New Guide to Assist First Home Buyers
The Real Estate Institute of Victoria (REIV) has released a guide to help first home buyers understand repayments, home loans and other matters pertaining to home ownership.
The guide shows the average weekly repayment for homes and units (according to size) in Melbourne, Ballarat, Geelong and Bendigo and was created to assist first home buyers to target areas and the types of dwellings that best match their budget.
The REIV’s useful guide offers a map indicating the average weekly repayments for units ranging from 1 to 3 bedrooms and houses with 2 to 4 or more bedrooms.
The guide shows that it is possible to buy a 3 bedroom house with a mortgage repayment of less than $430 per week in 133 suburbs.
The reference point of $414 – the average first home buyer mortgage repayment in Victoria in the September quarter of 2012 – is used throughout the guide.
The guide is especially helpful to first home buyers as it provides a realistic overview of the costs of buying a home, including stamp duty, mortgage insurance and conveyancing fees, while simultaneously factoring in the benefits accessible to first home buyers, including the First Home Owners Grant and reduced stamp duty.