Claire and Mitch have been together for three years and had been thinking about buying their first home. This was a significant milestone for them as it was not just the financial decision but a significant step in their relationship. The process of saving for a deposit had required thoughtful discussion about how they handled money and what their goals were.
How long does it take to save for a deposit?
According to moneysmart.gov.au, it takes 4.6 years for an average first home buyer couple to save for a 20% deposit. However, with first home buyer grants and the latest Home Builder Scheme, these contributions can make a substantial difference to the deposit required.
Is property for me?
For Claire, her parents had always been very property focused and building a house was part of her financial plan. For Mitch, he had moved around a lot and the thought of a mortgage weighed on him. It was Claire’s parents who had already bought an investment home through Triple Zero Property, who suggested the couple use their free service to help them find their perfect property.
Why use a service like Triple Zero Property?
Claire and Mitch booked a one-hour conversation with a TZP mentor to iron out exactly what sort of property they both wanted. By the end of the consultation, they had finalised where they wanted to live and had decided on the style of home they wanted. They were also introduced to an independent mortgage broker to provide financing options. Building a home has a lot of moving parts, and it was helpful to have an experienced team to help guide them through the decision-making process.
What are the upfront costs?
Mitch was worried that although they had a deposit, would they have enough money for all the upfront costs involved in buying a house? This checklist was covered in their conversation with Triple Zero Property, right down to the inclusion of a letterbox and roller blinds in the contract – even who would be arranging the rubbish bins!
How long does it take to build?
Four months after the initial conversation, their new home was built. The thrill of opening the door for the first time was a momentous occasion! Although Claire and Mitch don’t feel this will be their ‘forever home’, they have a quality build, with a great finish, finished on time, with no “extra costs”….and already growing in value.
Most importantly … it is theirs.
For more information, such as our first home buyers guide email [email protected]. We can also share with you an independent property research report National Top 10 Best Buys by Hotspotting.com.au
Disclaimer: The content of this document is not to be considered specific advice. Your situation is specific and individual; as such, you should always consult a registered and qualified professional within a particular area of advice needed.