Land Package Finance For First Home Buyers In Perth WA
Land and house packages are becoming increasingly popular in Perth. Owing to the plunging home prices in the city, house and land packages are getting quite affordable for the homebuyer. Moreover, land and house packages offer a lot of benefits to the homeowner. In this article, we will talk about land package finance for first home buyers in Perth WA.
When it comes to first home buyers, the first thing that comes to people’s minds is government grants. In Perth, you can avail the FHOG (first home owner grant), which is a one-time grant aimed at promoting and helping first-time homebuyers to buy their own home for use as their principal place of residence. The grant pays $10,000 or the amount spent to buy or build the house, whichever is lesser. First home owners may qualify for FHOG in case they purchase or build a new home.
Now, let’s come to the major chunk of your home finance. When it comes to taking a home loan, most people think in terms of how much they can borrow. But it’s equally, if not more, important to know how much one can comfortably repay every month on their home loan. To ascertain this, you need to take into consideration several factors. These include your total income, all the expenses, potential rises in interest rate. After factoring in the above mentioned things, one must decide if they would be able to meet their mortgage payments comfortably and on time.
Once you’ve ascertained this, you can figure out how much you can borrow. Your borrowing capacity is generally arrived at by analyzing your income, expenses and any other forms of debt that you might have, such as credit cards and education loans. This is because lenders have to be sure that the borrower would be able to make regular repayments on their home loan. So if you have a lot of debt on you, the lender might be reluctant to approve your home loan. So a higher debt means a reduction in your total borrowing capacity.
For a first home buyer, it could be difficult to navigate the system of financing their house land package. This is where we make things easier for you. Our team of experts at Escape The Rent are committed to help you at each step through the way. First, we will advise you on the grants that you’re eligible for. Secondly, we will assist you with your application process for your home loan and the grants. Third, we will provide you knowledge and advice on everything you need to know about financing your first home. Moreover, we will help you choose the best financing option available for you. With us, you will have a seamless experience of building your first home without any hassle or hindrance.
Whether you wish to have your house in the northern or southern suburbs of Perth, we at Escape The Rent can offer you a plethora of home and land packages across various neighborhoods in the Perth metropolitan area to match your budget. To know more, contact us here.