Let’s not write-off 2020 just yet. It’s been a rollercoaster (to say the least). But this break from normality could change our perspectives and straighten out our priorities. If anything, the chaos of 2020 has highlighted just how crucial having your own home is; particularly when living in Melbourne!
Owning your own space – one that works for your unique lifestyle with amenities like cafés, bars, eateries and space to get fresh air or stretch your legs close by – is so important for quality of life. If you’ve got a reliable income, this year could be your year to buy a home, and Urban Square at Jubilee could be the perfect place. Here’s why…
You’ve got Spare Time
You may currently have a bit of extra time to consider which land lot or package is right for you before it gets snapped up by someone else. Land for sale at Urban Square doesn’t last long.
There are plenty of ways to spend the extra time:
- Doing property research
- Completing purchasing paperwork
- Creating your expert team of mortgage brokers, conveyancers, financial advisors and builders
- Saving up some extra pocket money for furniture and homewares.
You Only Need a Deposit
Remember, if you build, you won’t be up for full mortgage repayments until your home is ready to live in as your loan only kicks in at different progress stages.
That means you can pay your deposit now to set yourself up for the future, while still having time to save – with a longer settlement.
Plus, we’re all dreaming of travelling again. And now, you don’t have to chose between owning your own home and travelling. When you can travel again, it’ll be that much sweeter knowing that you’ll be coming back to your own home (you may have to delete the UberEats app off your phone, though).
It’s important to note that there are various kinds of structured loans in place depending on what you purchase, so, to be safe, check in with your financial institution to find out how that works. Still, you might not need as much of a deposit as you think to get into the property market.
A Helping Hand
There are plenty of financial incentives out there right now, including:
- the First Home Owner Grant is still in action which could give you $10,000*;
- the First Home Loan Deposit Scheme could see the government cover your mortgage insurance costs if you’ve saved less than a 20% deposit; and
- principal place of residence, off-the-plan and land transfer/stamp duty discounts and exemptions that could save you thousands.
Check out the State Revenue Office’s site for full details and to see what suits you.
A Fresh Start at Urban Square
Did you know that having something to look forward to is a proven key to greater happiness?
Whether you want to feel more in control than you do while renting, or are just looking for some breathing space away from your parents or housemates – the simple act of working towards something like your first home can make you feel better.
Naturally, auctions and inspections of existing properties can be a bit tricky. However, if you make the choice to buy off-the-plan or undertake a custom build much of the process can be done virtually.
Book a Zoom chat with our expert team at Urban Square at Jubilee to ask all your home buying questions anytime.
*$10,000 First Home Owners Grant for full terms and conditions.
Please use this article as a guide only and seek your own financial and legal advice.