Are you eager to build your first home, but think it will cost you too much? Maybe you’ve chosen to keep renting to save a little extra cash for that travel adventure you’ve always wanted? Or maybe you think renting is an easier choice. Well, now could be the best time to put all your perceptions behind you.
The Perth properly market is now at its most affordable, which means owning a brand new home is no longer just a dream. Whether you’re newly married, fostering a young family or simply looking to make a life for yourself in Australia, buying your first home could be right around the corner, and you won’t have to break the bank doing it.
Not convinced? Let’s see - the median house price in Perth is currently valued at $510,000, which is actually a tremendous drop from only 4 years ago when houses used to cost almost $560,000. Over in the east, houses are even more expensive. Prices in Melbourne are reaching $915,000 and an insane $1.2 million in Sydney! So now isn’t just the right time to start planning trips to Ikea, but Perth is also the right place to do it in.
One of the first things to do is to estimate and plan your mortgage repayments. Depending on the type of mortgage you apply for (variable or fixed), interest rates have remained fairly consistent over the past 12 months, with 1 to 3-year fixed rates hovering around 4.40% and your standard variable rate currently sitting at 5.06%.
But what does that really mean? Well, let’s say you borrow $400,000 on fixed-rate loan and plan to repay over 30 years. You’d be looking at weekly repayments of about $492, which is almost $20 cheaper per week than renting the average 3-bedroom house in Perth! Of course, home loans and repayments are based on your personal financial circumstances, so the results will be different for everybody, but getting a head start in planning your finances will certainly give you a boost.
If you’re letting a deposit hold you back, you can relax knowing there are several options available to take the load off. Gone are the days when you had to have a 30% deposit to even attempt to get into your own home. There’s the First Home Owners Grant, which offers $10,000 to eligible applicants and Keystart offers a range of low-deposit schemes to help make downpayments easier. Plus, Nicheliving allows you to buy now and pay your deposit laterˆ when you buy selected house and land packages, so you can break up your deposit payments into easy, affordable instalments.
When it comes to looking for the right home and land package for you, one of the most important things to look for is an all-inclusive package that includes the cost of features like landscaping, carpets, and fittings. Make sure you do proper research beforehand as some home builders claim to be all-inclusive, but are really not, and you’ll find more and more costs popping up further down the track.
Right now, it couldn’t be easier to buy your first home and still have some cash in your pocket to splurge on the new TV or dining set you’ve been drooling over. Plus, if you own your own home, you won’t have to get permission to own pets or worry about nasty rental inspections. You’ll have your own place where you can do whatever you please!
Here at Nicheliving, we’ve built a reputation as Perth’s largest affordable new home and land developer. Our double storey, all-inclusive home & land packages start from an incredibly affordable $269,000^
. So, if you’re ready to open a new chapter in your life, contact us today to see how we could help!
$269,000 excludes stamp duties, settlement costs; commissions; any other applicable costs, fees/duties charges in connection with the purchase. Phone 9483 0000 for details on our all-inclusive specifications and available finishes in Nicheliving’s approved $269,000 range. Any changes may result in extra costs, fees and charges for the purchaser.