First home buyers Gold Coast: 5 tips for the smoothest path

If you’re a first home buyer on the Gold Coast, you might be wondering exactly how to reach your goal of owning your own home. There’s a lot to think about and it can be easy to get confused by all the information out there. To make it as easy as possible for you, we’ve compiled our 5 top tips for making your first home buyers experience on the Gold Coast a breeze.

1. Don’t underestimate the overall cost of purchase

So, you’ve got a $50,000 deposit and can get a $500,000 mortgage, your home is going to be $550,000—right? Well, not necessarily. One common mistake first home buyers on the Gold Coast and elsewhere often make is forgetting to account for the additional costs of buying a home. Stamp duty, lenders mortgage insurance, solicitor fees and inspection costs—just to name a few. Don’t fall into the trap of forgetting to budget for these additional costs.

2. Take advantage of any first home buyers grant available

Free money from the government doesn’t come around all that regularly. You might as well take advantage of it when you can! Grants vary from state to state and from year to year. Presently, first home buyers on the Gold Coast can expect to get between $15,000 – $20,000 towards buying or building their first home, townhouse or unit, providing it’s valued at less than $750,000.

3. Ensure you’re eligible for a home loan

It might sound simple but you’d be surprised how many first home buyers on the Gold Coast (and all across the country) go down the house purchasing road without even checking whether they can get a loan. It’s best to connect with a number of lenders to get an idea of what you might actually be able to borrow and compare their rates.

4. Think beyond the house itself

It’s common to get emotionally caught up when you walk into a home that feels perfect. However, it’s always best practice to leave your emotions at the door as best as possible. Not only does it lead too many first home buyers on the Gold Coast to pay too much or miss important faults, they often fail to consider anything outside the house itself. Think about the suburb market trends, the local council or whether the location will still suit your life in the coming years. Other things to consider include plans for upcoming infrastructure in the future or proximity to public transport.

5. Don’t overextend yourself

As a first home buyer on the Gold Coast, it’s a good idea to seek professional guidance to help you with your budget. Many first home buyers overextend themselves financially and create all kinds of headaches for themselves in the process. If you prefer to do it yourself, get clarity around your current incoming money and outgoing expenses. When you’re ready to put in an offer on your chosen home or negotiating with a builder for a first home build, never step beyond your budgeted purchase price. As part of our end to end servicing, we can connect Gold Coast first home buyers with our finance partners to provide you with competitive and expert advice. Learn more about our first home buyer options here.