably on you. This is due to your LMI payment being substantially reduced. This LMI “Lenders Mortgage Insurance” is a one-time insurance payment that is required for any home buyers who have less than a 20% deposit to put down.
First Home Australia offers many house and land packages. Our professionals can also advise you on using the First Home Buyers grant as part of your deposit.

No Deposit

A few people have followed this route and have been able to purchase their first home with no deposit at all, although this does require a little forethought.
Around 60% of first home buyers have some form of assistance from their parents when purchasing their first home, this frequently comes in the shape of a guarantor loan and with this, you can usually ensure:

  • 110% of the property value can be borrowed.
  • LMI will be avoided.
  • Extra costs of stamp duty, mortgage set up costs and any legal fees will be covered.
  • Interest rates can be lower.

It is also possible to receive the deposit amount as a gift from your parents, although lenders can restrict some of the options available to you if this route is followed.

The professionals at First Home Australia can help you find the best solution to overcome the deposit dilemma, and you may just find that a simple solution requires much less than you thought. You can check with a broker or contact us and we can steer you in the right direction, too. If you are eligible for government grants then you won’t need to save as much for your deposit. Take the worry out, and call us!

Afraid to Buy a House? Debunk Fears of Home Investment

Do you find yourself in a bit of a conundrum? Should you make the jump and purchase your new home now? Or should you wait? Thousands of people ask this question every day.

As long as you have the means to pay the repayments, you have nothing to lose. If you are paying rent, First Home Australia has many properties available where we will pay your rental costs until your home has its construction finished and you have been handed the keys. Yes! Now who doesn’t want to live rent free for a few months?

Is it worth the investment you may ask? Well, property prices show no signs of ever going down fundamentally speaking. Although it is true the rate of increase may slow for a while, the increase is on the up. Not only that, there is the government grant to consider, and you get up to $20,000 towards your savings just for buying, now!

It takes a long time to acquire this from savings in the bank, there is a good chance it takes more than a few years; and what will property prices be like then? We have amazing properties and some are considered to be the next boom locations. They already have amenities in place such as main transport links and retail complexes, not to mention schools and the chance to live a much cleaner, healthier life with parks and natural settings.

First Home Australia takes all the uncertainty away from investing in your first home. We hide nothing, and everything is there in black and white. From the fixed price contracts to the design of your home. We do not just stop there either. We are happy to say that our amazing after sales service is second to none. A first home purchase is no small decision to make, because, after all, you have to protect your investment for years to come.

A famous writer once said, “Invest in land. They do not make it anymore.” How true is that? First Home Australia aims to help debunk all your fears about home investment; we want you to embrace it and to fully understand how you can be in nothing but a win, win situation. Call us if you want to live your dream, today! We would love to help you out.

The Common Fear of First Home Buyers

First home buyers can be scared of making that jump into buying their first home. First Home Australia fully understand this and we have spoken to many families who have a big fear of being ripped off.

First Home Australia aims to help their clients overcome their fear by not just offering, but giving the best possible service possible. This does not end once a home has been purchased; we ensure that first home buyers are confident that their home is exactly what they thought it would be, if not better.

At the start of the process, we walk through all the fine print with any potential buyers to make sure they are in a position to be able to afford the property.

Contacts can be another area where some developers or builders leave a grey area, what you see, is not exactly what you get. Hidden charges may be omitted when they propose a first home purchase. We like to tell you everything. We love to make everything clear for our clients.

First Home Australia offer fixed price contracts to alleviate any uncertainty against this. We have no hidden charges, and what you see is most surely what we give to you.

Once your home is finished, we also make sure that everything is to your requirements and to make sure this is done, we provide a full commercial clean of both the interior and exterior of your home before we even give you the keys.

We also provide a six-year structural guarantee on your new home and a 12-month guarantee on all materials and workmanship. Any internal appliances that are installed are fully checked and are provided with the warranty as covered by the manufacturer.

With thousands of happy clients so far, we have proven that our services and procedures are easily followed, easily understood. Most of all, we deliver on all of our promises. Call us today!

The Road to Aussie Dream Home Ownership

There has been a lot of talk in the press about the Aussie dream of home ownership coming to an end, with spiraling house prices and less property available, it is easy to understand that this could be true.

For the dream to become a reality, you have to have a plan or some excellent advice, at least.

First off, deposits can sometimes squash many young home buyers’ dreams, especially if the deposit needed is 20%. This can leave them saving for years with no chance to make this a reality. Having a plan to save or seeking assistance from family, or finding out that you are eligible for first homeowners grant from the government. Try all of these!

A $15,000 incentive certainly changes things when it comes to purchasing your first home. Add this to your savings, and you can be well on your way with First Home Australia. Now all you have to do is to reach the required 20%, or less in many cases.

First Home Australia can make this road much shorter for you; we have thousands of homes available that have required deposits at a much lower rate than the 20%. This can leave you in a much stronger position than ever before.

You may have a dream about your desired location; here we come up trumps again. We have many properties available that are strategically placed around many up and coming desirable areas. Now you have a choice of a new home in an area, that can leave you within minutes of all the best amenities required, be it schools, shopping or transport into the city close by.

First Home Australia are not content with the Aussie dream fading, we want you to find that this dream is not just alive and kicking, but that it is truly possible. First Home Australia has thousands of happy clients who took advantage of our expertise and our amazing properties.

Our dream is to help first home buyers to achieve theirs. From our simple three-step process, we can help you find all about your entitlements, and have you living your dream in the shortest possible time. Take the initiative and grab hold of the incentives while you can, make your dream a reality today! We can’t wait to help you.

Can I Really Get My First Home?

Many younger people do not think buying their first home is an actual possibility, this can be for a few different reasons.

House prices

House prices continue to rise, and when people are looking for a home, they are often put off by the ever increase of prices.

Deposits

These are one of the major hurdles when it comes to people buying their first home; they save as hard as they can, only to find that the house prices have increased in line with their savings.

Locations

When younger couples are looking to purchase, they find that in many of the areas, sellers are either selling homes that are way out of their league, or sometimes have been snapped up by investors for rental options.

First Home Australia aims to wipe the slate clean for first home buyers; we have thousands of options available to you when you are considering purchasing your first home. When you ask yourself, if it possible to get your first home, with First Home Australia the answer is usually always, “Yes.”

We have simplified our process which can allow you to purchase your first home in one of the many locations we have a top-rated house and land packages available.

We have many prime up and coming places that can place you within a short distance of your ideal living location. These homes also fit into most budgets, so what you think is not possible could infact, actually be well within your grasp.

As with the deposits, many of our homes come with minor deposits along with other incentives for first home buyers. We also have many professionals in place who can advise you on how best to achieve the government grant toward your new home.

As a company, we know how difficult it can be when buying your first home. Actually, this was our reasoning behind simplifying the process and making sure we give the best possible advice. We also stand behind all of our homes and services; this allows us to offer many incentives for customers of First Home Australia when they purchase their new home.

The time is now for you to take action and to stop dreaming of something that you may never be able to reach. We have brought the possibility of your dream home well and truly within reach of your grasp. Contact us, today.

How to Deal with Loan Defaults

If you fall behind on your mortgage payments, it is not the end of the world, but it does require you to take action, sooner rather than later. Sometimes there are challenges, but they can be dealt with through great communication.

In any situation, the first thing you have to do is to contact your lender. They can, in most instances help you more than you think. It may be a case of changing the term length of the loan or restructuring it to allow you to make payments easier.

When you find yourself in this situation, it is imperative that you act quickly, because behind the scenes, your lender will have procedures in place that they will already be looking at, and if the worst comes to the worst, they will, in fact, be seeking to repossess your home. So, get on it early. Don’t leave it, call them at the first sign of difficulty.

Things to Consider

Making a repayment arrangement with your lender – this is where you would speak to your lender and seek financial guidance to work out a new budget. This has to be realistic, and if you find that no matter what option is on the table you cannot afford it, you may have to consider selling your home as the only option.

Calling or writing to your lender – lenders have financial hardship teams in place. When you speak to these, record or keep copies of all conversations, you have. You can show these teams your repayment arrangement and ask if there is a possibility you can extend the term of your loan.

Statements of financial position – these documents allow your lender to see if you are capable of making your repayments instantly. This document, you should complete with the assistance of a financial counselor as you have to ensure that all of your necessary expenses are included to make the document realistic. If you get this wrong, it can be a case that your lender rejects your application.

Other Options Available

  • Catching up with repayments.
  • Changing the loan terms.
  • Consider downsizing to a cheaper home.
  • Interest only option.

If your repayments are affected due to illness or unemployment, check your insurance policy to see if you have these included. You could find that you are worrying about something that is covered for a period.

If your utility bills are the area that are causing you problems with making mortgage payments, you can speak to these institutions also, and they should be able to help in this situation. So, then, this could allow you to catch back up your mortgage payments or to ease the burden and not fall too far behind.

How Much Deposit Do I Need?

In years gone by, banks used to offer 100% loans, but nowadays, these options are very rarely found.

Many people come to find that if they have savings of around $15,000 they can usually proceed with talking to a mortgage broker or lender. This does require them to make up any difference which can be sustained by partnering up with a family member, or getting money as a gift from parents and having a family member to be a guarantor, if necessary.

Deposit

The rule of thumb for the amount of deposit required was 20%, but now some finance organizations may, in fact, lend you 95% of the value of your home. That means you only need a 5% deposit for some areas. So, if you currently have a 5% deposit, this could be enough to sway lenders to finance the purchase of your home. Location and zoning will be factors here. Residential and country denote different requirements.

If you have a sum which is larger than this, it is more beneficial to you as it will reduce the risks to lenders – which means they will look more favorably on you. This is due to your LMI payment being substantially reduced. This LMI “Lenders Mortgage Insurance” is a one-time insurance payment that is required for any home buyers who have less than a 20% deposit to put down.

First Home Australia offers many house and land packages. Our professionals can also advise you on using the First Home Buyers grant as part of your deposit.

No Deposit

A few people have followed this route and have been able to purchase their first home with no deposit at all, although this does require a little forethought.

Around 60% of first home buyers have some form of assistance from their parents when purchasing their first home, this frequently comes in the shape of a guarantor loan and with this, you can usually ensure:

  • 110% of the property value can be borrowed.
  • LMI will be avoided.
  • Extra costs of stamp duty, mortgage set up costs and any legal fees will be covered.
  • Interest rates can be lower.

It is also possible to receive the deposit amount as a gift from your parents, although lenders can restrict some of the options available to you if this route is followed.

The professionals at First Home Australia can help you find the best solution to overcome the deposit dilemma, and you may just find that a simple solution requires much less than you thought. You can check with a broker. Contact us and we can steer you in the right direction, too.

House and Land Packages Defined

To allow for development to spread to less developed areas, the government makes land available to developers. From here it is their responsibility to supply all roads, utilities, and sewage for any properties they build.

Once a developer has reached this stage, they offer two varying types of house and land package to consumers.

Option one

Here the developer will build homes of a particular design and sell them as a complete package.

Option two

The developer will have for that area, a set number of designs available for consumers to choose from. As well as this design, consumers have a range of lots available to choose from, so, you can have a corner lot rather than a lot that has neighbours on both sides.

Option two will give more options available because essentially you can choose a home design and location that meets your needs more specifically than a complete package that is offered.

If you decide on option two in your desired location, you have a few things to consider to ultimately leave you with the home you wish.

There are many developers available that offer house and land packages, so you have to find the one that not only seems to be giving the best offers but also the one that has a proven track record. Then you know what they are selling is what you will get.

First Home Australia has helped thousands of people in this position who have become proud owners of their dream homes. We have simplified the process and made some of the requirements much easier to reach than many alternative offerings.

The following procedure is pretty much the set standard:

Step one

Discussing your needs and your budget.

Step Two

Discussing any preferences when buying one of the custom home designs.

Step Three

Examining every detail of what will and what won’t be included. Many developers show top quality products in their show homes only to leave you disappointed when you find you do not have the same as your end result.

Step Four

Discussing finance with your financier and asking questions with a sales representative. House and land packages generally come with different funding plans when purchasing off plan.

First Home Australia has made all of this transparent when you decide to choose us for your dream home purchase.

Image Source: corbetthomes.com.au