Our first home seminar was a sold-out event and was packed with fun games, interactive Q+A and empowering knowledge from industry leaders!
We know that securing your first home can be daunting, but with the right information and guidance, it can be empowering. That’s why St Trinity Property Group partnered with It’s Simple Finance to guide you through the ins and outs of owning your first home with speakers Nicholas El-Khoury (Managing Director, St Trinity Property Group), Joseph Daoud (Founder & Managing Director, It’s Simple Finance) & Renee Roumanos (Conveyancing Solicitor, Fazzini Lawyers).
Here’s a recap of the night full of expert insights and top tips that would help you turn your dream home into a reality in no time:
Table of Contents
Managing Director & Founder, St Trinity Property Group
Nicholas El-Khoury has more than eighteen years of experience in corporate law, investment banking and property development. These key areas give him a deep and thorough understanding of the property market, driving us to make property accessible to all.
Property Market Insights
1. Low interest rates: The RBA decreased interest rates to an all-time low of 0.10%.
2. Property prices have hit record highs: In 2019, Concord’s median property price was $1,798,000. In 2021, it jumped to $2,666,000.
3. Australia’s property boom: COVID-19, low interest rates, government stimulus packages, and focus on big-ticket items played parts in the shift to the seller’s market.
1. Interest rates have increased substantially: Australia’s current interest rate hiked to 1.85% this August.
2. Rental market reached new highs in August: High demand kept vacancy rates near all-time lows and pushed rents up almost as quickly as home prices.
3. The coming immigration boom: With international and domestic borders reopening, we have welcomed international students, visitors and residents back into the country.
Why is now a great time for first-time buyers?
The current interest rates are not something to be afraid of, despite being on the rise. In fact, this is a good thing for first-home owners like you as we’re now in a buyer’s market, in which goods or shares are plentiful, and buyers can keep prices down!
How can you break into the market with a low deposit?
Realising that you have a better borrowing capacity is a great thing. Knowing that you can make low deposits is even better! We shared some schemes and bank offers that may help you secure your first home:
1. First Home Guarantee – Allows first-home buyers to purchase a property with as little as a 5%-deposit without paying lenders’ mortgage insurance (LMI).
2. Family Home Guarantee – Enables single parents (first home or previous owners) to purchase a property with a deposit of as low as 2%.
3. ANZ professional packages – 5% deposit if you’re a medical practitioner, dental practitioner or specialist (e.g cardiologist). 10% deposit if you’re a chiropractor, veterinarian, optometrist, physiotherapist, lawyer, or accountant.
4. Bluestone – Minimum of a 10% deposit, no LMI.
5. St. George Bank – 15% deposit home loans for first-home buyers.
6. 86 400 (Now Ubank) – 15% deposit home loans for first-home buyers.
Founder & Managing Director, It’s Simple Finance
Joseph Daoud is the Founder, and Managing Director of It’s Simple Finance and has a background in economics, finance and residential and commercial lending.
Time vs Timing
In our seminar we also gave an idea about why first-time buyers like you are in a great position to make their first purchase:
1. Property prices: Many experts forecasted that the current compounding factors will increase property prices in the years ahead.
2. Apartment demand: The population growth paired with the existing supply shortfall will affect the demand for apartments in the future.
3. Supply vs demand: By 2061, NSW will need 1.7 million additional homes, but only 6,000 are currently under construction.
Given the headlines and the supply vs demand, should you make your first purchase now? Staying ahead and having a great broker can help you save thousands on your loans!
Conveyancing Solicitor, Fazzini Lawyers
Renee Roumanos has a combined ten-year experience in legal fields ranging from, but not limited to, conveyancing, wills, compensation and commercial law.
What should you know about conveyancing?
1. Due diligence – Before the cooling-off period ends, pest and building inspections should be organized to ensure that the property is structurally sound and free of any pest infestations.
2. Contract for sale – This contract provides details about your rights and obligations in the purchase and the details of the property, such as land size and any restrictions.
You should always have your contract for sale reviewed to understand the terms and conditions and land features and implications. It also allows you to minimise risks and negotiate the terms.
What is stamp duty?
When you buy a home, you need to pay stamp duty, which is a tax charged by the state and territory governments to transfer the ownership of a property. It is payable within 3 months of contract exchange or on settlement. You can easily estimate your stamp duty using our stamp duty calculator.
Renee also provided details about the First Home Owner Grant that will help you with the stamp duty in NSW:
Missed the event?
Still unsure of how to go about starting your property journey? Don’t worry because, at St Trinity, we provide expert help to make your journey into property much easier.
To find out more get in touch with our team and we’ll happily help you get into a home perfect for you.
Also, make sure to contact us to stay up to date for our next event- we can’t wait to see you there!