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Busting Myths About Buying a First Home.

Posted on September 11, 2019 in Blog , Finance

Busting Myths About Buying A First Home

Let’s play a word association game. When we say “buying your first home” what comes to mind? If you’re like a lot of non-boomers, you’re probably thinking “an impossible dream”, “expensive” or you’ve just burst into tears.

However, the truth might surprise you! Homeownership could be a lot more possible than you think (especially with the changes that were recently made to Keystart’s low deposit home loans – which you can read about here).

That’s why we want to help you dispel some of the misconceptions about buying your first home.

Myth One: You need a huge deposit!

It is a common misconception that you need 5, 10 or even 20 per cent for home deposit, but that couldn’t be further from the truth. In fact, due to government benefits in place to assist first homebuyers in WA, you can get started in your own home from as little as $2,000. Plus once you add the $10,000 First Home Owner Grant, which can go towards your deposit, people are essentially starting $10,000 ahead.

MYTH BUSTED! Amazingly, having no deposit won’t stop you from getting into your own home.

Myth Two: You’ll have to move to the outer, outer, outer suburbs.

There seems to be a myth that the only affordable way to own your first home is to purchase land in a development 45 minutes away. However in reality there’s lots of options in terms of land availability in inner suburbs. Our Sales Consultants can help you find the perfect house and land package within your budget. Want proof? See some of our house and land packages here.

MYTH BUSTED: There’s plenty of opportunities to live centrally thanks to subdivided, battle-axed and infill lots. Choose from dozens of beautiful house designs and a wide range of blocks in over 60 highly sought-after suburbs throughout Perth and the South West.

Myth Three: It’s cheaper to just rent.

At WA Housing Centre we have found there is a common misconception amongst homebuyers that a mortgage must be $600+ a week. However, due to decreasing interest rates, it is actually much more affordable.

Most renters pay around $350 to $400 in rent per week and we provide packages in that price range, so the affordability issue is definitely a myth.

MYTH BUSTED: There are packages where mortgage repayments are pretty much on par with rental costs.

Myth Four: Buying a new build is risky because you don’t know what it’ll be like.

We understand it can be hard not knowing exactly how your home will feel during the building process. You want an understanding of every detail of the house and what is included. Luckily, at WA Housing Centre we have implemented measures to combat this. We are even able to give people the ability to walk through the design that they’re building as we take them through homes under construction that are a similar design to theirs so they can touch, feel, walk-through and experience that home.

We also hold sessions at our information centres where we to talk people through a finished home so they know exactly what is included. To keep up to date with our next information session follow us on Facebook.

MYTH PRETTY MUCH BUSTED: You will know what’s included in the home and what it looks like, but yes: it’s impossible to tell what a structure that doesn’t yet exist ‘feels like’. Having said that, because it’s new we can guarantee it won’t feel like it’s haunted by the ghost of a previous tenant.

Stop putting it off.

We know you’re going to love living in your own home. Especially if it’s one of our designs. So take the first step and contact us today.