First Home Buyer’s Guide for 2024 | Part 1

First Home Buyers | 27 Jan, 2024

Welcome to the exciting world of home buying!

Buying your first home is a very exciting time. It can also feel a little bit overwhelming. So we’ve pulled together this ‘First Home Buyers Guide’ specifically tailored for 2024. This will give you all the tips, tricks and insights to get you on the property ladder with ease and confidence. It’s a lot of information, so we’ve divided it into three parts.

In part one, we’ll be focusing on understanding the 2024 property market, and the government schemes that are available for first home buyers. In the part two, we’ll cover how to set yourself up for a home purchase. And in part three we’ll go over the lender process!

Let’s dive in.

First Home Buyer’s Guide for 2024 – Part 1

couple sitting on the floor holding a chalkboard sign that says Our First Home leaning against a gray couch for first home buyers guide

One of the most important things to understand when you’re looking to buy a home is the property market. This is easier said than done, as what you see in your own neighbourhood might seem different to what the media reports. And all property predictions have an element of informed guesswork about them.

But getting to know the property market will certainly be important when you’re looking to buy a property. This first home buyer’s guide can tell you what we know about the 2024 property market.

Get to know the 2024 Property Market

As we step into 2024, we’re stepping into a new property world. Interest rates are higher than they’ve been in many years after going up 13 times in 15 months. Potential buyers are feeling further stretched by inflation and cost of living rises.

Despite these pressures, projections indicate that house prices are expected to continue to rise nationwide, by as much as 5 to 7%. Brisbane’s property market remains right in line with these strong numbers as well, with the median house price in Brisbane expected to rise by about 5%. The drivers behind this growth continue to be COVID-related migration and a limited housing supply.

Unfortunately this means that 2024 may continue to throw challenges at first home buyers. And it also means that we’re seeing impacts on the spectrum of people who are getting into their first homes.

For example, the ages of first home buyers are moving later and later. In fact, the average first home buyer today is now 36 years old, and the number of first home buyers aged between 40 and 49 has also risen by 63%. This is due to the fact that it’s taking longer and longer to save for a deposit and to find the right home.

Even though the environment seems challenging, first home buyers are still in an amazing position. There are government schemes to help first of all. And studies show that potential first home buyers are becoming more savvy – understanding how they can best work with the system to escape the rental treadmill. And you can too!

Understand government schemes

No first home owners guide would be complete without covering applicable government schemes. These are designed specifically to help first home buyers and can make a huge difference when you’re trying to get onto the property ladder.

Queensland’s First Home Owner Grant

The First Home Owner Grant, and is run by the Queensland Revenue Office (QRO). Under this grant, you may be entitled to up to $30,000 towards your first property, if the home is valued at $750,000 or less. This is an increase from $15,000 previously, and the government believes that this boost will support around 12,000 buyers to unlock their first home by its expiry date of 30 June 2025. You can also build a new home or buy a home off the plan.

Check your eligibility on the QRO website, or get in touch with our team for help.

Regional Home Building Boost Grant 

The Regional Home Building Boost Grant gives eligible applicants $5,000 after the purchase or building of a brand-new property in regional Queensland. You can find out your eligibility on the QRO website as well.

First Home Guarantee Scheme

The First Home Guarantee scheme is a fantastic government initiative administered by the National Housing Finance and Investment Corporation (NHFIC). It allows borrowers to purchase a home with a deposit as low as 5% without having to pay Lenders Mortgage Insurance (LMI).

What this means is that new borrowers can get into a home sooner and with less money down. You can see your eligibility on the Housing Australia website. It’s worth noting that there are 35,000 places available until 30 June 2024, so it might be a good time to reach out to our team if you’d like to take advantage of this scheme.

Read on to set yourself up for a home purchase!

The next step is for you to set yourself up for a home purchase. Part 2 to our First Home Buyer’s Guide will give you all the tips and insight you need to do that.

If you’re a first home buyer, we’d love to help you get over the hump and into a home! Get in touch with Stapleton Finance today.

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