First home buyers tips & advice

Helpful Hints

Tips to help you understand how to buy your first home

Buying your first home is one of the biggest steps you will take in your lifetime. It’s a time of great excitement, it’s also a time when many questions arise. These first home buyers tips are written to help you better understand how to buy your first home.

The North Harbour sales team is here to help you through every stage of buying your first home, including providing further first home buyers tips and advice on how to buy your first home. Contact us for more information. View the first home buyer house and land packages available now. Visit the North Harbour display village seven days a week, 10am to 5pm.

Saving your deposit

The larger the deposit, the less you have to borrow. This also means your regular repayments will be lower and you’ll pay less interest over the life of the loan. Most lenders ask for at least 5% of the purchase price as a deposit.

Check your eligibility for the First Home Buyers Grant

You may be eligible to receive up to $20,000 towards the cost of purchasing your first home. It’s a grant that’s available from the Queensland Government. Find out more about the First Home Buyers Grant and check your eligibility.

Communication is key

If it’s a first home buyers house and land package that you’ve chosen, communication is key to your happiness and success. In other words, keep in touch with your North Harbour sales team and informed of your home’s progress. Ask questions. Listen carefully to the answers. Complete inspections and progress payments, as required. Most importantly, look forward, with great anticipation, to calling your new home yours.

Choosing the right lender and the right loan

When buying your first home, it’s important to choose the right lender and the right loan. It pays to research, research, research! The time you invest now will benefit you in the long run.

Lenders typically offer three different types of loan products – variable, fixed and split. With variable rate loans, the interest rate you pay moves with the market. For fixed loans, the rate you pay and the repayments are fixed for a set period. Split loans give you the best of both worlds – you can fix part of your loan and leave the balance at the variable rate.

Write yourself a first home checklist

What features do you want your first home to have? Write yourself a checklist of inclusions. Decide whether each one is a ‘must-have’ or a ‘nice-to-have’. When preparing your checklist, don’t just consider the home itself, consider the community too. Does it have good public transport connections? Is it located in a growth area? Is the quality of housing high? Are there nearby public spaces? Is it a wise investment?

Finding ‘the one’ and making it yours

Once you’ve found the home of your dreams – whether you’ve opted for a first home buyers house and land package or you’ve chosen one of the homes for sale at Burpengary, North Harbour – it’s time to negotiate the final price and contract terms. You are not legally bound to progress with the sale until a contract is exchanged (unless you are the highest bidder when a property is sold at an auction). A ‘cooling off period’ may apply, following the signing of the contract. This provides a couple of days leeway before you are committed to the purchase.