The June 30 deadline for the Queensland Government’s boosted $20,000 First Home Owners Grant is fast approaching!
We know that owning is often cheaper than renting but that saving for a deposit is also hard.
With the boosted $20K Grant reducing back to $15,000 very soon, if you haven’t already taken advantage – now is the time.
These are my 5 things you need to do, if you haven’t already started looking, to secure your first home using the $20,000 grant.
1. Get a credit check
It’s important to understand your credit situation before you start looking to buy. There are free credit checks online which will give you an idea of how the bank will assess your financial situation and if you’ve got any debt make sure you try and clear this ASAP. There are a few to choose from, but Getcreditscore is a good one to use.
2. Visit a broker/financial institution and get approved
After you’ve checked your credit, book an appointment with a good broker. Making sure your broker is on your side is important as they will guide you through the whole finance process – so check their customer reviews online. Once you’ve found a good broker, book an appointment and they will help assess your situation, advise you how much you can borrow and help you secure finance approval.
3. Find where you want to live
Whilst you’re going through the process of becoming financially approved, start deciding where you want to buy. It’s important that you find somewhere that has an abundance of medical, shopping and educational facilities to meet your requirements. There are stunning brand new communities all over South East Queensland so you have a lot of options.
4. Choose your house and land or apartment
If you’re looking to take advantage of the $20K first home owners grant you’ll need to consider either a house and land package or new apartment. Firstly, it’s important to make sure you’re buying from a reputable developer or builder. It’s well worth taking the time to make sure they have a history of developing and delivering projects similar to what you’re looking for.
5. Sign a contract!
Remember, if you want to get the $20,000 grant before it reduces down to $15,000 you need to have entered into a contract before June 30. Don’t be afraid to ask questions. Make sure you understand exactly what you’re getting. You need to be aware of the finishes and the fixtures. This kind of buying means it’s impossible to identify exactly what you’re getting, so it’s better to have an understanding of it and ask more questions. Don’t rush into anything you might be unsure about, however you should know that the clock is ticking!