If you were ready to buy pre-pandemic, what does COVID-19 mean for your property dream? We explore home loans, interest rates, first home buyer support and more.
The banks are still open for business, and if your financial position is secure then taking out a home loan during COVID-19 is an option. If your financial circumstances have changed in any way, you'll need to notify your broker or bank to let them know.
Interest rates are at record lows and first home buyer government support programs are still running. The government's First Home website provides a central gateway to all the latest grants and schemes, along with eligibility and application information.
Whether you plan to live in your home or rent it to tenants, it makes sense to consider the future value growth of your investment. While it's impossible to predict the short-term peaks and troughs of the property market through this epidemic, we can look to history and market fundamentals to offer some insight as to how the crisis might play out.
If you're in the process of searching for your dream home, you're probably weighing the pros and cons of buying an established home or building new.
Buying an established home may seem more convenient because you can move in or rent the property straight away, however the layout and style won't be customised to your taste. You will also need to factor in the lower energy efficiency of older homes, and the costs of renovations and repairs.
If you're still saving, you should consider buying off the plan or buying land. New homes and townhomes purchased off the plan are usually competitively priced with lower deposits minimums. Buying land is another way to get started while still saving, by securing your lot then continuing to plan and save for the build of your dream home.
Building new allows you to start from a blank canvas and design from scratch. You can design a layout and choose material that best suit your taste and lifestyle. You can also build to higher energy efficiency standards, to help save money in the long run.
Building new or buying off the plan can sometimes take a bit more time, but if you're in no hurry to move in, the upsides are worth it.
If you have any questions or concerns about buying your first home during COVID-19, we're here to help. You can get in touch via our community pages or using our online enquiry form